Incubator to hold e-comm startups' hands

Ramose Technologies has launched MITEC, a Melbourne-based IT business incubator to host IT startup companies in the e-commerce and business-to-business solutions and ASP fields.

It will also host other IT companies if they have a very strong business-technology proposition.

MITEC currently has five participating startup companies and will host up to 60 companies, said Catherine Collins, Ramose's managing director.

As the holding company for the incubator, Ramose will provide incubation facilities and services to participating companies in return for an equity stake. "The program offers exceptional IT startups expert business consulting and marketing implementation as well as office facilities for two years in return for an equity position in the startup enterprise," Collins said.

As part of its services, MITEC's Programme of Startup Support includes drafting of IP contracts and protection for the directors of startups, provision of financial resources, management mentoring, and website and personnel development, among others.

To gain entry to the incubator, companies have to pass rigorous selection criteria and a Selection Committee Assessment, according to a spokesperson for MITEC. They will also undergo ongoing review with a small business-specialist CPA and MITEC's executive team.

MITEC anticipates that 10 per cent of participating companies will achieve public listing, and a number will become "investment-ready entities" for acquirers.

MITEC is a member of the Victorian Business Development Network Inc and comITnetwork which also includes RMIT University Incubator, Swinburne University of Technology Incubator and East Gippsland Institute of TAFE.

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