Uni Sets Hunt For $9.5mill
Newcastle Herald
Friday October 29, 1999
NEWCASTLE University is seeking $9.5million to develop a high-tech business incubator at Steel River expected to create about 500 jobs.
A submission to this week's University Council meeting suggested the Federal Government might be prepared to put $3million into the project, which would be a launching pad for new technology from the university.
The university's intellectual property would be combined with private sector venture capital and the projects would be housed in the incubator building.
In a separate bid, the university is seeking $15million for a Hunter Medical Research Institute on the grounds of John Hunter Hospital.
Deputy Vice-Chancellor Research Professor Ron MacDonald said the university had a number of new technology projects ready for financial backing.
They include developments in vaccines and medical and engineering technology.
`Some technology is already in various forms of patent protection and is attracting attention from venture capitalists,' Professor MacDonald said.
`Our first priority is to keep this in the region.
`This incubator is a way of keeping it local and adding high-tech employment opportunities.'
The 3000 sq metre proposal would create up to 140 jobs on site and 350 off site, Professor MacDonald said.
If Federal aid were secured, the jobs could come within 12 to 18 months.
The university had asked for $9million in aid and it had been suggested that $3million would be `fairly readily available'.
The incubator will cost $8.4million to build, the land will cost $550,000 and infrastructure is expected to cost $625,000.
Professor MacDonald said the CSIRO's decision to locate its Division of Energy Technology at Steel River was a boost to the project.
© 1999 Newcastle Herald
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