Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Central Energy Trust Launches Fund to Benefit Start-ups

Central Energy Trust Launches Fund to Benefit Start-up Businesses
Official Press Release

The Central Energy Trust has announced the creation of a Seed Fund of $500,000 to be administered through the BCC as part of a major effort to promote growth in Palmerston North and the wider Manawatu region.

It is anticipated the Fund will assist in encouraging the creation of a number of new start-up businesses in the Manawatu region with ongoing economic value and the creation of new employment opportunities.

The BCC has partnered the Central Energy Trust to manage and administer the fund that will help local high-growth projects that have reached a critical seeding stage of development.

The Central Energy Trust's $500,000 contribution will be supplemented by further funding from other investors, government sources and MIG Angels, the BCC's investment wing.

The Central Energy Trust Seeding Fund is based on a successful investment model that's been operating effectively in Israel for several years. BCC's Chief Executive, Dean Tilyard, studied the model in Israel and has modified it for New Zealand conditions.

"The funding will be used as very early stage seed investment in promising commercial technology based companies. Because of risks associated with seed funding, it's hard for young technology companies to attract investment," Dean says.

"In the past young companies have failed or grown very slowly and missed their opportunity. This has been tragic for a region like the Manawatu which is rich in technology and research. However, with a structured seed funding, that opportunity will no longer be lost."

The model impressed Central Energy Trust trustees who decided to actively support it by the creation of a special seeding fund of sufficient substance to get more early stage projects underway as quickly as possible.

Central Energy Trust Trustee, Sir Brian Elwood said "We thought the proposal was excellent. We were delighted with the approach, the thinking behind it and the forward planning involved. All it needed was a shot in the arm to give it momentum," Sir Brian says.

Subject to the satisfaction of any application, the Trust will pledge $500,000 over three years to a maximum of $200,000 in any given year. A successful project will receive up to $100,000.

Dean Tilyard describes the Fund as "huge for the BCC and the development of start-up businesses in the Manawatu. This partnership is a unique development for New Zealand and recognises the contribution the BCC is making in the development of businesses regionally," he says.

Sir Brian Elwood sees the Fund's objective as helping people with sound ideas but who lack the necessary capital to get underway with a start-up pathway.

"From our perspective the best outcome will be several start-up enterprises leading to the development of the Manawatu economy and the creation of new employment opportunities," he says. "It's one of the Trust's objectives to allocate grants to assist economic growth, business development and employment opportunities of benefit to the community.

"Within the greater Manawatu we have the brains, the research capabilities and the right locations to take advantage of the new economic and financial climate which has emerged from the current world financial crisis."

The Fund will be launched on November 9 and interested companies or individuals should contact the BCC.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news