iiNet eyes start-up incubator
Internet service provider iiNet wants to follow in Telstra's footsteps and develop an "innovation fund" to help incubate start-ups and open it to more grassroots business opportunities.
On the same day Telstra announced the $US270 million ($292 million) purchase of Silicon Valley-based video streaming tech company Ooyala, iiNet chief business officer Greg Bader indicated the company was looking further afield as it moved beyond its traditional businesses.
Speaking on the sidelines of an "internet of things" event held by IT company Cisco, Mr Bader said it made sense for the Perth-based company to buy or partner with more nimble start-ups, rather than build fast-moving technological innovations.
"What I will use in my house in two years from now won't be invented yet," Mr Bader said. "And creating an 'innovation fund' of some description is certainly not out of the picture."
Telstra has developed a range of corporate incubator programs and also has an estimated $50 million to invest in start-ups.
It is understood iiNet has been in talks with locals involved in the sector but is yet to formalise its approach.
Big companies partnering with start-ups is relatively new to Perth. Last week, RAC unveiled a partnership with local innovation hub Spacecubed to offer up to $25,000 to two innovators to deliver safer roads or vehicles.
