The Innovation Hub Management Company has reported significant growth in its pilot activities.
"Our INNOV8 virtual community has grown substantially and continues to provide a unique hi-tech business forum in Gauteng, while creating much goodwill and providing valuable input to our initiatives," CEO Neville Commins writes in the company's annual report.
"The success rate of companies in business incubation has been 79%, while the success of the CoachLab Leadership Development Programme's IT CoachLab has resulted in additional partners being sought to expand this collaborative model to other hi-tech areas."
The Innovation Hub is being established on a 60-hectare site in Tshwane as the first international accredited science park in Africa, offering accommodation, shared facilities and value-added services for companies and institutions involved in the innovation of new products and services, as well as in research and development and professional service provision.
It is one of the 11 projects of the Gauteng government's Blue IQ initiative to invest in economic infrastructure development.
"It is clear that our initiatives are fulfilling a need in stimulating the growth of a hi-tech, knowledge-intensive cluster in the province," Commins says. "In 'learning by doing', we are ensuring that The Innovation Hub moves onto its final site at the end of 2004 as a going concern."
He adds that the focus for the next period is on the completion and launch of the first phase of the infrastructure, and in meeting occupancy targets for the Enterprise Building and the Business Incubator, as well as the start of construction of further buildings for new owners.
"From an operational perspective, our focus will be on repositioning and developing a staff complement able to lead from the pilot phase into full operation, using the new range of facilities in a sustainable manner."
For the year to end-March, The Innovation Hub Management Company achieved revenue of R591 676, compared with revenue of R375 690 the previous year. Other income totalled R9.82 million.
The company ended the year with a net profit of R6.05 million, compared with R219 650 previously. Cash on the balance sheet amounted to R73.19 million.
Share
