The Institute of Space Technology in collaboration with the Higher Education Commission has established a Business Incubation Center to provide a supportive entrepreneurial environment, adequate resources and services to the IST’s faculty, students, alumni and staff to nurture and commercialize their innovative ideas and business ventures. At some later stage, the services of BIC IST will be offered to general public as well. The management of IST has envisioned the BIC IST as one of the Business Development Services (BDS) provides to be serving the local eco-system. Companies graduated from the BIC IST will have the potential to create jobs, commercialize new technologies, and strengthen the national economy. Intended incubates can incubate their business either through hiring a physical space or they can engage the services of BIC IST virtually working at their own space of convenience.