The Dunedin City Council has approved a $150,000 investment in the Startup Dunedin Trust to help develop, attract and keep new businesses.
Councillors voted to approve the $150,000 from the Grow Dunedin Partnership to be used to support the city’s start-up business community at the council’s economic development committee last week.
Last year, the partnership allocated $68,000 to help fund start-up activities.
Trust chairwoman Sarah Ramsay said the city already had a reputation for being a great place for start-ups but it was vital the city continued to build on the success of the past 18 months.
About $100,000 of the money would be used to extend the trust’s programmes such as the Challenger Series competition which attracted 71 start-ups this year, Ms Ramsay said.
It would also be used to help pitch Dunedin as a world-class destination for new businesses to national and international investors, she said.
With its growing talent pool and exciting start-up culture, Dunedin was well placed to attract new talent, investors and business, she said.
While there was a good number of new businesses choosing to start in the city, there was an issue retaining them as they grew, she said.
"We don’t have any trouble attracting a lot of new and exciting businesses who start in Dunedin but leave as they grow and changing that is something we really want to focus on."
The rest of the money would be set aside for expressions of interest for ways to build new initiatives in the city from the wider start-up community, Ms Ramsay said.
Council economic development committee chairman Cr Chris Staynes said the council was encouraged by the trust’s work in the past 18 months and was confident the present direction would help the city achieve the goals set out in the economic development strategy.
The investment by the council was based on a recommendation by the Grow Dunedin Partnership which includes representatives from Ngai Tahu, University of Otago, Otago Polytechnic, Otago Chamber of Commerce, Otago Southland Employers’ Association, the council and industry partners.
