Grants for technology start-ups 'perfect timing'

A government decision to empower business incubators to offer $50,000 grants to young technology companies is perfect timing says the head of Massey University’s ecentre.

Steve Corbett, who has recently taken up chairmanship of industry association Incubators New Zealand, says the initiative by the Ministry of Science and Innovation is recognition of the way the incubator industry has developed.

Mr Corbett says the next decade has the potential to be one of the best decades for New Zealand technology companies to succeed internationally and the country’s eight incubators are now well-placed to support them.

He says the incubators have developed a significant role in the technology start-up development phases, with direct links to research providers, universities and crown research institutes, to ensure the funding is targeted appropriately.

“The incubators' structures and systems and investor networks will ensure the research grants can be leveraged to further assist the tech start-ups to achieve product and market validation earlier and get to market that much sooner.

“The next decade has the potential to be one of the best decades for New Zealand tech companies. Our high-tech companies can compete on a global stage, and our incubators provide them with the tools and services to go global. This ministry support initiative recognises that commitment from our companies and the capabilities of the New Zealand incubators.”

New Zealand’s incubators currently host about 120 ventures. By extending the network of research funding providers to include the business incubators, Mr Corbett says the Ministry of Science and Innovation initiative significantly expands the opportunity for young technology start-ups to access research funding.