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 gaining popularity in the commercial world on a global scale. Evidence, however, indicates that SMEs are trailing behind in the adoption of IoT technologies. To help SMEs expand, this conceptual paper aimed to highlight the significance of incorporating IoT technology into the incubator’s business environment. Thus, status of the business incubator system is investigated in the paper. 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 evolved, the incubation programme has 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, IoT, etc. 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.