Industry NZ CEO Congratulates New Lab On Ambition

25 September 2002

Industry NZ CEO Congratulates New Lab On Ambition

“One of the most exciting aspects of the establishment of MediaLab South Pacific will be the extent of its reach into the regional and national business and research communities,” says Industry New Zealand Chief Executive Neil Mackay.

Commenting on today’s announcement of the commitment of $500,000 of government funding for the Wellington-based MediaLab, facilitated by Industry New Zealand, Mr Mackay said membership of MediaLab is a “who’s who of the Wellington region and national Information and Communications Technology, digital media and research communities”.

“That reach will also extend to international companies who will be attracted to New Zealand by the sheer excellence of MediaLab’s activities.”

The funding for MediaLab is from Industry New Zealand’s Strategic Investment Fund.

He said it was also great to see local government, through the Wellington Regional Economic Development Agency, taking a stake in the MediaLab.

“The depth of collaboration to get MediaLab started, and then to get projects underway, is shaping to be one of its great strengths.”

MediaLab is an innovation-focused research consortium where businesses, tertiary institutions and research providers collaborate on world-class projects in Information and Communications Technology and digital media. The aim is to turn ideas into commercial reality more quickly, more cost effectively and with the greatest chance of success.

“Growth arising from MediaLab’s activities will be exponential as they spread out through member companies, the Wellington region and the national economy,” Mr Mackay said.

Industry New Zealand has been assisting MediaLab with advice and funding since last year. It also provided a $50,000 feasibility study grant for MediaLab’s South Pacific’s founders to determine the viability of the project.

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EDITOR’S NOTE

The Strategic Investment Fund is administered by Investment NZ – now part of Industry NZ. The fund supports significant investments in New Zealand that bring substantial economic benefits to New Zealand.

Criteria for support includes that the investment:

- Involve net new investment of at least $50 million over 5 years, and/or able to create 200 new jobs in 5 years

- Would not occur in New Zealand without support from the fund

- Complements New Zealand’s areas of competitive advantage

- Has no negative competitive consequences domestically and

- Would involve a high level of clear spill-over benefits.

The fund can provide financial assistance of up to $100,000 for feasibility studies of major projects and assurances of a minimum level of government assistance under a variety of programmes. Other projects that have received support from the fund include Ericsson Synergy Ltd and Jack Links New Zealand Ltd.

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