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Business incubators are found all over the world. Yet, to date, no viable integrative theory of effective business incubation exists. This paper outlines a grounded theory of incubation, driven by case studies, empirical results, and field work, based on three main principles that generalize across countries and cultures. They are: the paradox of market emulation, resolving the key make-or-break constraint and alignment with local and national cultures. Over the last decade, India has been making a transition towards a market economy. Several initiatives have been undertaken to revolutionize and steer the country's political, economic, and social systems towards a market economy.
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