The Government has announced 11 more start-up technology businesses will receive repayable loans to help them commercialise their technology.
According to Science and Innovation Minister Steven Joyce, the companies will be funded $450,000 in repayable loans through Callaghan Innovation’s incubator network.
To date, a total of 18 companies have been funded through Callaghan Innovation’s technology incubators, which Joyce says were set up to help commercialise complex, new to the world intellectual property.
The companies repay the grant when they begin to earn revenue from their venture, Joyce says.
The eleven new companies are: Moxion, HiVolt Fluidics, Onesixone, Mastaplex, Aptamer, Upstream Medical Technologies, Nyriad, HiAspect, Fishery Logistics, Pheromite and Pop In Technologies.
“The latest tranche of repayable grant recipients all have the potential to solve global problems as well as developing high-tech businesses,” Joyce says.
“From better diagnosis of heart disease in emergency situations, to more efficient detection of cattle infections, the companies being incubated through the Repayable Grants programme have the potential to not only create hi-value jobs and industries, but will create spill-over economic and social benefits for New Zealand and overseas markets,” he explains.
“The technology incubators programme is modelled on the highly successful Israeli incubator model. Growing new companies in our high-tech sector is crucial to maintaining a strong growing economy, and developing smart start-ups will help our businesses develop a competitive edge,” Joyce adds.