Incubator planned for e-commerce

By YOKE HAR LEE

A web-based business developer, Wired Internet Solutions, is spearheading the formation of an incubator for internet businesses.

The incubator company, to be located in Christchurch, is called Netbridge Ventures and is the brainchild of Mike Baddeley, the founder of Wired Internet.

Mr Baddeley said Netbridge was talking to "three or four" clients to be housed in the incubator facility. He said he could not disclose how many companies he needed to make the incubator viable.

"The idea evolved out of our experience as consultants. A lot of people with ideas are utilising our skills in terms of moving those ideas into good business concepts."

There is at least one working incubator running in the country, pioneered by Victoria Link, the commercial arm of Victoria University.

Its incubator has 13 companies housed under one roof in what it calls The Innovation Greenhouse. Most of them are internet-based.

Another incubator in the process of being developed is to be housed at Unitec, and is being organised in conjunction with the New Zealand Intellectual Capital Foundation.

Mr Baddeley said Netbridge was developing alliances with venture capital firms and fund managers that were interested in supporting early-stage IT companies.

Netbridge's role, as the incubator company, would be to help with implementation, finance structuring and project management skills.

Companies located at Netbridge would go through a vigorous selection process. A number of professionals would be used to vet the business ideas.

Internet applications, particularly for e-commerce, would offer more challenges as Y2K issues subsided and wireless applications arrived, Mr Baddeley said.

He noted that in the US, e-commerce guru Bill Gross conceived idealab!, an internet incubator business that has led to internet businesses such as eToys, WeddingChannel.com, CarsDirect.com and Free-PC.

Wired Internet has been operating since 1996. It has designed numerous websites for New Zealand clients.