Internet incubators have been decimated by poor market conditions for technology and Internet start-ups. Many shut up shop not long after the markets turned sour in spring 2000.

In Denmark, however, Internet incubator Brandts Ventures has doggedly clung on to its Copenhagen listing, despite haemorrhaging cash.

But the incubator was finally forced into filing for bankruptcy protection in April 2002, after a string of failed attempts at rescuing the company. A restructuring programme, mass lay-offs, an attempted merger with rival Growth.dk, and even an investment freeze failed to bring the group back from the brink.

At least Brandts has some experience in the bankruptcy process. Two of its portfolio companies, Easymanual, a portal offering interactive manuals, and Business Cast, a developer of video streaming software, have gone bust recently.