May 9, 2008
Business incubator projects warming up

Two projects designed to nurture new and developing businesses are said to be on track, and will be up and running in the not too distant future.{{more}}

The Business Incubator Projects, funded by the European Union, are being set up by the Centre for Enterprise Development (CED) and a team headed by German consultant Irina Nunberger.

The businesses will be guided along the road to success, and will be given the resources to make the journey as easy as possible.

The Nunberger team is expected to assist businesses specializing in Information Communication and Technology (ICT), while the CED initiative will focus on general businesses.

According to Nunberger, the ‘incubator,’ which will be located in the Singer Building in Lower Bay Street, will house four units of ICT related companies and five units relating to other services.

The units will be in the form of office space, all of which will share the office facilities and utilities provided at the location, along with technical and marketing support.

Nunberger indicated that to date, a number of young and upcoming businesses have indicated interest in the project, since the ICT aspect launched in December last year.

More companies are expected to apply for a spot in the incubator, and as recently as yesterday, a workshop for potential companies was held in Arnos Vale.

Companies not making it into the incubator system will not be left along the wayside.

According to Assistant General Manager of CED Simone Murray, a system called Virtual Incubator will be put in place to facilitate these businesses.

The virtual incubator system refers to businesses that are located elsewhere, but which will receive as much assistance as that provided to those in the physical incubator.

An outreach incubator system will also be set up for persons who have not yet set up businesses but are on their way to doing so.

Although the criteria for being included in the Incubator Project have not yet been finalized, the organizers expect those interested in being nurtured to be innovative, hard working visionaries.

The coordinators hope to have the incubator up and running as early as June.(JJ)