Abstract: Technology Incubation is an institutional mechanism to develop an atmosphere for innovation and entrepreneurship for the active interaction between academia and industry. It is increasingly recognized that entrepreneurial start-ups have an important contribution to technological innovation, economic growth employment generation and social equity. Young entrepreneurs have to be developed in the Institutions of higher learning by setting-up of Technology Incubation Centres at these institutes. Realizing that innovation is the engine for the growth of prosperity and national competitiveness, this paper discusses on the development of young entrepreneurs by supporting institutions of higher learning for the setting up of Technology Incubation Centres. This paper also discusses on the Best Practices for an Incubation to achieve their targets in terms of innovation, entrepreneurial growth, products development, employment generation.