Internet startups get helping hand from HP

By DANIEL RIORDAN

Giant technology company Hewlett-Packard will fund local, early stage internet companies as part of its worldwide Garage Dot-Com Programme.

The company will provide up to $3.6 million per company for 15 to 20 companies in Australia and New Zealand.

The funding will typically be loan money, although assistance could be tailored to meet particular companies' needs.

HP's NZ general manager enterprise business, Mark Bowman, said the programme would complement rather than compete with the funding provided by venture capitalists.

Unlike venture capitalists, HP's endgame was not to be the part-owner of a successful business but rather to create new internet businesses that would use HP products.

The company was already talking to several small players who might qualify for the funding.