The business incubator sector yesterday received a $2.75 million boost.
Associate Minister for Industry and Regional Development Pete Hodgson announced the increase through the Incubator Support Programme, which was launched in 2001.
He said incubators typically provided workspace, support services, a mentoring programme and access to capital for entrepreneurs and
businesses at the start-up and early stages of development. The money would be used to cover operating costs.
Thirty-nine companies have graduated from the Incubator Support Programme since it was launched. Hodgson said they had recorded an average turnover growth of 135 per cent during incubation, and raised $9.2 million in investment capital.
Companies receiving the latest funding are: AUT Technology Park, $225,000; E Centre (Albany), $180,000, The Icehouse, $300,000; Waikato Innovation Park Incubator, $250,000; The BioCommerce Centre from Palmerston North, $150,000; Canterbury Innovation Incubator, $350,000; Dunedin's Upstart $200,000; and from Wellington creative HQ, $300,000; Global-Tech Accelerator (Industrial Research Ltd) $250,000; and T-Up, $250,000.
The remaining money will go towards central operating and projects.
Incubator New Zealand chairman and chief executive of The Icehouse Andy Hamilton said he was delighted with the boost, which incubators would receive this calendar year.
"It's further evidence of the Government investing in the incubation industry and the Icehouse is pleased to receive that support," he said.
- NZPA
