Xworks, a new London-based e-business incubator, was launched in August. Founded in February by entrepreneur Justin Drummond, the launch was delayed until the infrastructure was fully in place. Partly funded by Jason Drummond, chief executive officer of Virtual Internet, Xworks has drawn together an experienced management team with experts in the fields of technology, marketing, strategy, finance and business law. The company currently has 35 employees with five different departments, an on-line marketing team and a call centre. The incubator’s main service providers include, among others, Ernst & Young, Del Computers and Lloyds.
Xworks already has six live investments, five of which have been launched. Four of these companies are generating revenue and three are already in profit. These companies include OntheBox.com, a personalised electronic television guide; Worldmotorsport Ltd, a motorsports news agency and content provider that has already launched formula-1.co.uk; Space, an e-commerce and e-business solutions provider; Quantum Research, a fully web-enabled outsource call centre, and Careerplus On and Offline IT, an e-commerce recruitment agency. Current investments are mainly early-stage companies, although the company is also involved in deals that are at a later stage and in need of extra funding.
Drummond has several years experience running call centre businesses in Africa. He has also launched two Internet companies and hopes to apply that learning experience to this business. His investment philosophy centres on a hands-on approach. Drummond was joined at Xworks by Nigel Regan (head of online strategy) and Dave Mee (head of technology) who founded Onthebox.com as the first Xworks company. Both come from key positions at Eidos Net Publishing where they developed the worldwide online business and technology strategies. Charles Black was appointed chief operating officer in March, bringing with him the web development and business software company, Space.