Coca-Cola has set up a new company and partnered with a local university, Georgia Tech in a bid to bring in new technologies and ideas to the company.

Based at its US headquarters in Atlanta, Coca-Cola's new company Fizzion will house up to 15 independent company start-ups, all relevant to the beverage industry, and will help take care of their business ideas.

President of Fizzion, Chris Lowe told the Financial Times that in some cases Coca-Cola would provide up to $250,000 in funding. It would also get first rights to test the new business ideas from Fizzion, though it is not vying for exclusivity said Lowe. Fizzion will be run as an "autonomous unit" but viable business plans would occasionally be brought to Coca-Cola's chief executive, Douglas Daft.

As a reward for helping the company start-ups Coca-Cola is to get a 12% stake in each company said the Financial Times newspaper. Coca-Cola has also stipulated that each company must have a capitalisation of no more than $1m and employ less than 10 people.