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$250,000 boost for Dunedin business incubator

Fri, 25 June 2004

$250,000 boost for Dunedin business incubator

Dunedin's business incubator receives $250,000 from $2.7 m NZTE incubator fund.

Upstart, Dunedin's business incubator, has received $250,000 out of a $2.7 million New Zealand Trade and Enterprise fund to promote small businesses with high growth potential.

Incubators provide workspace, support services, intensive mentoring and access to capital for entrepreneurs and new businesses in the start up and early stages of development. The money announced today will help meet the cost of providing these facilities.

An additional $250,000 has been provided nationally for funding special projects and the emulation of international best practice standards.

"The success of Incubators in Dunedin in developing local talent and entrepreneurship reflects that of the scheme on a national level. Nationally, companies in incubators have seen annual turnover grow by 228 per cent in the last year and a doubling of staff numbers. I'm delighted that additional funding has been secured for this year," said Associate Minister for Industry and Regional Development and MP for Dunedin North, Pete Hodgson,

Upstart is the new name covering both the Dunedin Fashion Incubator and the Otago Centre for Innovation.

The Dunedin Fashion Incubator started in July 2001 to help emerging fashion designers into business. Businesses within this unit have already achieved significant success including Philippa Beaton breaking into the Australian market last month in addition to three other incubator businesses establishing their own stores.

Located at the University of Otago, The Otago Centre for Innovation was established in January 2003 with the aims of; enhancing the value of the intellectual property of the University and its partners, facilitating applied research between the University and commercial partners, to develop opportunities for start up companies and to enhance benefits to the community.

ENDS

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