GEMS Development Organisation, one of the companies taken on by the firm’s incubator, filed the complaint alleging it had received insufficient business and technology support, which caused the company to fold 18 months after creation.
In what is thought to be the first case involving the work of a dotcom incubator, the Professional Standards Body of the ICAEW on Thursday ruled there was no case to answer. The decision ended a 10-month investigation into the incubator.
GEMS founder Wingham Rowan said the ICAEW had been supportive throughout the investigation. But he expressed disappointment with the ICAEW’s ‘extraordinary judgement’. Rowan declared his intention to take his complaint to the department of trade. ‘We must have some regulation for incubator arrangements.’
PwC started its incubator arm in March 2001 and folded the service in October 2002. The firm said it was pleased with the decision.
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