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Callaghan appoints eight incubators for funding

Callaghan appoints eight incubators for funding

By Suze Metherell

July 9 (BusinessDesk) - Callaghan Innovation, the government funded innovation hub, has approved eight new company incubators to receive funding under its incubator support programme, including three tech-focused firms which will have access to repayable government grants.

Three new tech-focused incubators, PowerHouse, Astrolab and WNT Ventures, will be eligible for up to $450,000 worth in repayable government grants, with the incubator companies matching funding at a one to three ratio of up to $150,000. Callaghan also approved funding for five founder-focused incubators, previously known as business incubators, The Icehouse, The Bio Commerce Centre, Creative HQ, eCentre and Soda Inc.

"Collaboration bodes well for developing and growing new companies in our high tech sector, which is crucial to growing our economy," Science and Innovation Minister Steven Joyce said in a statement.

The tech-focused incubators will focus on commercialising intellectual property, primarily sourced from publicly funded research organisations, like universities and Crown Research Institutes. The repayable grants are a trial programme, which was allocated $31.3 million over four years in the 2014 Budget.

Callaghan appointed the eight incubators through a panel which included New Zealand Trade and Enterprise, Ministry for Business, Innovation and Employment, New Zealand Venture investment Fund, Callaghan Innovation, an independent New Zealand private sector expert and an Israeli incubation model expert.

(BusinessDesk)

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