This article was published on 30 October 2013
New repayable Government grants of up to $450,000 per company will be invested into start-up technology companies to help get them underway, Science and Innovation Minister Steven Joyce announced today.
The repayable grants will be distributed by a new type of private-sector led technology incubator, which will add its own funding to provide at least 25 per cent of the start-up company’s costs on a one for three basis.
Up to four incubators are planned and the total government cost of the scheme is budgeted to be $31.3m over four years. Funding for the programme was set aside in Budget 2013.
Funds for the repayable grants and the incubators will be distributed by Callaghan Innovation.
See the rest of the Minister of Science and Innovation's media release here.