Science and Innovation minister Steven Joyce announced on Tuesday that the government would invest $15 million over four years to support the development of early stage businesses and science commercialisation through structured programmes.

Funding for the Pre-Seed Accelerator Fund will increase by $12 million over four years, taking the Government’s total investment through the scheme to $8.3 million per year. In addition, funding for the development of new Accelerator programmes will be extended following the scheme’s initial three-year pilot, with new investment of $3 million over the next four years. Both initiatives will form part of Government’s investment in the Business Growth Agenda in Budget 2016.

Image: Science and Innovation minister Steven Joyce 

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Oyster Group’s syndication of their high-profile Cider building has closed after just one week, fully subscribed with 50 interests of $1,000,000 sold to investors.

With a projected pre-tax return of 7.5% per annum. Oyster marketed the interests in conjunction with Tim Lichtenstein and Charlie Oscroft from Colliers International’s Syndications division.

“Oyster’s ability to raise $50 million of equity in one week demonstrates both demand for this type of quality commercial property investment and investors’ confidence in our management expertise to optimise investor returns,” says Mark Schiele, Oyster’s CEO.  “Property ownership structured for wholesale investors continues to be a very important part of our growing property and funds management business.”

Image: Mark Schiele, Oyster’s CEO

Construction of the 13,200m2 development is nearing completion and includes a new 4,000m² Countdown supermarket, 8,000m² of office space across three floors, 11 specialty retail tenancies over 900m² along Williamson Avenue and Ponsonby Road, and around 520 basement carparks.

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Intellectual property law firm James & Wells has signed on as a strategic partner to the New Zealand China Innovation Centre. The Memorandum of Understanding was signed on Monday at GridAKL.

Johnathan Chen, Head of Division- Asia for James & Wells, says the partnership is a natural fit and builds on the firm’s existing work helping New Zealanders prepare for doing business in China.

“As a firm which provides legal and commercial services to a lot of start-up companies in New Zealand, we are a logical strategic partner for the New Zealand China Innovation Centre,” he says.

Johnathan Chen of James & Wells (left) and Innohub’s Xiaohui Xu (right) sign the Memorandum of Understanding between James & Wells and the New Zealand China Innovation Centre.

Chen says Chinese businesses are hungry to invest in New Zealand start-ups, providing a massive opportunity for those companies. 

“The Chinese Government is encouraging them to look at investing into really innovative companies, to help increase the level of innovation in China’s economy.  New Zealand companies are usually very innovative but they are often short on capital.”

“Businesses in China have almost the opposite issues to businesses in New Zealand, so working together will be mutually beneficial.”

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Auckland planner Jane Douglas has become a fellow at the New Zealand Planning Institute (NZPI).

Douglas has been a member of substantial teams of consultants on major planning projects such as the Waitemata Harbour Crossing and the Eastern Corridor strategy study in Auckland.

New NZPI chief executive Susan Houston says Douglas was an outstanding a visionary leader driving the reform of the NZPI governance structure and served on the newly established board of the institute until 2015. 

“During her time on the council she held a number of portfolios, including significant roles relating to national policy and international relations.  She was recognised by the institute in 2012 as a recipient of NZPI’s Distinguished Service Award,” Houston says.

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Richard Dellabarca, a former investment banker and technology company executive, has been appointed as the new chief executive of the Crown-owned New Zealand Venture Investment Fund.

NZVIF chairman Murray Gribben said Dellabarca brings a wide range of capital markets and technology company experience to the role vacated by departing CEO Franceska Banga.

Image: Richard Dellabarca, CEO of NZVIF

“NZVIF has made significant progress in working alongside the private sector to develop the venture capital and angel investing markets in New Zealand over the last 15 years. It has a portfolio of over 200 companies, including some of New Zealand’s most prominent technology companies.”

 “As NZVIF looks to transition to a self-sustaining commercial model, Richard’s private sector experience and extensive international networks could help to bring external capital to partner with NZVIF’s existing capital base for investment in New Zealand growth opportunities.”

Mr Dellabarca’s appointment commences on the 30th of this month.

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