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Exciting New Tech Incubator for the Bay

Exciting New Tech Incubator for the Bay

Callaghan Innovation has accepted a proposal from a Western Bay consortium for the development of an innovative new technology-focused incubator for high-growth, early-stage firms. This is one of only three proposals accepted nationwide following the release of an RFP to the private sector in March.

The successful consortium, called WNT Ventures, is a partnership comprising Wharf 42, Newnham Park (including Plus Group Horticulture and Locus Research), the Titanium Industry Development Association and Quayside Holdings, who came together specifically to meet the government’s request.

The collaboration is a unique model for incubation in New Zealand that aims to create three important innovation verticals: ICT, high-value manufacturing and new technology to increase efficiencies in the primary sector. Each stream of technology has the potential to significantly transform the New Zealand economy in its own right, with substantial additional benefits possible from the synergies of the three programmes working in partnership.

Technology-focused incubators will be able to access repayable grants on behalf of the start-up companies they incubate. The government will contribute up to $450,000 over two years to eligible companies, matched 1:3 with incubator owners contributing up to $150,000. The government grants will be repayable out of the company’s revenue. This pilot programme has been allocated $31.3 million over four years.

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