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

 

Search underway for deep tech commercialisation

03 July 2019

Callaghan Innovation seeks incubators with deep tech commercialisation experience

An extensive search is underway for incubators with the right knowledge and connections to unlock the potential of deep tech commercialisation in New Zealand.

Successful incubators will be tasked with ensuring the country’s deep technical and scientific research, and complex technology, translates to successful commercial outcomes.

New Zealand’s innovation agency Callaghan Innovation recently launched a request for proposals (RFP) to find new incubators for the country’s Technology Incubator programme and is encouraging local and international providers to apply. The RFP deadline is Friday 4 October 2019, but applicants are encouraged to apply early.

To date the Technology Incubator pilot programme has produced 45 new deep tech start-ups and attracted more than $50 million in investments since its launch in 2014.

Invert Robotics’ Chief Technology Officer James Robertson, who last month announced the company had secured a US$8.8 million round of funding, says being part of the Technology Incubator programme has been critical to the development of his company.

“I had solid technical knowledge of my field but next to no experience in business or running a company. I learned a wide range of skills from people within the incubation environment, and gained invaluable insights around product market fit and working with customers to create a market.”

“Being in the incubator environment also meant I had training and coaching around pitching and capital raising, access to investors, and assistance with preparation of deal documentation.”

Having access to the right support, expertise and connections can make all the difference for start-ups, says Dr Peter Crabtree, the Ministry of Business, Innovation and Employment’s General Manager of Science, Innovation and International.

“It can be a tough road creating productive businesses out of complex research like biotech and aerospace technology. The Technology Incubator programme bridges that gap between concept and commercialisation."

With the next iteration of the Technology Incubator programme, launching in 2020, the focus is on connecting companies with greater international experience and investment access.

“We are looking for incubators that have a wealth of international commercialisation expertise, access to international investment and pathways to market. We have some excellent expertise and knowledge here that the programme can draw on, and the RFP also presents opportunities for international providers who are willing to establish a team here,” says Vic Crone, Callaghan Innovation’s Chief Executive.

Successful incubators will be expected to report regularly and share data on the progress and deep tech commercialisation milestones of the companies they’re working with.

“New Zealand’s deep-tech ecosystem is fast-emerging. We have a rich well of deep technical and scientific research with the potential to solve many problems, here and around the world. But if we’re to ensure this IP makes it into the world and is converted into successful commercial outcomes – high value businesses, jobs and exports – we must have the right mentors, connections and capital in place.”

KiwiNet CEO James Hutchinson says the next phase of the Technology Incubator programme will provide a critical bridge between the swell of deep-tech propositions emerging from KiwiNet’s research commercialisation pipeline with follow-on growth capital, including Government’s recently-announced $300M Venture Fund.

“Successful commercialisation of deep-tech is a complex beast that requires a unique combination of skill-sets and capability, especially in developing business models based on complex intellectual property,” says Hutchinson.

“Incubators with robust knowledge, experience, networks and mana in deep-tech will be critical to identifying and understanding how to mitigate the unique risks associated with science-based start-ups.”

The RFP is for the delivery of Technology Incubator services – with an emphasis on deep-tech commercialisation experience – over an eight-year contract period starting in 2020.

Incubators are expected to establish a significant presence in New Zealand, including the permanent location of key management and incubation expertise in New Zealand.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime Union: Deepening Supply Chain Crisis Requires Action

Maritime Union of New Zealand National Secretary Craig Harrison says the global COVID-19 pandemic exposed pre-existing weaknesses in our logistics sector, and created enormous problems... More>>



Air New Zealand: Employees Recognised With $1,000 Share Award

The efforts Air New Zealand employees made during one of the airline’s toughest years will be recognised via an award of $1,000 worth of company shares to all permanent employees... More>>

Consumer NZ: Bank Complaints On The Rise, Survey Shows

Nearly one in five Kiwis had a problem with their bank in the past year, Consumer NZ’s latest satisfaction survey finds. Consumer NZ chief executive Jon Duffy said the number of bank customers reporting problems had jumped to 18%, up from 11% in 2020... More>>

Mercury: Enters Into Binding Agreements To Acquire Trustpower’s Retail Business

Mercury NZ Limited (Mercury) has announced that it has entered into binding agreements with Trustpower Limited (Trustpower, NZX:TPW) to acquire Trustpower’s retail business for NZ$441 million... More>>

ALSO:


ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>


Stats NZ: GDP Climbs 1.6 Percent In March 2021 Quarter Following December Dip

Gross domestic product (GDP) rose by 1.6 percent in the March 2021 quarter, following a 1.0 percent fall in the December 2020 quarter, Stats NZ said today. "After an easing of economic activity in the December quarter, we’ve seen broad-based growth in the first quarter of 2021... More>>