Callaghan Innovation floats call for new breed of tech incubator

Callaghan Innovation floats call for new breed of tech incubator
Callaghan Innovation has put out a request for expressions of interest from anyone interested in forming a tech-focused incubator, defined as separate from a typical founder-focused incubator. The purpose is to refine the design of a pilot for a new programme scheduled to begin in July.

Callaghan Innovation has put out a request for expressions of interest from anyone interested in forming a tech-focused incubator. 

The purpose is to refine the design of a pilot for a new business incubator programme scheduled to begin in July.

Tech-focused incubators have been defined here as incubators that identify ideas with potential and build business teams around that IP, while traditional founder-focused incubators work with entrepreneurs or teams. These tech incubators would focus on the commercialisation of technology from universities and CRIs.

Approved technology incubators will also be able to apply for a new kind of repayable grant on behalf of startups they are supporting - up to $450,000 per firm over two years. These grants would be unsecured, come with some kind of clawback provision in the event of an overseas sale later, and repaid as a royalty of 3 percent from company revenues. Incubators would have to co-fund the company at a 1:3 ratio. 

Parties interested in forming technology-focused incubators can download the EOI from Callaghan Innovation’s website or by logging onto the GETS website and searching for reference code 41097.

Callaghan Innovation is also calling for feedback on the design of its incubator programme and the grant system, including how clawback clauses should apply.