Final answer:
Business incubators provide crucial support services to new businesses, such as access to coaching by executives, connections with industry experts and a ready-to-use business infrastructure. They typically do not conduct in-house product R&D for new businesses. Governments can also encourage tech development by ensuring intellectual property rights and assisting with R&D costs.
Step-by-step explanation:
Business incubators are organizations designed to support the successful growth and development of entrepreneurial companies through an array of business support resources and services. These services are developed or orchestrated by the incubator management and are offered both in the incubator and through its network of contacts. The correct options relating to the services or functions that business incubators provide are:
- Providing access to senior executives and technical personnel who offer coaching, helping new businesses navigate the challenges they face.
- Connecting tenants with industry experts, potential customers, and suppliers, creating a network of support that can be crucial for business growth and development.
- Setting up facilities that have phone systems, computer networks, copy services, and receptionists, thus offering a ready-to-use business infrastructure.
On the other hand, conducting in-house new product research and development for new businesses is typically beyond the scope of what business incubators offer, as they usually do not engage directly in the operational tasks of the businesses they help.
Moreover, government and business communities often support these ventures through various means. Some ways the government can encourage the development of new technology include: guaranteeing intellectual property rights, providing government assistance with the costs of research and development, and fostering cooperative research ventures between universities and companies.