bay of plenty incubator aiming for seven portfolio companies by year end
The annual pilot program, which began in 2014.
When the program was launched by the Department of Commerce, innovation and employment, wdentrous was the only regional company funded by three (MBIE). The other two -
Space lab and power project
The headquarters are located in Auckland and Christchurch.
\"The Minister is satisfied with its progress and progress, is satisfied with what is happening and is pleased to extend it to a full five years, said Carl Jones, chief executive of the company.
MBIE has extended the funding to June 2019 and is expected to undergo another review in 2018, when it is hoped to be extended for a longer period, he said.
The technology incubator program allows for potentially highgrowth, early-
Stage companies that receive repayable grants.
Enterprises based on intellectual property rights and new technologies are mainly from New Zealand, publicly funded research organizations such as universities and royal research institutions, as well as the public sector. \"High-
Growth start-ups are key contributors to the government\'s growth in business R & D and exports and to the full use of the digital economy goals, \"said Steven Joyce, minister of commerce, innovation and employment.
Bill Murphy, executive director of early Fufa Bay
Angel company, a stage-funded group Enterprise, said that it is very important for the government to make long-term efforts.
Early Commitment to New Zealand
Stage and innovation department.
\"It takes time for the industry to return, and it\'s really good to see this very critical part of the government\'s commitment to expand into the market,\" he said . \".
\"It\'s about transferring technology from CRIs and universities, and it\'s also a challenge.
It makes sense for the government to spend so much money to fund the research and development of these organizations and try to get something out of it.
\"There are currently four portfolio companies in the incubation process.
They are: Mastaplex, which aims to develop and commercialize a point-of-
Care for cows
Onesixone, a developer of software-
A hardware solution called Soundswitch that bridges the gap between industry-standard DJ software and entertainment lighting systems.
Nyriad is developing a new generation of compression technology designed for modern big companies
Data requirements for a variety of storage, performance, and processing requirements.
Avertana, using innovative chemistry, advanced materials and process design, extracts a variety of mineral and chemical raw materials from industrial waste.
\"We are just bringing in a new company and are currently in the advanced stage of approving the other two investments, so hopefully there will be seven investments by the end of November,\" Mr Jones said . \".
Project partners include: Pier 42, Newham Park (
Including Plus group and trajectory studies)• TiDA (
Titanium Industry Development Association.