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


$15m for investment in biotechnology

$15m for investment in biotechnology

The New Zealand Venture Investment Fund is to establish one or more new seed funds targeting biotechnology.

The fund or funds will have at least NZ$15 million to invest.

Minister of Research Science and Technology Pete Hodgson said the new fund would provide much-needed capital for New Zealand’s biotechnology sector and encourage more private sector investors to get involved.

"The Government recognises that access to capital is a key step in the development of any new company – that’s why we established the Venture Investment Fund in the first place," said Mr Hodgson.

"Through engaging with the venture capital industry and people involved in biotechnology, the Fund has seen an opportunity to help address the sector's unique challenges in raising capital. The new seed fund will help grow more New Zealand businesses based on our world-class biotechnology research."

Over the next few months, the VIF Board will determine the process and timing for the consideration of proposals from potential VIF Seed Fund managers.

The Government’s Growth and Innovation Framework identifies biotechnology as a key growth sector deserving special attention and support. The recent report of the Biotechnology Taskforce identified access to capital as a key factor in growing the sector.

The New Zealand Venture Investment Fund (VIF), established in 2001, is a programme of equity investment designed to accelerate the development of the venture capital market in New Zealand. Through VIF the Government is investing up to NZ$100 million in innovative New Zealand businesses with high growth potential.

The Fund invests through individual investment funds (VIF Seed Funds) operated by private sector fund managers appointed by VIF. These funds include capital raised from the private sector to at least twice the level of the VIF contribution.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>


Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>


Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>


Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>


With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>


Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news