Incubators get funding to support high-tech start-ups
Friday 28 October 2011, 6:26PM
By Wayne Mapp
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Emerging high-tech businesses will get a hand up at a crucial time in their development, Science and Innovation Minister Wayne Mapp announced today.
Business incubators will now be able to give research and development grants of up to $50,000 for young high-tech companies. New Zealand’s eight incubators currently host about 120 ventures.
“We need a larger pool of high-tech start-ups so more can grow into globally competitive businesses that will lift New Zealand’s prosperity,” said Dr Mapp.
“It makes sense for incubators to back up their existing support with research and development funding to help incubator firms improve their products and services.”
The initiative will see New Zealand Trade and Enterprise and the Ministry of Science and Innovation aligning their support for business incubators.
Accrediting incubators to provide research and development funding is one of several government moves to boost high-tech companies.
In August, Dr Mapp announced support for a San Francisco hub for New Zealand high-tech entrepreneurs aiming to enter the US market, as well as an accelerator programme for digital technologies entrepreneurs.
Earlier this month, Dr Mapp and Auckland Mayor Len Brown announced plans for an innovation precinct at Auckland Waterfront to house start-ups alongside established high-tech businesses and world-class research and development facilities.