Three technology start-ups have gained entry to the Venture Incubator Space (VIS) workspace at the University of New South Wales. The VIS is located in the School of Computer Science and Engineering (CSE), will provide students with the space and support needed to kick off their own IT startup.
The startups pitched their business plan in a 10-15 minute presentation on 7 March to a small panel consisting of academics, the CSE business development officer, two industry representatives, and a state government representative.
All three will be offered a lease of up to 12 months, with a possibility of a six-month extension. The first six months of rent are free, with subsidised rates for the remaining period.
In addition to access to an incubator space, including the free use of a desk, phone and internet, the chosen start-ups can also turn to the university’s resources for help.
“There are academics they can turn to, there are students they can turn to for help, or also potential employees,” head of the School of Computer Science and Engineering, Maurice Pagnucco told Techworld Australia in December 2011.
“The university has this commercialisation arm called NewSouth Innovations and a Centre for Innovation and Entrepreneurship in the Australian School of Business at UNSW.
“We’ve also been approached by a lot of startup groups external to the university willing to offer things like mentoring and getting students involved in other parts of activities.”
The program has also been set up so that students will retain ownership of any intellectual property they develop inside the space or as part of their business venture.
The incubator will house four to eight student-run ventures. However, Pagnucco said that if the program proves successful, the university will look into expanding it.
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