Terms of Reference

University-based incubators generally benefit the corporate world by providing new technology and products, allowing them to channel investment into proven industries, and provide an opportunity to takeover successfully incubated firms.

They provide support services such as managerial, legal and entrepreneurial advice as well as counseling and mediation services linking tenant firms with outside resources. University-based incubators are especially useful for businesses, which require higher level of technology and sophistication. The business owners can have access to research labs, seminars on campus, and can tap into the expertise (know-how and networks) of academics.

Accordingly, the terms of reference of the UoM incubator shall be to:

  • Promote knowledge creation, innovation and entrepreneurship among UoM staff and students
  • Assist UoM students and staff and members of the public to engage into developing their creative and novel ideas into proof of concept with the aim to promote innovation and entrepreneurship
  • Provide coaching to Incubatees (UoM students in the initial stage of the project) with regard to business planning, financial management, marketing, general management and budgeting among others
  • Provide the required physical infrastructure and technological support to students for the development of their creative ideas and product research, design and development,
  • Facilitate the generation and transfer of scientific and technological knowledge from UoM to industry
  • Act as a platform for the commercialisation of University research.
  • Set up a link between the UoM and private sector for wealth creation.
  • Identify partners from the industry/society who can help in assisting prospective startups.
  • Identify sponsors and funding sources to sustain the operations of the incubator.
  • Identify project ideas that have commercial value in the local and international communities.
  • Provide the mechanism to protect the relevant intellectual property and acquisition of patents.
  • Act as a “dating service” within the academic and business communities by introducing entrepreneurs to academics and students, and relevant resources that may be able to help them.
  • Provide subsidized collaborative space for new startups to develop their businesses in an atmosphere designed to promote business success in an accelerator or business park.