Extra Funds For Lower Hutt Business Incubator

Lower Hutt's Global-Tech business incubator has received extra funding from a $2.7 million government boost to promote small businesses with high growth potential.

Hutt South MP Trevor Mallard said Global Tech, a business unit of Industrial Research Ltd (IRL) in Gracefield, is receiving $190,000 from New Zealand Trade and Enterprise, amid strong growth in the country's business incubators.

Incubators provide workspace, support services, intensive mentoring and access to capital for entrepreneurs and new businesses in the start up and early stages of development.

Trevor Mallard said nationally, companies in incubators have seen their annual turnover grow by 228 per cent in the last year and doubled their staff numbers. The extra funding will help meet the cost of providing for this expansion.

Trevor Mallard said he's delighted that additional funding has been secured this year for Global-Tech and three other Wellington region incubators.

"The incubator environment boosts the growth and survival rates of new companies. When it applied for this grant, the Global-Tech incubator included nine companies employing more than 40 people. Collectively there's huge growth potential."

The Global-Tech incubator started in 2001 to support the commercialisation of technologies in IRL's area of expertise, including biotechnology, engineering, materials and energy.

ENDS

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