The government has agreed in principle to provide up to $4 million to the Waikato Innovation Park, Economic Development Minister Pete Hodgson announced today.
Funding from the Enterprising Partnerships Fund will provide $2 million towards a new $8 million park building, and up to $2 million towards Innovation Waikato Ltd’s business development services, provided to companies within and outside the Park.
This funding will be matched by a $2.4 million cash contribution from Hamilton City Council with the balance being met by Innovation Waikato Ltd.
The new 3000 m2 building is intended to house medium sized firms already in the Park that have outgrown their current space, as well as new tenants from the agritechnology, agricultural engineering and food-related sectors. The additional space and tenants will develop a critical mass that will enable the Park to provide a range of benefits to Park tenants and local companies.
“It will build further on the investment made by the government and the region through the Major Regional Initiative funding that saw it established, and establish the basis for the Park’s long-term sustainability,” said Mr Hodgson.
“Funding for business development services as well as a building recognises an important role that Innovation Waikato has begun to play in facilitating New Zealand companies, both within and outside the Waikato region, to provide technology solutions in support of global businesses such as Fonterra,” Mr Hodgson said.
“The government is keen to maximise the national benefits from the synergies that have developed between the park’s strategic partners, particularly around agritech and ag-bio innovation. Innovation Waikato Ltd has the potential to make a significant contribution to New Zealand’s economic transformation, through clustering and supporting the development and internationalisation of New Zealand companies in the pastoral and food industries.”
The $4 million funding will come from the government’s Enterprising Partnerships Fund, set up last year to part-fund commercially driven and nationally significant regional projects.