New Zealand business growth and start-up incubator The Icehouse will cut the number of businesses it helps get up and running down to 25 from its current annual average of 75 in an attempt to offer better service to those chosen businesses.
Icehouse chief executive Andrew Hamilton defended the slash in the number of companies it will help by pointing out that this will ensure a greater chance at success for companies it does help out.
“In the context of what we are trying to achieve, which is ultimately to create more jobs and create more wealth, it is an expansion,” Hamilton said. “It is not really a contraction.”
Companies approved by its newly established Start-up Investment Committee will enter into The Icehouse Incubation Programme, receiving up to $250,000 in funding and be paired with a support manager from Icehouse.
“What we’re trying to do is dial up the start-ups that have great international potential that we can support with great expertise, networks and funding,” Hamilton said.
Tech-based start-ups which can be developed and brought to market quickly will be the main focus for the incubator programme, and there will be no requirement for the businesses supported to remain based in New Zealand, although part of Icehouse’s new focus is to create 25,000 New Zealand jobs by 2020.
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