Quality developments available

COMPANIES providing early-stage funding and mentoring to local technology projects are moving ahead with plenty of quality developments from which to choose.

Technology incubator and accelerator Carnegie Corporation has found success with a steam-fired marine jet propulsion device and posted a maiden profit for the year ending June 30 2001.

Carnegie will continue to benefit from the project, with royalties and a 14 per cent stake in the company, which acquired the device to then list on London’s Alternative Investment Market.

West Perth-based Carnegie says it has three other projects “almost on the boil” and is looking at promoting its minerals interests similarly.

Meanwhile, Bentley’s Technology Park early-stage technology promoter, Entrepreneurs in Residence, has recently changed focus and effected board changes to match. Hans Bertina is replacing Kevin Campbell as chairman and new directors have been appointed. An EiR spokesperson said the organisation was looking to extend its technical and funds management capabilities.

Former EiR director and Venture Skills founder Rob Newman says he is overloaded with applications from small technology start-up companies.

While there is no shortage of projects to take on in WA, neither has there been a shortage of capital. However, increased attention to due diligence by both venture capitalists and incubator-type companies has raised the quality bar for projects hoping to attract the help they require.

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