CAMARINES Sur Rep. Luis Raymund Villafuerte filed a measure that seeks to support business incubation in academic settings.

House Bill 9128 or the proposed Linking Educators and Developing Entrepreneurs for Reaching Success or LEADERS Act authorizes the Commission on Higher Education to support the establishment and development of incubators.

Funds awarded to establishments may be used for curriculum, training or technical assistance developed by academic faculty with entrepreneurship experts and local government leaders.

It can also be used for programming that contributes to a coordinated set of business assistance tools and hiring staff to coordinate the activities.

Villafuerte explained that business incubators housed in academic settings provide unique educational opportunities for students.

It also provides entrepreneurs with enhanced access to a skilled workforce and bring a wealth of resources to business, academe and communities.

“Academic affiliated incubators bridge the missions of academic institutions by bringing together education, economic development, and technology commercialization efforts,” Villafuerte said in his explanatory note.

The lawmaker said that business incubators help academic institutions contribute to the goal of sustaining economic development in their surrounding communities.

“Education in entrepreneurship and other business formation skills is essential to business success and sustainable economic development,” he added.