Why innovate?
The Canterbury economy is based more on intellectual assets than traditional resource-based assets, and innovation is critical to retaining and attracting firms, re-invigorating traditional companies, converting intellectual property into products and services, developing and expanding new markets and thereby creating wealth in the economy.
Changing global supply chains, new technological impacts and globalisation produce a dynamic in the economy that is significantly different from previous economic periods.
Innovation in resource-based industries adds value to gain a higher return from exports.
CDC is interested in optimising our region’s innovation system to create an environment that is attractive to foreign direct investment, creates more companies and nurtures new ideas over the early “valley of death” periods.
Becoming known as a city that innovates creates a magnet for attracting and retaining skilled people and is a key driver behind our city and regional economic development strategies.
Canterbury Innovation System
CDC has been instrumental in developing the concept of a joined-up regional innovation system. The Canterbury Innovation System involves the following organisations aligning their efforts particularly to develop and nurture new high growth companies and sectors, and translate ideas from research bench to business:
- Canterbury Development Corporation is the economic development agency of Christchurch
City. CDC led the establishment of the Canterbury innovation incubator (cii), and is a shareholder in cii and powerHouse. CDC has provided strategic leadership in the development of the Canterbury Innovation System, and actively develops new hubs (typically based on industry sectors and associated research and development capability). - Canterbury Innovation Incubator (cii) was established to provide business incubation to the region’s high technology companies and is the central organisation within the Canterbury Innovation System providing, via powerHouse, management overview, process and system control. cii coordinates knowledge transfer between Canterbury Innovation System hubs and provides the incubation services described above. Its in-house expertise is based on extensive knowledge and experience in commercialising technology.
- powerHouse Ventures Limited (PVL) is an angel investment group specialising in early stage Canterbury seed and start-up companies. The management team and board have considerable experience in this area and have a track record of raising early stage investment and working with young high growth companies.
- Canterbury Economic Development Fund (CEDF) is a CDC subsidiary with funds made available by the Christchurch City Council to support start-up and growth companies in Canterbury. The primary recipients of CEDF’s investments are companies engaged within the Canterbury Innovation System.
- Canterbury Employers' Chamber of Commerce (CECC) administers TechNZ grants on behalf of the Foundation for Research, Science and Technology, which are an important resource for early stage organisations in Canterbury.
CDC is currently developing new health innovation hubs in partnership with the Canterbury District Health Board and supported by the Ministry of Research, Science and Technology, Ministry of Economic Development, Ministry of Health, Foundation for Research, Science and Technology and New Zealand Trade and Enterprise.
The Canterbury Centre for Innovative Foods is also being seen as an integral new hub in the regional innovation system.
The region’s research entities, including the University of Canterbury, Lincoln University and Christchurch Polytechnic Institute of Technology, feed new concepts and original intellectual property into the Canterbury Innovation System.
CDC has a strong suite of interventions that support the life cycle of high growth firms through the Canterbury Innovation System, starting with management capability training, through our high tech launch programme and other business services, supported by investment expertise and case managed by sector leaders.
Useful Links
Key Resources
- OECD innovation report
- Statistics New zealand innovation survey
- MoRST innovation links
- Treasury innovation papera
- FoRST papers
- NZTE papers