Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Venture capital for New Zealand innovators

Wednesday 15 May 2002

The selection of six venture capital fund managers to set up seed funds backed by the government’s New Zealand Venture Investment Fund is excellent news for New Zealand’s innovators, says Minister of Research, Science and Technology Pete Hodgson.

Mr Hodgson and Venture Investment Fund board chairman John Grant today announced the six fund managers who will enter negotiations to establish VIF seed funds, to invest in high potential New Zealand start-up and early stage businesses. They are:

- NZ Biotech Fund No. 1 Limited (based in Otago, and focused on agri-biotech innovations, managed by Quest VC Limited, whose directors include entrepreneur Howard Paterson);

- Endeavour I-Cap (associated with Neville Jordan, the first New Zealander to list a company on the Nasdaq (MAS Technology) and Dr David Teece, an expatriate kiwi investment leader based in San Francisco);

- IO Fund (a joint venture between Infratil, the listed New Zealand infrastructure investment company, and Orion New Zealand, a South Island electricity network management company);

- iGlobe Treasury Funds (a joint venture between an established Singaporean venture capital company with worldwide high tech investments and New Zealand based merchant banker Tony Bishop);

- TMT Ventures (a venture capital fund seeded by Telecom New Zealand and managed by Direct Capital and US based private equity investor Advent International);

- No 8 Ventures 2002 Fund (No 8 Ventures is an established venture capital fund manager with strong US links, focused on IT, electronics and biotechnology.)

“The Venture Investment Fund is a key measure amongst the government's initiatives to stimulate business growth and transform the New Zealand economy,” Mr Hodgson said. “I am delighted we are now so close to seeing the individual seed funds established. This money will back New Zealand's innovators in universities, Crown Research Institutes and the private sector.

"Venture capital is vital to the formation of innovative new businesses and with the Venture Investment Fund the government is taking a bold step to accelerate its development in New Zealand. The world-class managers of these funds will bring expertise and capital to New Zealand’s finance sector that will significantly improve the commercialisation of world-class New Zealand ideas.”

The selected fund managers must match every dollar of Venture Investment Fund money put into their funds with at least twice as much private investment. They will choose their investments without government involvement, subject to Venture Investment Fund criteria.

“New Zealand’s economic success requires an environment in which innovation can thrive. The establishment of the new seed funds in the next few months will be a real boost to New Zealand’s capacity for turning smart ideas into new businesses and jobs.”

For more information on the Venture Investment Fund visit


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Peters/Ardern Triumph

There are a lot of good reasons to feel joyful about this outcome. It is what so many young voters – the best hope for the country’s future – wanted.

Far more important than the implications for the Economy Gods ( is the dollar up or down? ) last night’s outcome will also mean many, many vulnerable New Zealanders will have a better life over the next three years at least.

Yet the desire for change was in the majority, across the country..>>>More


Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome | Greens on their joining Govt | EDS welcomes new govt | Immigrant groups worry | Feds ready to engage new coalition government | Labour Ministers of the Crown announced


Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>


Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>


Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>


Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>


Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>


Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>




Featured InfoPages

Opening the Election