Two companies head entrepreneurs in residence program

11/5/01
Premier Dr Geoff Gallop today announced the two inaugural entrepreneurial companies which will lead the Entrepreneurs in Residence (EiR) program.
Under the program, start-up information technology and communications (IT & C) companies - Caltrix Technologies Pty Ltd and Supersoftware (International) Pty Ltd - will be mentored at the EiR incubator, based at Technology Park, in Bentley.
EiR is the first IT & C incubator to be established in Western Australia under the Federal Government's Building on IT Strengths (BITS) program. Its objective is to provide seed capital and management support to new IT & C companies.
"This is all about start-up IT & C companies - with innovative ideas born right here in WA - being given every opportunity to realise their full commercial potential," Dr Gallop said.
"The EiR incubator will provide a sound platform from which WA entrepreneurs will be able to launch their products into the global marketplace.
"It's about companies with good ideas being provided with help when they need it most - when they're starting out."
Dr Gallop - who is WA's first Science Minister - said the State Government was committed to creating an environment in which innovative ideas could be generated and commercialised.
It was through the commercialisation of ideas that WA would be able to develop a diversified and knowledge-based economy.
The Premier said Supersoftware and Calytrix had developed software that had significant export potential.
Supersoftware has developed a software product that is expected to become a vital policing tool used in major crime investigations around the world.
It is the brainchild of young WA entrepreneur and police officer, Jason Barber, who was inspired to develop the software as a result of working on the 1998 abduction and murder of 11-year-old Gerard Ross.
Calytrix has developed a range of software tools that will assist the collaboration of people working on different computer networks and platforms in almost every industry.
Dr Gallop said the EiR would receive $10 million in Federal funding over five years to provide the incubator facilities.
Two of the consortium's three members had also provided substantial seed funding to the incubator fund.
Under the program, EiR acts as an equity partner in the start-up company, providing finance start-ups that range from $50,000 to $450,000, over two years.
The investment may be recovered at any time, hopefully at a much increased market rate depending on the growth of the company and market condition. It will be returned to the EiR fund -- where it can then be used as seed capital to support many more innovative start-up IT & C companies.
Dr Gallop said the State Government was strongly committed to the BITS program and had offered substantial support for it through the Department of Commerce and Trade.
Prospective applicants for the Federal program had received financial assistance enabling them to apply for funding.
The State Government had also recently approved EiR taking over the head lease of Technology Park's Research and Development Centre at a discount rate.

Media contact: Kieran Murphy 9222 9475