Waikato Innovation Park First Major Regional Partnership Project

Industry New Zealand is supporting what New Zealanders are best at … innovation.

“$2 million for the Waikato Innovation Park is a significant investment in the Waikato region,” said Jim Anderton welcoming Industry New Zealand’s first Major Regional Initiative funded under the Regional Partnerships Programme.

Once completed it is anticipated the park will provide an increase in growth to the Waikato of 4% and provide up to 2500 new jobs.

The park requires a further $6 million in funding from other sources before it gets underway. It is then projected to become self funding growing to a $12.5 million facility over 5 hectares in years one to four. The ongoing expansion of the project is expected to reach $180 million over the 20 hectare site.

“The regional partners in Waikato have done their work and produced a regional plan with this as their priority. I congratulate Innovation Waikato Limited, Hamilton City Council, University of Waikato, Tainui, local business people and the Crown Research Institutes involved, for producing a business plan which has met the tough criteria for a major regional initiative.

“I know Industry New Zealand has given this careful and thorough consideration, and this Innovation Park which will develop practical ideas for businesses, will be a major springboard for regional development in the Waikato.

"The Labour Alliance Coalition Government through Industry New Zealand has provided the opportunity. It is now up to all those involved in the project locally to seize that opportunity and make it a reality.

“Innovation is a key for New Zealand’s development and next year there will be a major innovation event celebrating the achievements of New Zealanders and encouraging further innovation,” said Jim Anderton.

The Waikato Innovation park will:
 provide a focus for the generation and location of businesses from research and ideas emerging from the University and CRIs in the Waikato
 facilitate the commercialisation of technology involving the public and the private sector
 contribute to sustainable economic development for the Waikato Region and New Zealand

There are a number of conditions attached to the grant including guaranteed local commitment to the project, signed up tenants for the facilities, a detailed project plan and regular reporting to ensure the project is on track.

The criteria for Major Regional Initiatives includes wide support from the community and the region, as well as demonstrating sufficient locally raised funds. This funding is a catalyst for the local money required to go into the project.

Ends

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