International Journal of Criminology and Sociology, 2020, 9, 471-481 471 E-ISSN: 1929-4409/20 © 2020 Lifescience Global The Development of University Technology and Innovation Incubators to Respond to the Needs of the Modern Economy Pfano Mashau 1,* and Ziska Fields 2 1 University of KwaZulu-Natal, Graduate School of Business and Leadership, Durban, South Africa 2 University of KwaZulu-Natal, School of Management, Durban, South Africa Abstract: The growing demand for technology and innovation has created a pressing need for higher education institutions in South Africa to be involved in the development of the country. The National Development Plan 2030 challenges higher education institutions to actively participate in developing and sustaining the well-being of South Africa. The article emphasises that sustainable development can be achieved through university activities, in which university technology and innovation incubators play a role; hence the need for such incubators. Transition to a knowledge society entails the university and other knowledge institutions acting in partnership with industry and government, and even taking the lead in joint initiatives. Therefore, this article recommends that technology entrepreneurs and innovation should be developed through universities, both in South Africa and in Africa as a whole, as suggested by the triple helix theory. Keywords: Economic development, technologist, technology entrepreneurship, technology innovation incubator, Triple Helix. 1. INTRODUCTION Development is important for any country and once this has been achieved, it must start maintaining and building upon its developmental level (Rennkamp & Boyd 2015; Rogerson 2013). Universities are important for sustainable development (National Planning Commission n.d.). Universities encourage many activities that are complementary to the development of a country. These include innovation incubators and research to assist in increasing entrepreneurial success. The influence of universities is prevalent in the external environment that pertains to the establishment of technology ventures and business success. In a study conducted by Dahlstrand (2007), it was found that a significant percentage of innovative businesses started as a result of the knowledge that the entrepreneur acquired through his or her university research. On the other hand, some entrepreneurs began a technology venture from an idea that emanated from a university and it is confirmed by Dahlstrand (2007:379) that “radically new ideas often have a university origin”. The South African government has realised the importance of technology incubators to support entrepreneurship and the Minister of Trade and Industry, Dr. Rob Davies, officially launched the latest *Address correspondence to this author at the University of KwaZulu-Natal, Graduate School of Business and Leadership, Durban, South Africa; E-mail: Mashaup@ukzn.ac.za university incubator, the Durban branch of the South African Chemical Technology Incubator, at the Westville Campus of the University of KwaZulu-Natal on 16 April 2014 (Seda 2014; UKZN 2014). Many other universities around the country also offer innovation activities to support and grow innovative businesses. The Small Enterprise Development Agency (Seda), as part of its technology programme, has created 30 incubators across South Africa, ranging from information and communication technology small, medium and macro-sized enterprises to enterprises in the aluminium, platinum and bio-diesel industries (Seda 2014). However, the link to and role of universities are not fully utilised. South African universities need to play a more prominent role as technology incubators to provide assistance to entrepreneurs and guide them in achieving growth and development. The start-up phase especially is very important, due to the lack of funding and strategic resources and the fact that 80% of start- ups fail in the first year of doing business (Seda 2014). Providing support requires expertise and funding, and a long lag often exists between the discovery and commercialisation of new knowledge at the university level, which can weaken competitiveness (Pearce, Barbier & Markandya 2013; Peschl & Fundneider 2014; Rennkamp & Boyd 2015; Rogerson 2013). Due to the amount of revenue and profits made by universities, many of them seek better ways of effectively managing their ideas and selling their discoveries. This is also a reason why more and more universities around the