Business incubator grows like wildfire

Friday 29th November 2002

The country's largest business incubator, at Massey University's Albany campus, is to expand after growth described as phenomenal.

The e-centre has acquired another major private sector sponsor, Microsoft, which joins The Tindall Foundation, the North Shore City Council and the university as prime backers. The centre is also moving directly into the education business, offering short, tailored entrepreneur courses from next year.

The second business incubator will be built next to the existing facility, which has 13 companies based at the Bob Tindall Building. The e-centre2 initiative will roll out by 2004. The cost is estimated to be $4.5 million, half of which has already been raised by sponsors.

"The e-centre2 initiative will target Massey University capabilities, such as robotics, mechatronics, design, product development and food technology," e-centre manger Steve Corbett said. "Our current 'scorecard' shows that what we have been doing with the first centre is working well: the entry shareholder value of the businesses was around $2 million.

"A further $4 million has been invested and now, less than two years later, we estimate shareholder value to be $20 million plus, a 300% increase in value."

He said the e-centre's aim was to encourage innovative ideas, technology and entrepreneurship that can leverage off the university's research expertise, as well as assist companies with access to seed funds and venture capital.

In a further development, an e-lab will be launched in March 2003. It will provide a 'hot desk' work space for companies and individuals with early stage business ideas. Having the companies within the e-lab will allow evaluation and due diligence on their ideas, coupled with intensive monitoring.

"The e-centre will also be offering special short-term entrepreneur courses as from next year," Mr Corbett said. "These courses are designed to assist individuals to develop an in-depth understanding of business in a 90-day programme, and will be part of the e-lab experience."

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