Introduction and Structure:
Sheikh Baha’i Science & Technology Park with an approximate Land area of 40 hectares is the first comprehensive technology park of Isfahan Science and Technology Town that succeeded to receive the Ministry of Science, Research and Technology authorization in 2007. The exceptional location of Isfahan province in the center of the country, the presence of huge efficient industries, and the existence of high potential university graduates has helped achieve the main objective of this park, which is to increase the wealth of the local economy by promoting a culture of innovation and constructive competition between present knowledge based companies within the park. ISTT has the vision to develop Sheikh Baha’i Science & Technology Park to the most attractive working environment in the Middle East within the next 10 year period.
ISTT welcomes those who are not yet competent to establish a company on their own to its pre-incubation stage.
Isfahan Science & Technology Town performed the necessary planning for the establishment of a pre-incubation program in order to accelerate the trend in the formation of new companies out of spin-offs.
The main features of this program are as followed:
- The duration of tenancy is between 6 to 9 months
- The admitted teams are not companies as they lack parts of the required conditions and criteria to apply for the incubator admission stage.
- The teams should develop their business ideas into maturity, identify their target markets, and register a company by the end of their tenancy.
Services provided to tenants at this stage are free of charge and include:
- Technical, legal and financial consultation.
- Training courses and workshops
- Limited office and administrative services
A short time evaluation is performed after a period of 6 to 9 months.
ISTT Technology Incubator helps early stage companies compete in the global marketplace. Isfahan Science & Technology Town established its first technology incubator in the year 2000 in response to the growing number of university graduates seeking employment, the changing attitude towards research and technology nationwide, and the economic potentials in Isfahan Province. This initiative aimed to encourage public-private partnership, to secure a better role for the private sector in the national economy, and to boost local economy. The technology incubator works with early stage technology companies to increase their success rate and to decrease the time neede to reach their desired capital and markets.
Successful global experience attained by incubators in local economic growth and in entrepreneurial development were studied and used as models.
Admission of tenants started in 2001 and the incubator management team was assigned to support the formation of new start-ups, to supervise their growth and maturation, and to prepare the ground for entrepreneurial activities and development of new technologies.
The Objectives for establishing Incubators are:
- Encouraging the formation of private technology companies and providing necessary services to them.
- Reducing the risk of establishing new companies through providing assistance in attracting seed capitals, and necessary consultations.
- Establishing a suitable environment for the development of entrepreneurial skills in university graduates.
Based on the above-mentioned objectives, the following tasks were defined for the incubators:
- Providing support and assistance to spin-off and technology-based tenant firms throughout their growth and development period.
- Providing support services to tenant firms.
- Supervising and controlling the growth and maturation of the tenant firms.
The tenancy period for incubatees is 3 years. During this period, the incubatees transform their ideas into products or technical know-how which can then help to start a business.
Incubators in ISTT:
Steel Technology Incubators
Culture & Multimedia Incubators
Scientific & technical maturity:
Incubated firms which have successfully completed a research and development project (during their presence in the incubator, or earlier) and have turned an idea into a product are then recognized as scientifically and technically mature firms.
The criterions used for determining the scientific and technical maturity of firms, are:
- The number and quality of completed projects using a scientific management process.
- The management systems of firms, and its extent of incorporating scientific and knowledge-base methods.
- The scientific achievements and knowledgeability of the founders of the firm.
- The capability and knowledgeability of their full-time staff.
Firms which have completed a research project (developmental or non-developmental) within the approved budgetary limits are recognized as financially mature.
The criterions used for determining the firms financial maturity, are:
- The firm’s annual revenues.
- Mean ratio of the progress of the firms in contracts (%) to the funds it has received (%)
Organizational and administrative maturity:
Firms capable of surviving independently without the use of consultants, who can secure and stabilize teams offering required specialties and services to customers, are perceived as having reached organizational maturity.