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Hts-110 Wins Start-Up Of The Year

2 May 2005

Hts-110 Wins Start-Up Of The Year

Hutt-based company HTS-110 won ‘Start-up of the Year’ at the New Zealand Incubator Awards held last week, Tuesday 26 April 2005.

The company is one of a number of companies being nurtured at Industrial Research Ltd’s Global-Tech incubator in Gracefield.

"We're proud of what Industrial Research's Global-Tech incubator has achieved so far, said Melissa Yiannoutsos, Global Tech’s Business Manager

Since its inception in 2002, total revenue generated by companies who have gone through the incubation process adds up to over $30M. Total investment attracted by these companies is around $3.6 million and total jobs sustained by tenants and graduate companies is at 176. Geoff Todd, Chief Executive of HTS-1001, said the win would help seal the company’s position as a key global player in what is a fast growing niche area.

“We feel delighted because it’s an acknowledgement that the HTS industry has real roots in New Zealand and we think it’s fantastic that this technology is being acknowledged.”

HTS-110’s win in the inaugural incubator awards is yet more evidence that the Hutt’s science-based businesses are a vital part of the city’s economic future, said Hutt City Council Chief Executive and Industrial Research Ltd Advisory Board member Rik Hart.

“It is great news that HTS-110 was recognised as ‘Start-Up of the Year’ against such strong competition from other incubators around the country,” said Rik Hart.

“The Hutt is home to the Creative Manufacturing cluster, established with the assistance of Positively Wellington Business. We also have the Institute of Geological & Nuclear Sciences.

“We need to nurture these science-based companies and encourage the establishment of new businesses in this exciting field,” said Rik Hart.

“NZTE recently awarded Global Tech $281,250 to help support companies further. It all adds up to further recognition of our success in incubating high growth technology companies in this region,” said Melissa Yiannoutsos. “One challenge our companies face during rapid growth are skills shortages; particularly process and technical engineers. IRL's Global-Tech is working closely with Weltec to address this issue.”

IRL’s incubator currently houses five companies.

ENDS

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