ilab was established by the Queensland Government in 2000 originally as a business incubator to support early stage, high-tech companies through the first few years of development by building their business management capabilities, fostering mentor networks for start-up founders, creating investor ready companies, and graduating companies with increased chances of success. In 2009, The University of Queensland (UQ) acquired ilab in an arrangement with the State Government.
With the rapid growth of internet, mobility and cloud computing, different methods of supporting early stage companies through accelerated startup approaches became more applicable. These are characterised by low capitalisation requirements during the initial business validation and early product build phases and support rapid growth for successful businesses model, but also rapid, low cost failure where the model proves less compelling.
In support of this, ilab changed its model in 2012 to introduce a new accelerator model – Germinate – while maintaining complimentary incubation and co-shared office capability for more established companies.
With continued strong from the Queensland State Government, ilab casts a wide net in its support of new startups and thethe growth of startup eco-systems across Queensland. Startups from across the state, across a range of demographics and from a variety of institutions well beyond UQ are benefiting from ilab’s programs.
Located on the St Lucia and Long Pocket campuses, ilab provides a supportive environment for entrepreneurs by mentoring them through the early stage of business development and providing seed funding to scale their business.