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Strategic investment in MediaLab of $500,000


Strategic investment in MediaLab of $500,000

Economic Development Minister Jim Anderton today committed $500,000 of Industry NZ funding for the establishment of a world-class information and communications technology and digital media initiative.

MediaLab is a research and development consortium based in Wellington.

Jim Anderton said MediaLab South Pacific is the type of initiative the government recognises will foster economic growth and innovation.

“It is underpinned by collaboration between industry and academics, it focuses on the key ICT and digital media sectors, it aims to commercialise ideas and central to the whole concept is innovation.

“As well as having strong national links, MediaLab is also an extremely important component in the Wellington region’s ICT development strategy,” said Jim Anderton.

MediaLab’s strategic partners are Victoria and Massey Universities, Telecom, TelstraClear, Unisys and the Wellington Regional Economic Development Agency. Industry and research partners include New Zealand’s leading ICT and digital media companies.

The $500,000 of funding, from Industry New Zealand’s Strategic Investment Fund, is to be used to help MediaLab get established and develop over the next two years.

The funding is dependent on MediaLab achieving a number of milestones, including the number of research projects commissioned through MediaLab and the number of jobs created in member companies as the result of research projects.

Industry New Zealand has been assisting MediaLab with advice and funding since last year. It also provided a $50,000 feasibility study grant for MediaLab’s South Pacific’s founders to determine the viability of the project.

Jim Anderton said collaboration, particularly in New Zealand where we have limited resources, is crucial to effective innovation.

If our innovation system is to be world class, we need to ensure our public research institutions, universities, private companies and individuals are world class.

There have to be strong links at several levels: Between the innovators and the people who can turn good ideas into goods and services; and Between businesses and entrepreneurs sources of expertise and finance.

“MediaLab is a practical example of how you can collaborate to innovate,” Jim Anderton said.

“The government’s investment in MediaLab’s future will pay dividends for the region and New Zealand.

For example, it will result in: Significant growth in revenue, employment and technical capability of member businesses Making Wellington and New Zealand a more attractive place to work for the talented people we want to develop, retain and attract. It will also: Strengthen links between universities, polytechs and companies Improve collaboration between New Zealand companies, multi-national subsidiaries and research providers.

For more information on MediaLab, visit http:// http://www.medialab.co.nz

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