Hewlett-Packard gets behind garage start-ups

By Aimee McClinchy

Friday 30th June 2000

Computer company Hewlett-Packard is to invest up to $100 million in local and Australian start-ups in a finance and technology package codenamed Garage.

The initiative is part of a two-month-old global programme worth $480-600 million this year, and will award $72 million to Australasian start-ups as well as part of a $30 million package allocated to a worldwide e-scholarship programme.

Hewlett-Packard, joined by some co-sponsors and the Australian Venture Capital Association, said Garage would provide debt funding assistance to start-ups that would not normally qualify because of their lack of trading history. It would also offer scalable technology platforms and services.

Hewlett-Packard has already funded two Australian companies in a pilot programme. iSelect is an online health insurance broking service and Bob.com.au is a buyer-to-seller e-commerce market which plans to go live in November.

Hewlett-Packard's programme joins a number in place from IBM and Ericsson.

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