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Auckland Business Incubators Granted $445,000

15 July 2001

Five Auckland-based business incubators have been awarded a total of $445,000 in the first Industry New Zealand Incubator Awards.

- AUT Technology Park was awarded $100,000.

- UNITECH Centre for Innovation and Entrepreneurship was awarded $100,000.

- e-centre Massey was awarded $110,000.

- The Institute of Entrepreneurship (University of Auckland) was awarded $125,000.

- The Aotearoa Charitable Trust for Fashion Designers was awarded $10,000.

Funding under the awards is provided for a wide range of purposes, including installation of IT and web infrastructure, provision of business services to tenants, research into business incubator best practice, management training and salaries, and visiting expert programmes.

“The emergence of business incubators in Auckland is a really positive development for the city’s economy. They will play a key role in building bright, innovative businesses that will make a valuable contribution to the region through the creation of commercially viable products and services.

“Industry New Zealand is keen to support their development, which will lead to more jobs and greater prosperity. American research showed that 87% of incubated companies remained in business three years after leaving their incubators, and 85% remained in the community,” said Neil Mackay, chief executive of Industry New Zealand.

“Business incubators will help arrest the failure of small businesses. In New Zealand, 86% of enterprises employ less than 5 people. It has been suggested that around 80% of them fail within three years of establishment.”

Ends

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