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

 


SODA Inc. expands support to startups in the Waikato

SODA Inc. expands support to startups in the Waikato


Hamilton business incubator SODA Inc. has secured three years of funding from crown entity Callaghan Innovation’s Incubator Support Programme, enabling increased support to startups in the Waikato region.

SODA’s Chair Graham Gaylard says the funding is a wonderful indication of the government’s faith in SODA’s ability to deliver scalable start-up businesses that will grow New Zealand’s economy.

“The funding will be put towards SODA’s operational expenses associated with administration, high quality mentors, services to high-growth and early-stage ventures, the development of investor networks, regional collaboration for early-stage company support and initiatives that build the Waikato’s entrepreneurial ecosystem,” Gaylard said.

Group manager grants at Callaghan Innovation, Norman Evans, says that the Incubator Support Programme aims to get more start-ups off the ground, which will in turn “generate employment growth, commercialise intellectual property, and grow emerging sectors”.

“We believe that business incubators are crucial to growing high-growth sectors, as they offer start-ups the support and expertise they need to speed up their path to market,” Evans said.

As a business incubator, SODA runs incubation programmes for startups with the aim of helping them to build a repeatable and scalable business model. SODA has a stringent process to find those with potential for high-growth.

SODA’s business growth manager, Petr Adamek, said it has been a very busy six months with a huge volume of enquiries for SODA’s services and the growth of two major SODA-run events; The Innes48 Business Startup Competition and The Fieldays Innovation Den powered by SODA Inc.

“We are thrilled to say that, this year, we have put over 170 founders, entrepreneurs and business leaders through workshops, have worked in-depth with over 60 startups, and have accepted four startups onto SODA’s incubation programme. Our target at this stage is to work intensively with eight startups per year in our programmes so we are tracking well,” he said.

One of SODA’s incubation successes is FindaTruckLoad, founded and launched by Andrew Bishop and Walter Ormsby at the end of 2011.

FindaTruckLoad graduated from the SODA Boost incubation programme in October 2013. Following 16 months of rapid growth, FindaTruckLoad’s revenue tripled to just over $3 million. The company is continuing to grow rapidly and have now increased to seven staff.

Adamek said the startups that are most successful on SODA’s incubation programme solve real problems that customers have.

“The startups we work with typically have a solution that can be scaled and offered globally; have begun or completed market validation; have a highly motivated founder or a team of founders; are early in their trading or close to revenues;; or are entering a critical phase of development and early stage growth” Adamek said.

Callaghan Innovation’s Incubator Support Programme offers support and funding to two types of business incubators, existing founder focused incubator models such as SODA, and the new technology focused incubators.

SODA currently operates a founder-focused incubator model. This model focuses on supporting the entrepreneur behind the company and was pioneered in New Zealand by Auckland-based incubator ‘The Icehouse’.

SODA’s acting CEO Vanessa Clark said SODA has worked hard over the past five years and have created a clear pathway for entrepreneurs based in-and-around the Waikato to build and scale their businesses.

“We are in the business of supporting people who start and build high-growth early-stage businesses and who have the vision and courage to take an idea and invest into making it a business reality.

People who try and fail and try again are essential for the health of our economy,” Clark said.

Whether these people are recent graduates, scientists, employees or founders of existing businesses, SODA is here to offer them a variety of support services from entry level workshops and events to intensive incubation and growth programmes.

Clark said SODA will continue to build key partnerships with people and organisations in the Waikato, New Zealand and around the world that are on a mission to grow NZ Inc.

“There can be overlap in the innovation support area so understanding how we can work together is key. We are excited to see Callaghan Innovation take a lead and drive this for New Zealand,” Clark said.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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