Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

First Business Incubator Awards Announced

15 July 2001

The first awards under the Government’s business incubator support programme have been approved by Industry New Zealand, the nation’s leading economic development agency.

“The focus of these first awards is to help establish a network of quality business incubators, whose role is to mentor and guide entrepreneurial companies through their start up phase and move them towards commercial operation.

“Emphasis in the awards has been placed on the development of strong management in the business incubators, effective operating infrastructure and the delivery of services to tenants.

“Many of these business incubators are now moving into operational mode, where they will play a key role in turning good ideas into great companies,” said Neil Mackay, chief executive of Industry New Zealand.

Industry New Zealand received 13 applications from business incubators around the country, and its board approved 12 awards worth a total of $950,000. The awards range from $10,000 to $130,000.

Funds were awarded for purposes as diverse as business planning, training of incubator management, development of IT capability within business incubators, access to administrative support, marketing of services and payment for mentoring and other business services to tenants, and for bringing in overseas experts in incubator management.

To optimise the use of award funds, Industry New Zealand has requested that several programmes initiated by incubators should be made available nationally to other business incubators. This will include development of a best practice manual, and visits by overseas experts.

Regional breakdown of funding was: Auckland ($445,000), Wellington ($260,000), Christchurch ($200,000), Dunedin ($35,000), Wanganui ($10,000).

The incubator support programme was introduced by the Government in April following consultation with the business incubator sector. It establishes a nationwide network of incubators which use best practice in delivering a range of business training services to promising companies. Their objective is to help emerging companies successfully commercialise good ideas, and to reduce their high failure rate.

“The value of business indicators has been proven overseas, where they have been in operation since the 1970s. In the USA the number of incubators is growing at 10% each year (year 2000 figures). And a 1997 survey put the return on public investment in them at 5:1,” said Neil Mackay.

“Targeted assistance, through the awards programme, will lead to the development of a strong business incubator network from which New Zealand will benefit through the emergence of companies which will generate employment and foreign exchange earnings.

“Business incubators will help arrest the failure of small businesses. In New Zealand, 86% of enterprises employ less than 5 people. It has been suggested that around 80% of them fail within three years of establishment.”

Ends/…

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Frog Recruitment: Kiwi Workers Reluctant To Make Business Trips Across The Ditch Despite Trans-Tasman Bubble Opening

When the trans-Tasman travel bubble opens today, many Kiwi companies won't be rushing to buy an air ticket, reluctant to cross the ditch to do business. The latest survey conducted by leading recruitment agency, Frog Recruitment of nearly 1,000 New Zealand ... More>>

Tourism: Employers Welcome Back Working Holidaymakers

Tourism businesses gearing up for the return of Australian visitors from next week will be relieved to learn that they will also have access to an offshore pool of much-needed job candidates, Tourism Industry Aotearoa says. Tourism employers around ... More>>

Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>


Stats NZ: Prices For Transport And Housing Rise In March 2021 Quarter

Higher prices for transport and housing led to a 0.8 percent lift in the consumers price index in the March 2021 quarter, Stats NZ said today. Prices for getting around rose in the March quarter. Transport prices rose 3.9 percent, the biggest quarterly ... More>>

Stats NZ: New Report Shows Impact Of Demands On Land In New Zealand

A new environmental report released today by the Ministry for the Environment and Stats NZ, presents new data on New Zealand’s land cover, soil quality, and land fragmentation. The land cover data in the report, Our land 2021 , provides the most ... More>>

ALSO:

Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>