Get inventions off to a good start

IT'S one thing to have a bright idea for a new invention, but it's another to develop it into a profitable business.

IT'S one thing to have a bright idea for a new invention, but it's another to develop it into a profitable business.

Business incubator i.lab is helping clever Queenslanders turn their ideas into successful business realities under the guidance of mentors who are also some of Brisbane's top chief executives.

CEO of i.lab Anne-Marie Birkill said the incubation program was designed to assist early-stage companies turn great ideas into sound business ventures by providing a range of business coaching services.

"Effectively we walk people through everything involved in setting up their own business, from mentoring to office space to business coaching and skills development,'' Ms Birkill said.

"As long as people have got their own proprietary technology, then we work with them.''

Businesses starting out with i.lab get taught all the basics, including the logistics of company formation, creating appropriate legal structures and accounting practices.

Ms Birkill said the lab had a strong focus on market and competitor research, as the key to creating a successful business was to ensure there was a demand for the product.

"The most important step we do with startup businesses is working them through the process of ensuring they have done their market research, and that the idea they have come up with has a real and pressing need in the market,'' Ms Birkill said.

"We find that there are lots of wonderful ideas out there that sound well and good when you talk about them, but they have to be matched by a really significant need in the market and that need must be sufficient to build a business around.''

The University of Queensland owns i.lab, and the majority of its clients are involved in developing new software technologies.

Ms Birkill said while there were still various Federal and State Government grants available for startup businesses, the financial crisis has dried up a lot of venture capital.

"While there are still some good government grants, there is a lot less venture capital and other sources of private sector funding,'' she said.

The time clients take to graduate from the i.lab program is usually two to three years, however Ms Birkill warned not all companies reached the graduation criteria.

"The graduation criteria are stringent, but we feel if we set a high bar we are making people strive for a level of success that is sustainable,'' she said.

And i.lab's success rate is impressive, as out of the 17 companies that have graduated from the program, 16 are still in business.