Trans-Tasman Fund Finds Solid Support at Auckland City Council

L-R Auckland UniServices Ltd CEO Dr Peter Lee, Paul Cheever, Access Capital Advisers Pty Ltd, Minister of Economic Development, the Hon Pete Hodgson, and The University of Auckland Vice- Chancellor Professor Stuart McCutcheon. Photographer: Godfrey Boehnke, The University of Auckland.

Auckland City Council is supporting the Trans-Tasman Commercialisation Fund, and the opportunity it will bring to the city for early stage commercialisation of intellectual property.

The $38 million research and early stage venture capital fund has been made available to The University of Auckland and four Australian universities. Backed by Australian superannuation specialist, Westscheme, in a bid to boost early stage commercialisation of intellectual property, the fund was launched on Monday 16 June at the University of Auckland's Business School.

UniServices (The University of Auckland's commercial arm) believes that there are a considerable number of inventions created by staff and students that lack funds to continue research and commercialise them.

"Valuable university research-based intellectual property currently lacks sufficient funding to get it through the early stages of commercialisation," says Dr Peter Lee, CEO of UniServices. "We found there was no significant current source of private capital to support this process in New Zealand, so we have worked hard to find an investor willing to back our research."

Auckland City Council believes the fund will create economic benefits for Auckland by supporting growth of spin-off ventures, and by producing more jobs. The fund showcases the critical mass of world-class research and development activity taking place in the city's learning quarter and the university's successful role in bringing investment into the city.

"The commitment of capital to early stage commercialisation projects is great to see - in particular, seed capital for research from universities," says Councillor Peseta Sam Lotu-Iiga. "This fund will undoubtedly be a catalyst for further venture capital and angel investment. Auckland City Council also supports collaboration between the public and private sectors inherent in this fund. Our involvement is testament to the council's on-going commitment to business growth and improved productivity in Auckland."

The fund will offer New Zealand co-investment opportunities to qualified private venture capital investors.

All intellectual property will be retained in New Zealand and licensed to the start-up companies. The fund is also supported by New Zealand Trade and Enterprise.

Published July 2007