Assessing technology incubator programs in the science park: the good, the bad and the ugly

This paper is written to provide an assessment framework of technology incubators in the science park. Based on the past studies, nine sets of criteria are identified and incorporated in the assessment framework: advantages from pooling resources, sharing resources, consulting services, positive effect from higher public image, networking advantages, clustering effect, geographic proximity, cost subsidies and funding support. Using business development data of six technology start-ups in the Hong Kong Science Park, the framework is then applied to examine the effectiveness of incubators from the perspective of venture creation and development process. It is found that the benefits required by technology founders at different stages of development are varied and therefore, the general merits that are claimed by incubators as useful to technology start-ups are debatable. In addition, the analysis of development process of six cases, particularly in the interaction with incubator, reveals some good, bad and ugly things about the incubator program. To meet the needs of technology firms during their stages of development, the paper is concluded with the recommendation that incubators' services and support should be prioritised in accordance with the development process of the technology firms.