5. MARYAN STREET (Labour) Link to this
to the Minister for Economic Development
What steps is the Government taking to promote the development of the venture capital market in New Zealand?
Hon TREVOR MALLARD (Minister for Economic Development) Link to this
The New Zealand Venture Investment Fund has been established to accelerate the development of the venture capital market. By doing so, we hope to speed up the commercialisation of new research and innovation, and turn that into successful business opportunities. The Government has also established the Seed Co-investment Fund, which will directly invest up to $40 million over the next 5 years into early-stage firms to help them get off the ground.
What reports has the Minister seen on the success of the Venture Investment Fund?
Hon TREVOR MALLARD Link to this
The reports that I have seen indicate that after a relatively slow start it is now going very well. I am advised that for every dollar we have put into the Venture Investment Fund, other sources have matched it two to one. The recommendations of an independent law and economics consulting group report support Government policy to stimulate the supply of venture capital, in order to increase productivity and innovation in New Zealand.