The National Board for Small Scale Industries (NBSSI) is collaborating with the Kwame Nkrumah University of Science and Technology (KNUST) to “create entrepreneurs” for national development.
Currently, a six-member team, made up of representatives of the board and the university, is working to establish the detailed modalities for the programme.
Executive Director of the NBSSI, Dr Baah Boakye, who made this known, said selected staff of the university would also be trained in entrepreneurship so they could further train students.
The ollaboration between the board and the university will include research on enhancing entrepreneurial development and the exchange of knowledge and staff.
The KNUST has agreed to accommodate a business incubator on campus under the programme, where students who pass through the programme can operate for a year or two before facing the larger world as independent players.
A business incubator is a facility designed to assist businesses to be established and make them sustainable during their start-up phase.
Typically, they do this by providing facilities such as shared premises, business advice, business services, access to investors, markets and international networks, mentoring and a full-time hands-on management team normally for two to three years.
A study in the United States has shown that business incubators increase the survival rate of start-ups from 35 per cent to 87 per cent.
On funding, Dr Boakye said apart from their resources, the promoters would fall on the private sector for support, since they stood to benefit a great deal.
He said the project would first focus on areas of higher growth and those which needed a great deal of innovation. Thus, the pharmaceuticals, engineering, tourism and information and communications technology (ICT) will be important.
There are currently a few business incubators in the country, such as the Busy Incubator as well as TechnoServe's Believe, Begin and Become.
Story by Samuel Doe Ablordeppey