Waikato regional economic profile - Waikato Regional Council

11.4.4 Business incubatorsBusiness incubation refers to the variety of processes that aim to help reduce thefailure rate of early-stage companies and speed the establishment of self-sustainingcompanies.A business incubator provides facilities and services that support start-up businessesthrough their initial growth phase. A business incubator is usually a provider of jointpremises for a number of start-up companies. They also provide managerial expertiseand advice for residents. An important aspect of a business incubator's premises is thatthey also provide an environment where resident businesses can interact with eachother as well as any associated external companies and/or institutions. The form ofbusiness incubators can vary greatly. 404SODA is a business growth centre based in Hamilton. SODA provides start-upbusinesses with the confidence, connections and capability to grow fast and to exportglobally. SODA aims to energise and transform its clients businesses for the benefit ofthe region and the national economy.SODA provides:1. Business incubation services for high-growth start-up companies including:customized business coaching and mentoring to drive growthpreparing businesses for investment and market entryraising capital through our investor networkshelping kiwi entrepreneurs export into global markets, andextensive networking opportunities to develop strategic partnerships.2. Business clustering services for Waikato companies to drive industry growth by:enabling collaboration, knowledge sharing, and innovationdriving growth in revenue and export opportunities, andpromoting the collective capability of Waikato’s digital community to the world.SODA aims to contribute to a prosperous regional economy through supporting growth,collaboration and innovation of regionally embedded, globally successfulentrepreneurs.The WaikatoLink Venture Incubator was established in 2008 and draws on the successWaikatoLink has built up through incubating its own high growth ventures based onscience and technology from the University of Waikato. Although the majority ofresident firms incubated come from this source, the incubator also makes its expertiseand processes available to local entrepreneurs, mainly through short stays andservices delivered “virtually”. The WaikatoLink Venture Incubator focuses on highgrowth technologies in the AgBio, biotechnology and information and communicationstechnology sectors and has the expertise, partners and networks to offer the followingservices to entrepreneurs: assessment of business ideas and market opportunities developing business models and robust business practices, and assistance to find strategic partners, raise capital and access internationalmarkets.404Ministry of Economic Development (2004, p. 3).Doc # 2069885 Page 143