University aims to spawn 150 ventures

By ROB O'NEILL

Massey University's enterprise centre is expected to create 150 businesses and 800 jobs in its first 10 years, according to its founders.

The Albany centre has been voted $500,000 in the North Shore City Council's draft annual plan and received $2 million funding from the Tindall Foundation. It is also approaching the new Ministry of Economic Development for support.

"We've had verbal support but not financial support from the Government in the past," said project manager Brian Chrystall.

"We're now hoping for financial support to give the startup businesses initial rental relief."

The centre will house three anchor tenants who will act as role models and mentors for startup businesses.

Another six new ventures will fill the as-yet-unbuilt focus building and spill out into surrounding houses on campus.

"We designed a focus building as the centre or hub of the enterprise centre," said Mr Chrystall.

"We have resource consents and will be going for building consent in the middle of April."

Slippage in schedules means the centre will not be launched in June as originally planned.

New businesses will receive business services, technical advice and guidance, and have access to campus resources until they are ready to secure venture capital.

"The idea is that we graduate businesses rather than just students," Mr Chrystall said.

A fledgling company would remain in the centre for perhaps three years, he said.

Some of these would fail and some might move out in a year.

"Following those numbers, you conservatively get to 150 new enterprises and 800 jobs."

The centre already has two anchor tenants interested in moving in, though nothing has yet been signed. These are software company Softech and M3, a developer of software-embedded electronic systems.

Several early stage ventures have also indicated interest.