Applications open for new $2m Māori Innovation Fund

Minister for Māori Development Hon Te Ururoa Flavell has announced that applications for a $2 million per annum fund, Te Pūnaha Hiringa: Māori Innovation Fund are now open.

“Te Pūnaha Hiringa: Māori Innovation Fund will support Māori collectives with realising the economic potential of their assets,” says Mr Flavell.

Te Pūnaha Hiringa: Māori Innovation Fund supports the goals of He kai kei aku ringa - the Māori Economic Development Strategy, which provides a blueprint for a productive, innovative, and export-orientated Māori economy.

“It will enable Māori collectives to get new businesses up and running and help existing businesses become more productive.

“It will also help collectives to engage more effectively with the wider business development and innovation systems, to identify and develop opportunities,” says Mr Flavell.

In its first year, the fund is available to Māori collectives and will invest in initiatives that encourage innovation and growth. Māori collectives are defined as trusts, incorporations, Rūnanga and Trust Boards, post-settlement governance entities, and mandated iwi organisations.

“The fund comprises two schemes: a Commercial Advisors Scheme and a Governance and Management Development Scheme, which will increase the skills, knowledge and networks of these collectives,” says Mr Flavell.

Applications to the fund can be submitted via the MBIE Portal and close at 1pm on Thursday December 18th. Investment decisions will be made by the Deputy Chief Executive – Science, Skills and Innovation.

Te Pūnaha Hiringa: Māori Innovation Fund was announced in the 2014 Budget and provides $2 million per annum to Māori collectives over four years.

For more information go online to http://www.msi.govt.nz/get-funded/get-help-to-build-your-business/te-punaha-hiringa-maori-innovation-fund/