Bandwidth Barn Celebrates Success
Thursday, July 28, 2005
Cape-based technology incubation centre UUNet Bandwidth Barn is celebrating its fifth anniversary by boasting a success rate of 78%.
Since its creation in 2000, the Barn has become SA’s most successful incubator for fledgling hi-tech companies, says GM Odette Potter.
“In the past five years, of the 142 businesses that have passed through our doors 111 are still in operation. This overall success rate is astonishing considering that most companies come to the Barn with little more than a laptop and a dream. It proves we have a winning formula of providing an affordable and supportive environment for start-ups.”
The Barn was launched by the Cape IT Initiative (CITI), a body working to promote the region as a technology hub. It measures its achievements by the long-term success of its entrepreneurs and by its own financial sustainability.
“When we compare our model with other local and international incubators, the key difference is that we don’t provide anything for free,” says CITI director Masedi Molosiwa. “Initially this was out of necessity.”
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Source: Business Day