By Yoke Har Lee
The country's first "one-stop shop" for entrepreneurs has been launched at Unitec. It will begin operations early next year.
One of its features is a business incubator being promoted by the New Zealand Intellectual Capital Foundation (NZInc), a non-profit organisation financed by entrepreneurs as a catalyst for change.
Statistics
have shown that companies in Britain have an 89 per cent "chance of success" rate after going through an incubator.
In theory, the incubator will nurture entrepreneurs with ideas, providing them with a location, the skills, networking and marketing aid, plus access to finance.
Dennis Chapman is a director of NZInc and a Christchurch entrepreneur. His claim to fame was building a power system switching company, Swichtec, since acquired by a British company.
He said the incubator would be a hatchery for future high-flying companies.
Prime Minister Jenny Shipley spoke at yesterday's launch of the centre, in which Unitec has invested $1.25 million. She announced the introduction of prime ministerial awards for innovation excellence but gave no details.
Among other facilities planned by the Centre for Innovation and Entrepreneurship are: a support database centre; a resource and information domain; and advisory services.
At the academic end, Unitec is developing a programme leading to a masters of innovation and entrepreneurship, and an international entrepreneurial centre network.
Mr Chapman said the country had room for more incubators in Auckland and for one in each of the major cities.
In Australia, incubator companies were valued at $300 million. Venture capital companies were attracted to them "like ducks to water."
