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BUDGET 2001: Boost for business incubators

24 May 2001

Boost for business incubators

The Government's support programme for business incubators is being boosted by more than $1 million a year.

Small Business Minister Pete Hodgson, who launched the programme in April, said its funding was increasing from $0.6 million to $1.8 million a year.

Incubators typically provide work space and support services for entrepreneurs and new businesses at the start-up and early stages of development.

Examples include Unitec's Centre for Innovation and Entrepreneurship, Massey University's Albany campus incubator, Victoria University's Innovation Greenhouse, the Canterbury Innovation Incubator and Otago University's Innovation Centre.

The Incubator Support Programme, delivered through Industry New Zealand, comprises a management support service and annual cash awards for incubators adopting best practice programmes and processes.

Budget funding raises the 2000-01 awards pool by $400,000 to $950,000 and increases the total funding from 2001-02 onward by $1.2 million to $1.8 million. From 2001-02 the awards will total $1.5 million, with the remaining $350,000 covering administration and a national Incubator Network service.

"Stimulating economic growth and supporting innovation are key goals for the Government," Mr Hodgson said. "Incubators are relatively new to New Zealand but they have excellent potential to improve the growth and survival rates of new companies. By supporting their development and improvement, the Government can play a part in the creation of dynamic new companies and new jobs."


ENDS

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