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More support for business incubators

Hon Jim Anderton
Minister for Economic, Industry and Regional Development
Hon Pete Hodgson
Minister of Research, Science and Technology

More support for business incubators

The government's support programme for business incubators is being boosted by $1.6 million a year.

Budget 2003 contains an additional $ 6.4 m over four years to lift the proficiency and scale of New Zealand incubators to internationally recognised standards.

“The number of business incubators in New Zealand has grown from two to 15 in eighteen months," said Economic Development Minister Jim Anderton. "This is excellent news for the development of new high growth businesses. Incubators provide comprehensive business assistance programmes and space for entrepreneurs and innovators to get new enterprises up and running."

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. The rapid growth in the number of incubators has increased the need for the funding, advice and assistance offered by the government to ensure that NZ incubators are world class.

"Incubators are still relatively new to New Zealand but already their results show their value in creating new businesses," said Research, Science and Technology Minister Pete Hodgson. "In the last 12 months companies in incubators have raised $10 million in private investment and have created an additional 113 jobs. Increased support from the government now will allow incubators to build on that success."

ENDS

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