29 June 2004

Hon Jim Anderton MP, Progressive Leader, MP for Wigram

Canterbury business incubator receives boost

The Canterbury Innovation business incubator has received a $350,000 boost from the government this week to support small businesses with high growth potential. This is part of a $2.7 million boost nationwide for incubators, Wigram MP Jim Anderton said today.

"Canterbury's Armagh St business incubator has been granted $350,000 from New Zealand Trade and Enterprise, to help meet expansion due to their successful operations over the past year.

"I am delighted that additional funding has been secured this year for the Canterbury Innovation Incubator, which supports 18 businesses, employing more than 50 people. By working together, sharing support services and ideas, they can further enhance their growth potential.

"Businesses working within incubators have seen their annual turnover grow by 228 per cent in the last year and have doubled their staff numbers. This is strong evidence that the incubator programme is working well and providing positive support for new businesses," Jim Anderton said.

The Canterbury Innovation incubator started in August 2001 with a focus on accelerating the growth of emerging high technology companies in Canterbury.

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.

ENDS

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