Parliament

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

 

Venture Capital Details Unveiled

The $2.25 million a year incubator programme to help innovators access the skills and finance they need for developing ideas will be launched by the end of April, Enterprise and Commerce Minister Max Bradford announced today.

The concept was first proposed in August as part of the Government’s Bright Future package.

Mr Bradford said National would follow the successful BIZ model and tender the programme management out, rather than using government-appointed bureaucrats which were the cornerstone of opposition party industry development policies.

The incubator programme would comprise:

 Training for small businesses and innovators on getting ideas and enterprises to the stage where they are attractive for outside investors.

 Linking the innovators and ideas with the necessary expertise, reputable business people and sources of capital to secure investment.

Mr Bradford said incubators would be tasked with identifying the best and brightest ideas with commercial potential from CRIs, universities, business incubators, and the general community.

He said it was clear from the series of 5 Steps Ahead forums earlier this year and consultation with the private sector that there were too few financiers focused on business start-ups and early stage innovations in New Zealand.

This was largely due to the higher risks and costs involved in assessing, investing in, and monitoring these projects.

In addition, small firms and innovators often did not have a good understanding of when or how they should seek or access seed capital.

“But there are a significant number of incubator initiatives already underway in New Zealand and increasing numbers of venture capital and finance companies willing to invest in SMEs.

“A recent example is Telecom’s plan to put $20 million into a development fund for New Zealand and Australian developers.

“The incubator programme is designed to build on, not discourage, these positive initiatives,” Mr Bradford said.

The Government is also considering ways the additional $18 million set aside in the Bright Future package for the expansion of the Technology New Zealand scheme could contribute to the success of the incubator programme.

Officials will report back to Cabinet by 31 March 2000 on the recommended approach for this.

The incubator programme has been designed to link in with the New Capital Market, to be launched by the New Zealand Stock Exchange in April 2000.

A draft of the rules for this market is being finalised and will be available on the Exchange's web site (www.nzse.co.nz).

A formal national promotion campaign would be launched early in the New Year, Mr Bradford said.

ends

© 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?) the 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>>

ALSO:

.

 
 

Submissions Summary: The People's Commission On Public Media

This Summary is a preliminary report from the People’s Commission. It brings together views and aspirations of the hundreds of people who made submissions, attended public meetings, filled out the online survey and made speeches to our Panel. More>>

Housing Plans: Protest Over Ihumatao Development

Ihumatao in Mangere, next to the airport in Auckland, holds the archaeological remains of 1000 years of food production; from when Maori first landed in the area, through to early European settler agriculture and right up until today. More>>

ALSO:

Negotiations: What Does Winston Peters Want His Legacy To Be?

A lot of people in New Zealand seem to resent Winston Peters and the power that he appears to have. “Appears” being the operative word.. More>>

ALSO:

Contains Highly Colloquial Language: Your F**king Guide To Government Formation

The following message is in no way endorsed by the Electoral Commission. They are f**king done with this election. More>>

NZ Emissions Up 50% 1990-2013: Report Confirms CLimate Change Impacting 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>>

ALSO:

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>>

ALSO:

Rorschach Restructuring: Inland Revenue Steps Back From 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>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election