The value of startup incubator Powerhouse Ventures has collapsed and its funding from Crown agency Callaghan Innovation is under review. Since 2014 Callaghan has provided operational funding to Powerhouse of $3.8 million, and its 26 startups had re-payable grants of $7m, plus $1.9m in other grants. Williams said Crown agency Callaghan Innovation should not be gambling taxpayer money under the guise of economic development. But Motim former chief executive, Andrew Plimmer, said the intellectual property in the Powerhouse portfolio was now exposed to a cheap takeover. "I can't understand why Callaghan is funding Powerhouse.

Source: Stuff March 29, 2019 02:21 UTC