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New Funds For Four Business Incubators

Four business incubators around New Zealand will benefit from awards totalling $310,000 from the Government's incubator support programme.

The awards are the first in the 2001-02 funding round, for which $1.5 million is available.

The money will be used by incubator managers for operational purposes, including management salaries, training, IT development, administrative support, marketing, mentoring and business services for incubator tenants.

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

"Stimulating economic growth and supporting innovation are key goals for the Government," said Small Business Minister Pete Hodgson. "Incubators are relatively new to New Zealand but they have excellent potential to improve the growth and survival rates of new companies."

The awards, administered by the incubator development unit of Industry New Zealand, reward incubators taking a lead in adopting best practice programmes and processes.

The four recipients in this funding round are:
- Business Incubators NZ Ltd, in Wanganui ($40,000)
- Southland Business Incubators, in Invercargill ($100,000)
- Palmerston North Technology Business Centre ($100,000)
- The Fashion Incubator, in Auckland ($70,000)


Ends

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