A total of $5 million has been allotted by the Government for the establishment of business incubator and innovation centres (IICs), on a phased basis, in key academic institutions during this fiscal year.
This is set out in the 2012/13 Estimates of Expenditure, tabled in the House of Representatives on May10.
The project, which will be implemented by the Ministry of Industry, Investment and Commerce, is expected to facilitate the incubation of start-up businesses, whose models focus on new and innovative goods and services or innovative methods of production.
The provision in the 2012/13 financial year will also facilitate project preparation and initial implementation activities.
By Athaliah Reynolds-Baker, JIS Reporter