Overview
[ Last Updated 11 February 2006 ]
Industry New Zealand (INZ) will be the public face of the government's commitment to sustainable economic development.
Economic development and the jobs that result from it are a top priority. INZ has been established to take a leading role in identifying resources and opportunities for economic and regional development and initiating programmes that capitalise on these advantages.
The first of three new programmes to be managed by INZ are detailed in this package. These initiatives are just the beginning of a co-ordinated campaign to stimulate growth in New Zealand, and further launches will take place regularly over the next 12 months.
INZ will be focused on encouraging innovation, recruiting investment for good ideas and helping businesses with potential to grow and succeed.
Underpinning its work will be a commitment to fostering projects and ideas that are internationally competitive and therefore promise sustainable development for New Zealand.
INZ will take a bottom up approach, forming partnerships with business, local government, iwi and the community to make the most of their assets and ideas.
INZ is expected to be formally established by 1 September and will work in partnership with the Ministry of Economic Development (MED). In the interim, INZ programmes will be managed and delivered by the MED.
Last month's budget injected new funding of more than $331 million over the next four years to help make regions stronger and grow the export sector. The money will support the range of advice and practical assistance programmes to be managed by INZ.
Industry New Zealand Programmes
Industry New Zealand will be responsible for some existing business incentive schemes. These include:
- The BIZ programme. BIZ is a network of 46 providers who offer free business management training services throughout the country. Call centres, a website and 34 BIZinfo Centres, providing a free business information service for small and medium sized enterprises, complement the network.
- The Industrial Supplies Office (NZISO) helps those wanting to buy goods, equipment and services to find local producers who can supply what's needed at competitive rates. Under CER "local" includes Australia. The scheme is designed to ensure locally manufactured goods and services are visible and compete with imports. NZISO specialist staff have extensive databases and are pro-active in promoting local industry.
In addition, Industry New Zealand will unveil an extensive programme of new initiatives over the next year.
The first three of these are being launched in July 2000, and herald a new era in which government works in partnership with business, local government and local communities.
Industry New Zealand Enterprise Awards Scheme
The Industry New Zealand Enterprise Award Scheme offers financial support to innovative entrepreneurs and small business owners to help them test and develop concepts with strong growth potential. Award winners will receive practical help to commercialise fresh and exciting ideas that will strengthen the New Zealand economy.
Key Features
- The Scheme provides early stage financing through a contestable process. That means the best ideas and the strongest proposals will receive awards.
- A minimum of 250 grants will be awarded over 6 months, starting in July, to small business and entrepreneurs. Applicants can receive a maximum of $10,000, which can be used to fund up to 50% of the total cost of a project.
- Successful applicants must meet strict criteria, relating to financial and commercial viability, commitment to growth and innovation and benefits for New Zealand.
- Applicants are guaranteed a decision within 2 months of submitting their proposal.
- New Zealand's BIZ network will host the scheme and application forms will initially only be available through BIZ providers, BIZinfo centres and Economic Development Agencies.
Industry New Zealand Regional Partnerships Programme
The Regional Partnerships Programme will strengthen regional economies. Taking a bottom-up approach, the programme will see government working with local communities to help them make the most of their unique strengths and competitive advantages.
The Programme is not about grants for one-off initiatives. Instead funding will go to proposals developed by a mix of groups, working together for long term sustainable growth for their region.
Key Features
The programme provides funding for:
- Up to $100,000 per region for early stage planning.
- Up to $100,000 each year for building the necessary capability to implement strategic plans.
- Up to $2 million for major regional initiatives.
- Successful proposals will involve a cross section of agencies such as local government, iwi, community and business groups, implementing an agreed strategy.
- Co-operation rather than competition is the key - with partners, regions and the government.
- The programme makes the most of what a region has and finds local answers to local problems.
- Expressions of Interest from regional groupings need to be lodged by the end of September.
The Industry New Zealand Investment Ready Scheme
This programme gives innovative small businesses and entrepreneurs a better chance of raising finance in the early stages of development. Through the scheme, businesses and entrepreneurs will gain a better understanding of the issues around funding as well as attaining the skills and assistance needed to secure private investment.
Key Features
There are two components to the scheme:
- Small Business Investment Readiness offers training and information about obtaining capital for small businesses and entrepreneurs. This will be in the form of seminars and focused workshops.
- Small Business Deal Brokering provides ideas brokering and deal making services to raise capital up to $5 million. This means help with assessing the commercial potential of ideas, and deal making expertise and assistance to encourage private investors to commit funds.
- Funding is provided in the form of a contract with a consortium led by the Economic Development Association of New Zealand (EDANZ) and IGrow New Zealand Ltd, organisations with appropriate specialist skills, who will deliver both services throughout New Zealand.
- All small businesses and entrepreneurs are eligible for assistance provided they supply evidence of a genuine need for funding to take their idea further.
- Assistance will be given to projects with strong potential to attract investment.
How to Find Out about Industry New Zealand Programmes
Contact:
BIZinfo
0800 4 BIZINFO
(0800 42 49 46)
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