Kilns have a special place in the history of Canberra. The Canberra Brickworks in Yarralumla were established in 1913 as the first industrial manufacturing facility in the ACT. The Staffordshire Kiln, one of its kind still remaining in Australia, is known for having produced bricks to build itself. Canberra Brickworks produced bricks to build the early buildings in the Capital, including the Parliament House, laying the foundations for Canberra as we know it today. According to Wikipedia 'A kiln is a thermally insulated chamber, a type of oven, that produces temperatures sufficient to complete some process, such as hardening, drying, or chemical changes'. The name KILN for Canberra's new business incubator that launches more than 100 years later than the Yarralumla Brickworks represents the analogy of how we work with early stage companies to help them change from shapeless concepts (clay) into fast growing businesses (the bricks), laying the foundations for the innovation & entrepreneurship based future economy of the ACT.
Photo of labourers and brickies at the Yarralumla brickworks.
What is a business incubator?
Business incubator is an organisation designed to accelerate the growth and success of entrepreneurial companies through an array of business support resources and services that can include physical space, capital, coaching, mentoring, consulting, common services, and networking connections. Critical to the definition of an incubator is the provision of management guidance, technical assistance and consulting tailored to young growing companies. Incubators usually also provide clients access to appropriate rental space and flexible leases, shared basic business services and equipment, technology support services and assistance in obtaining the financing necessary for company growth. There are approximately 9000 business incubators worldwide.
What is business acceleration?
Business acceleration is an intensive assistance programme offered to early stage teams of co-founders, it is concentrated into a compressed time-frame (typically 3 months) and it often includes an element of cash investment by the programme plus mentoring in exchange for equity in the accelerated companies. Companies enroll in the accelerator programme in cohorts, typically once a year. By working with cohorts of companies accelerators achieve efficiencies and greater momentum compared to incubators where programs are tailored individually for the needs of each company. Contrary to acceleration, business incubation programs typically last longer than accelerator programs, often 18 - 36 months and companies in incubation are assisted individually based on what their current needs are.
What is co-working?
Co-working allows founders who are not incubation ready or technology enthusiasts who do not seek to build high growth firms but may become early employees of some of the new startups to enjoy the community benefits of working from a shared office space with inspirational interactions rather than working isolated from home or in a corporate environment that does not encourage innovative culture. In addition co-working attracts people with skills and experience (consultants, domain experts and contractors, creative, etc.) that can efficiently assist early stage companies.