A Dunedin business couple are the first recipients of
assistance from Otago Polytechnic's Evolver project fund.
Glenn and Elaine Campbell will receive up to $300,000 worth
of help over the next two years to design, develop and
manufacture a prototype of a product they hope will be a
commercial success.
But exactly what that product is was still "under lock and
key", Evolver Design Innovation director Pat Maguire said.
The polytechnic was awarded $1.5 million from the Tertiary
Education Commission's Encouraging and Supporting Innovation
fund earlier this year and hopes to be able to support six
emerging businesses over the next two years.
Each recipient will be assisted through a five-stage process
covering research design, business models, copyright,
patents, marketing, promotion, branding, the production of
prototypes, and approaching potential investors for capital.
Evolver was developed because many entrepreneurs and
innovative designers did not necessarily have all the skills,
or the finances, to successfully break their idea into the
commercial market, Mr Maguire said.
"We bring together teams of people and expertise in order to
develop the product as thoroughly as possible . . .We are
here to bridge the early-stage gap in product
commercialisation by developing and validating ideas."
The Campbells had to convince a "Dragons' Den-style" panel
their idea was worth investing in, he said.
Their end of the deal was to pass on a negotiated share of
potential revenues from the business idea to the polytechnic.
It was hoped dividends would be used to fund further
projects.
People with innovative product ideas from anywhere in New
Zealand were invited to apply for a place on the scheme, Mr
Maguire said.
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