The business incubator project, which is designed to provide support services for start-up businesses, will soon be officially launched by the Ministry of Industry, Technology, Energy, and Commerce (MITEC).

Minister Phillip Paulwell, who made the announcement during his contribution to the 2007/08 Sectoral Debate in the House of Representatives recently, said that the project will be funded at a cost of $120 million.

The business incubator project has three main components: facilitating the establishment of public and private business incubators; supporting the establishment of private entrepreneurial production centres (EPCs) and promoting goods and services produced by micro and small businesses.

"The business incubators will provide physical accommodation and a range of support services to start-up businesses in order to increase their chances of success and reduce business failure," Mr. Paulwell said.

He added that "the EPCs will be private entities located in communities and will be established to produce basic goods and services and to engage the community in employment."