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‘Business incubators’ to support hi-tech companies

Hi-tech companies in New Zealand are set to receive greater financial support thanks to a scheme unveiled by science minister Wayne Mapp on 31 October.

New Zealand’s eight business incubators will now be able to give research and development grants of up to NZ$50,000 to hi-tech start-up companies.

The eight incubators currently host about 120 ventures.

“We need a larger pool of hi-tech start-ups so more can grow into globally competitive businesses that will lift New Zealand’s prosperity,” said 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,” he added.

The initiative is one in a series aimed at boosting NZ hi-tech companies.

Other initiatives include: a San Francisco hub for New Zealand hi-tech entrepreneurs aiming to enter the US market, an accelerator programme for digital technologies entrepreneurs, and an innovation precinct at Auckland Waterfront to house start-ups alongside established hi-tech businesses and world-class research and development facilities.