Business Accelerator Funding Welcomed
The Government’s announcement of continued early stage business funding reflects the success of business accelerator
programmes, says Wellington startup hub Creative HQ.
During a live interview at the Lightning Lab XX accelerator, Science and Innovation Minister Steven Joyce announced
yesterday the Government would invest $15 million over four years to support the development of early stage businesses
and science commercialisation through structured programmes.
Creative HQ Chief Executive Stefan Korn said accelerators have become the most effective intervention for the
stimulation of early stage business activity. Creative HQ, a subsidiary of the Wellington Regional Economic Development
Agency, created the Lightning Lab business accelerator programme three years ago. It has expanded to become a national
programme, run in partnership with The Icehouse and Canterbury Development Corporation.
“To date, the seven Lightning Lab programmes have resulted in $8,341,780 of private investment in ventures. In addition,
88% of teams who received funding through Lightning Lab are still operating and the programme has helped create
international startup success stories such as Wipster, MishGuru, Publons and CloudCannon”.
The funding announced yesterday should be made available to programmes such as Lightning Lab and other accelerators, to
help with the extension and diversification of acceleration programmes in New Zealand’s key sectors such as AgTech, High
Value Manufacturing and Film, Screen & Digital.
“This announcement will provide certainty to New Zealand entrepreneurs and angel investors,” said Mr Korn.
“New Zealand has the opportunity to become a global leader in specific acceleration verticals such as GovTech, CleanTech
and High Value Manufacturing. In addition to mainstream startup acceleration, we would like to see increased government
support for formats such as the R9 GovTech accelerator, an accelerator exchange programme with China or our Exponential
Organisation accelerator, which encourages innovation in larger businesses.”
He said there was further potential for collaboration between researchers and scientists and entrepreneurial talent
through structured programmes such as business accelerators.
“Entrepreneurs hold the key for significantly increasing commercial outcomes from Crown funded research programmes and
an improved utilisation of IP/patents.”
To celebrate the success of acceleration and encourage awareness of its benefits, Creative HQ are inviting the public to
attend the showcase event of their current Lightning Lab accelerator programme in Wellington on 16th June.
To register, visit https://xxdemoday.splashthat.com/
ends