Good planning is a crucial ingredient of incubator success, and this article steps through the core principles, processes and outcomes of high quality strategic planing.
Objectives
Planning is a process; a set of tasks carried out to reach common goals and set up objectives and then arranging the best way of achieving them. This results in focused efforts and the most efficient use of resources. Strategic planning means thinking about the organization as a whole in terms of its surroundings, and looking to what could be ahead. This gives rise to the importance of analyzing the environment in order to define a mission and select strategies (positioning). Effective planning serves as a basis for the business plan as well as a strategic analysis of the incubator. The main items covered by strategic planning are:
- Identity of the incubator (Vision, Mission and Values)
- SWOT analysis
- Strategic objectives
- Strategies, tactics and plan of action
Key Issues
- Definition of the Incubator’s Vision: The Vision presents what management and partners want the incubator to represent to its environment (the biggest, the best, a center of excellence etc). The Vision provides a map for the incubator’s direction, and should create an identifiable image of its future, while inspiring commitment to its performance. It should stress what the incubator could be and explains what it should be.
- Definition of the Mission of the incubator: The Mission reflects why the incubator exists, what it is and what it does to meet the demands of the outside environment. The mission turns into reality what was conceived of as an ideal. It should be straightforward to ensure a clear definition of the strategies of the incubator’s mission.
- Definition of Values: The Values of the incubator are the understandings and expectations that describe how the incubator’s professional staff should behave, as the basis for organizational relationships.
- SWOT Analysis: Strengths, Weaknesses, Opportunities, and Threats: This is widely used by organizations as part of their strategic business planning. The SWOT analysis assesses the strong points, the weak points, the opportunities and the threats to the organization and the market within which it operates. This tool is widely used during the incubator planning phases.
- Definition of Strategic Objectives: These are the considered planning benchmarks that the incubator is aiming to achieve, and they are written in a way that allows them to be measured, compared and assessed. The objectives are the major concerns that the incubator needs to meet in order to fulfill its business mission as it works towards its vision. They indicate the general intentions of the organization and the basic way for achieving its aims.
- Strategies and plan of action: The strategy consists basically of deciding where the incubator wishes to go and what it should do in order to get there. Once the strategies are established, it is necessary to clearly define who will be in charge of the performance of specific actions, how and when these will be implemented, what schedule will be followed and what will be the cost.
Responsible Parties
Managers and technical experts from the organization that wants to set up the incubator.
Indicators
- Time and costs for the development of the strategic plan
- Funding and political support built up through Incubator Planning
Results
- Definition of the Vision, Mission, Objectives and general Strategies of the business
- Information about the variables and positive factors that affect the activities of the incubator, both directly and indirectly.
- Definition of strategies for making good use of opportunities and avoiding any possible threats, and the plan of action.
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