Govt boosts funding for technology incubators

New Zealand Technology Incubators will receive an extra $9 million in Government funding to support businesses to scale up and commercialise their ideas, says Research, Science and Innovation Minister Megan Woods.

The funding is on top of the $25.5 million support allocated in Budget 2019 for initiatives to promote the commercialisation of innovation.

The government introduced the 15% R&D tax incentive through Budget 2018 and more recently we announced refundability measures, enabling pre-profit business will be able to get cash back, “which is of more use to them than a credit,” Dr Woods said.

“Callaghan Innovation has a great track record of supporting successful start-ups. And as the government’s innovation agency, their incubator programmes have produced 45 new start-ups and attracted more than $50 million in private capital, making a strong case for continued Government investment.”

An RFP process is under way to select incubators that are internationally connected, backed by sufficient capital and focused on pathways to global markets.

This $9 million of additional funding over three years has been allocated specifically to the Technology Incubator Programme as part of a recent budget reprioritisation package.

More information can be found  HERE. 

Source:  Minister of Research, Science and Innovation

Author: Bob Edlin

Editor of AgScience Magazine and Editor of the AgScience Blog

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