Incubator Fires Up
Sydney Morning Herald
Wednesday April 5, 2000
A refurbishment plan by the Festival Development Corporation for its Mt Penang "incubator" project aims to put the start-up park on track to recreate the success story of the Australian Technology Park in Redfern.
As Stage 1 of its development, the corporate, leisure and sports park for events, tourism and technology companies announced by NSW Premier Bob Carr 18 months ago will begin by refurbishing 1,500 square metres of space at its 174-hectare property on the Central Coast.
If a requested $12 million funding grant from the Federal Department of Communications, Information Technology and the Arts comes through within the next couple of months, the FDC expects to have start-up tenants in its incubation program within the year.
The Australian Technology Park, the highly successful park in Redfern, has launched 21 successful start-ups in four years through its incubation program.
The FDC is discussing tenancy with Gosford online education provider Future School and the University of Newcastle, which could run a sub-campus of relevant courses in information technology or events management.
Mt Penang is well-placed to attract scientific tenants because of its links to the ATP's supercomputer. Other companies, including online content providers, will be attracted by its high-speed transmission fibre optic and microwave connections, and others with its events facilities.
The site already hosts the annual Australian Springtime Flora Festival.
In stage one, tenants will receive rent assistance and support from dedicated incubator staff including technology advisers, mentors, business planners and skills trainers.
In stage two, incubated companies will graduate to a rent-paying tenancy. Within five years, stage three will see FDC develop a corporate park for horticultural, IT and telecommunications or festivals and events companies.
"We have the tyranny of distance, but already 35,000 commuters a day travel to Sydney from the Central Coast," says FDC general manager Keith Dedden.
© 2000 Sydney Morning Herald
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