Business Incubator Subotica as a Tool of Fostering Development of SMEs and Entrepreneurship

TBusiness Incubator Subotica was established on June 21, 2006 within the Vojvodina Autonomous Province Economic Development Programme and the Strategy of Economic Development of Municipality of Subotica, with the aim to create a business environment, which provides early stage businesses with the necessary tools for development, growth and successful surmounting the first three critical years in the operations of small businesses. Besides the necessary mentoring to service-providing and manufacturing business, the Business Incubator Subotica also offers consulting and support in equipping for production, as well as business support services, technical assistance, business training and favourable rental prices for corporate premises whereby the Incubator’s clear strategy is to develop into an industrial park after some time. Business Incubator Subotica has been registered as a limited liability company wherein the shareholders are the Subotica Municipality (60%), Regional Agency for SME Development (10%), Polytechnic Engineering College Subotica (10%), Vojvodina Investment Promotion Fund – VIP (10%) and ATB SEVER (10%). The fact that the Business Incubator Subotica was established as one of the first ones of the kind in Serbia, puts Subotica on the international map of incubator development and makes it a relevant factor in discourses on entrepreneurship development and innovation. The aim of the Incubator is to support the businesses based in it on their way of becoming medium-sized companies and to enable easier employment and self-employment of young people and entrepreneurs in Subotica and its neighbourhood. In accomplishing our mission successfully, we took up an active role in promoting enterprising spirit and the idea of entrepreneurship and family business, in creating a more favourable and stimulating environment for the growth of small and medium-sized enterprises.