Incubation, ideation and business model development: Lessons from DUT’s Centre for Social Entrepreneurship Rapid Incubator
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This study investigates the role of ideation programs within a rapid incubation framework in supporting business model development for small to medium enterprises. Conducted at the Durban University of Technology's Centre for Social Entrepreneurship Rapid Incubator, the research employed a quantitative survey of 52 student entrepreneurs. The results indicate that participants view ideation programs as highly influential in refining their business models, particularly in enhancing understanding of customer needs, improving value propositions, and promoting experimentation. The measurement tool used demonstrated high reliability (Cronbach’s alpha = 0.906). Statistical analysis showed that perceived benefits varied significantly based on the entrepreneurs’ age and the duration of their enterprise operations. The study concludes that ideation programs serve as an effective mechanism for fostering effectual decision-making principles, such as affordable loss and flexibility, which are essential for managing uncertainty. It is recommended that incubators design programs tailored to the developmental stage of both the entrepreneurs and their ventures to maximize their effectiveness in strengthening business model viability.
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