Technology and business incubator ITem3 has launched in NSW, riding on the coat-tails of a Federal Government capital injection for a regional IT incubator venture.
ITem3 is a joint venture between Iplus Developments, Lateral Concepts and Software Engineering Australia.
The consortium aims to develop local IT startups (as well as non-IT firms) with sufficient marketing and management clout to compete in global IT markets. "By targeting both metropolitan and regional centres in NSW we provide quality organisations with an opportunity that would otherwise be missed because of their location," said Dr Rob Forage, managing director of ITem3.
ITem3 received a four-year $7.37 million grant under the Department of Communications, IT and Arts' Building on IT Strengths (BITS) initiative for local incubator investments.
The organisation will receive equal cash funding from the private sector, expected to total $15 million in capital goods, a company statement read.
ITem3 incubates clients for up to two years under two implementation systems. Firstly, via a business development stage allowing the company to focus on further technical development, and secondly, ITem3 backs entrepreneurs in their business allowing them to source technology on an ad hoc basis.
Item3 expects to incubate 12 to 15 new clients per year with around 25 companies in steady state incubation, the company said. Criteria and applications can be found at http://www.item3.com.au.
Item3's industry affiliates include Sun Microsystems, JSP Associates, Equity Partners and PricewaterhouseCoopers.