Internet Incubator changes name and loses Drummond

Having revealed on 10 June plans to generate revenues in the near term through providing services to, and investing in, companies from sectors other than internet and technology, Internet Incubator said today that it felt a name change was “appropriate” in order to reflect its broadened focus.

The company continued to emphasise that, despite the name change, these short term revenue-generating investments and consultancy fees, would not compromise its “dedication of effort and skill” to its existing portfolio.

But CEO Nigel Drummond will not be carrying the enterprise forward. He has resigned his position and his seat on the board with “immediate effect”, in order, according to Internet Incubator's statement, to “expand his other board roles and investment activities”.

Drummond will be replaced by CFO Richard Glasson, while Richard Kleiner will take over the financial role, becoming full time executive director. Julian Fellerman, an associate of Kleiner's at multi-sector corporate finance business Odyssey Partners, will also become a full time executive director at Internet Incubator.

The company is the latest in a long line of UK incubators to look for revenues outside their initial business model. Brainspark now charges investee companies for services, while Cube8.com set up a separate web development and consultancy wing to boost its income. At the same time, companies like VoyagerIT and eVestment have shifted focus totally, establishing themselves instead as brokers and corporate financiers.