Still space at Icehouse

Inquiries about the Icehouse jumped about 30 per cent last year but the Auckland University-based business incubator was still not running at capacity, manager Dave Wrathall said yesterday.

Many entrepreneurs with good ideas were missing out because they were getting in touch either too early or too late in their growth phase.

"We get a large number of inquiries from people at the inventor stage but they've not given any thought as to turning that idea into a business," Wrathall said. "We are also seeing more businesses at the other end of the spectrum, where they already have a product and a market but are foundering."

The Icehouse (Ice means International Centre for Entrepreneurship) was set up in 2001 by the university's business school and a group of leading corporates, who put up $2 million in cash between them.

As well as mentoring, entrepreneurs are given a desk, phone and internet connection, tea, coffee and meeting rooms. They do not have to sign a lease while they work for up to three years to bring their ideas to fruition.

Wrathall said to qualify for the incubation programme a young company needed to meet a few key criteria, such as:

* Identified a distinct market, ideally with international potential.

* It should be a knowledge-based business with innovative intellectual property.

* The entrepreneur should have a degree of commercial expertise.

Wrathall said if anything, The Icehouse was more prepared to take on entrepreneurs at the earlier rather than later stages.

Even if they just had a concept, they would be considered as long as they had a good understanding of business and what was involved to get a product to market.

There are 15 companies in the incubator now with two preparing to graduate. Three more have been lined up to join but there is capacity for about 20 companies.

Wrathall said spaces were still available.