International Journal for Tourism and Technology (IJTT)
The aim of the study was to examine the role of incubators and accelerators in promoting entrepreneurship growth in Nigeria. The study conceptual review was on Incubators and Accelerators in Nigeria, Entrepreneurship, The Role of Incubators and Accelerators in Fostering Entrepreneurship Growth in Nigeria and Information Technology Developers Entrepreneurship Accelerator (iDEA Hub).Based on the conceptual review, it was observed that there were impact of these institutions on the success and scalability of startups, identify the key factors influencing their effectiveness and provide actionable recommendations for policymakers, stakeholders and practitioners to enhance their support for entrepreneurs. Therefore the study concluded that incubators and accelerators play a vital role in promoting entrepreneurship growth in Nigeria.
Entrepreneurship is a driver of economic development, innovation, and job creation. In Nigeria, with a rapidly growing population and a dynamic economy, entrepreneurship has been recognized as a key factor in addressing challenges such as unemployment, poverty, and underdevelopment (Li, et al., 2020). In spite of the significant potential, entrepreneurs in Nigeria often face numerous obstacles, including limited access to funding, inadequate infrastructure, and a lack of supportive networks and mentorship. However, incubators and accelerators have emerged globally as essential mechanisms for supporting startups and fostering entrepreneurship. Olayiwola (2019) incubators are organizations designed to help startups in their early stages by providing services such as office space, mentorship,
networking opportunities, and access to capital. They typically offer a nurturing environment where startups can develop their ideas and business models over a more extended period (Olayiwola, 2019). Accelerators, on the other hand, are programs that support early-stage, growth-driven companies through education, mentorship, and financing. These programs are usually fixed-term, cohort-based, and culminate in a public pitch event or demo day. Unlike incubators, accelerators focus on rapid growth and scaling of startups within a short period.
In recent years, Nigeria has seen a significant increase in the number of incubators and accelerators. Chinonso (2020) posited that this growth can be attributed to various factors, including the rising recognition of the importance of entrepreneurship, increased investment in the tech and innovation sectors, and government policies aimed at promoting small and medium-sized enterprises (SMEs).Several notable incubators and accelerators, such as CoCreation Hub (CcHub), Tony Elumelu Foundation, and Ventures Platform, have been instrumental in shaping the entrepreneurial landscape in Nigeria (Chinonso, 2020). These organizations provide critical support to startups, helping them overcome the challenges of starting and growing a business in the Nigerian context. The role of incubators and accelerators in fostering entrepreneurship growth in Nigeria cannot be overstated. They provide startups with the necessary resources, knowledge, and networks to thrive. By offering mentorship from experienced entrepreneurs and industry experts, they help startups refine their business models, develop viable products, and scale their operations. Moreover, these programs often facilitate access to funding, which is one of the most significant barriers for Nigerian entrepreneurs. Through connections with investors and venture capitalists, incubators and accelerators help bridge the funding gap, enabling startups to secure the capital needed for growth.
Incubators, Accelerators, Entrepreneurship, Growth