EFFECTS OF BUSINESS INCUBATORS ON THE PROMOTION OF SOCIO-ECONOMIC WELLBEING OF YOUNG ENTREPRENEURS IN RWANDA A CASE STUDY OF ART RWANDA - UBUHANZI INCUBATOR (2019-2023)

Abstract

Business incubation centers are considered as foundation of economic growth and development. They contribute to this by pulling together the entrepreneurial motivation of a new enterprise with resources usually available to new enterprises. To achieve this, the study was guided by the following specific objectives: to examine the effects of business skill training for promoting the wellbeing of Young Entrepreneurs, to determine the effects of financial support for promoting the wellbeing of Young, to find out the challenges faced by young entrepreneurs. This study used a sample of 126 people from young incubatees at ArtRwanda – Ubuhanzi Project.The research findings indicated that 79.3% of the respondents strongly agreed that the business skills training helped them to increase business knowledge and network which stimulated the feeling of valued person in family, community and country, 67.4% of respondents agreed that financial support and link with investors helped them to generate incomes, made saving, expanding their projects and increase in the number of employees. Furthermore, 59.5% of respondents and 39.6% respectively, strongly agreed that financial support helped them to increase of level of education and access to the healthcare (55.5%). 63.4% of respondents said to increased self-esteem and sense of belonging and increase of hope for the future respectively. This study also found the challenges faced incubatees while running their businesses as the majority (79.3%) of the participants indicated inadequate funding , 67.4% and 55% respectively indicated the challenges of high taxes and slow use of a technology, 59.5% and 71 % of respondents strongly agreed that limited market to international market and lack or expensive raw materials remain a strong challenge. 63.4% of respondents agreed that Covid -19 pandemic slow down their businesses. This study recommends continued coaching for young entrepreneurs, establish easily accessible grants and regularize the taxes for startups to enable the artists to sustain their businesses.