PwC launches .com incubator service

PricewaterhouseCoopers has launched an internet incubator service, designed to help .com ideas reach fruition.

PwC will invest up to $500m in a network of European incubators in the first year. The London and Paris sites are already operational, with sites in Amsterdam, Hamburg and Oslo set to follow. Open to external entrepreneurs and staff, the scheme enables applicants to work on their .com ideas with the aid of PwC's financial and consulting advice.

Robin Tye, ebusiness leader for PwC Consulting, said: "There is an enormous demand from our people and our clients for this service. It covers every aspect of setting up a new .com venture, from tax through business strategy and technology implementation to financing and IPO advice."

PwC staff with internet ideas will be given a three month 'sabbatical' to work on their proposal, alongside working consultants. Two UK staff have already taken up the opportunity.

Tye believes the service is different from others on the market: "Every venture is unique and requires a unique solution. By not being tied to one technology provider we can pick the best of breed for each venture," he said.

"We are harnessing the creativity and energy of our staff - exceptional people who can draw on the collective expertise of colleagues across the firm," he added.