Business Incubation is a business support process that accelerates the successful development of start-up companies by providing entrepreneurs with an array of targeted resources and services. These services are usually developed by incubator management and offered both in the business incubator and through its framework of contacts. A business incubator’s main goal is to produce successful firms that will leave the program financially viable and freestanding. Companies graduated from the incubator would have the potential to create jobs, revitalize neighborhoods, commercialize new technologies, and strengthen local and national economies. Business Incubators located in a university would have a greater impact on the economy because of the linkages with three important groups i.e. entrepreneurs, students, and universities. Business Incubation at the Institute of Space Technology will promote the commercial research culture through the strong partnership with the industry. To further strengthen the efforts to commercialize the research and innovations at IST through provision of supportive environment, IST will establish a Business Incubation Center (BIC) to develop entrepreneurial skills among its graduating students to start their own business by commercialization of their innovative ideas.