Nonceba Ntoyanto-Tyatyantsi, Risimati Maurice Khosa, Tatenda Lincoln Chidau
Abstract
Business incubation is a crucial instrument for assuring the growth of small and medium-sized firms (SMEs), especially considering the rapidly evolving and noticeable trends in technology across the globe. The internet of things (IoT) is also gaining popularity in the commercial world on a global scale. However, evidence indicates that South African SMEs are trailing behind in the adoption of IoT technologies. To help SMEs expand, this conceptual paper aims to highlight the significance of incorporating IoT technology into incubators’ business environment. Thus, the current status of the business incubator system is investigated. The opportunities and difficulties of IoT technology in incubators are also covered. The paper is based on interpretive research that gathers data through a literature review. Based on the literature presented and reviewed, it is apparent that the world is aggressively moving towards a seamless IoT-transaction-driven model. As the world of technology evolves, incubation programmes have to incorporate Industry 4.0 technologies to be able to compete in the global markets. Thus, this paper concludes that enterprises and government should embrace the use of technologies such as artificial intelligence (AI), big data analytics and IoT if they do not want to be left behind. The study sets a research agenda for the future on how IoT integration affects SMEs’ development, expansion and economic growth.