New Zealand to promote its IT industries

The New Zealand government is investing in new schemes to help the global development of the country's high-tech industries. Science and Innovation Minister Wayne Mapp announced Wednesday the government would invest 2.8 million NZ dollars (2.33 million U. S. dollars) over four years to help up to 20 new entrepreneurs each year grow high-value, global innovative businesses. New Zealand was "a hotbed of IT innovation" and the program would nurture those with entrepreneurial flair and the potential to innovate and create value for New Zealand's digital technologies sector. "This will help them to get their ideas ready for the market and increase their chances of securing investment capital. They will be introduced to top-end mentors, here and overseas, and be linked into innovation and business networks." Mapp also said the government would invest 300,000 U.S. dollars to set up the Kiwi Landing Pad Ltd. as a hub for New Zealand high- tech businesses in San Francisco. "The Landing Pad is like a shop front where New Zealand businesses can physically be together and tap into each other's networks and connections. It will help our high-tech businesses get access to the U.S. market," said Mapp. He said it was a perfect example of the government helping to build bridges and open doors for New Zealand businesses to the international stage. "We have a new generation of innovators and entrepreneurs developing in New Zealand," said Mapp. "These people are working in high-potential, globally-focused high-tech businesses. "They know they must connect innovation, opportunity and market acumen to achieve commercial success on the world stage." The sooner New Zealand companies could tap into the global IT community, the more quickly they would get traction. Mapp said the business community wanted to create success stories to build New Zealand's reputations as a "smart nation".