MSI investment helps ecentre companies grow

14th March 2012

MSI investment helps ecentre companies grow

Two innovative ecentre companies have received investment from the Ministry of Science and Innovation (MSI) to develop their ideas into viable businesses.

Transcribe Me, which transcribes speech to text, and The Story Mint, which connects writers and readers to create “e-publishable works”, received the R&D investment through a recent MSI initiative to assist hi-tech start-ups around the country, whereby incubators are able to grant up to $50,000 of R & D investment to these start-ups.

Both companies are currently in the beta testing stage, and going through the process of confirming that a market exists for their products.

TranscribeMe was the 2011 winner of Auckland’s Start Up Weekend, an intense 54-hour event that focuses on building a web or mobile application that could form the basis of a credible business. Its place at the ecentre offices was part of the overall prize package.

The transcription technology space is rapidly growing and TranscribeMe’s products will be valuable to any industry professional that requires a quality, speech-to-text application.

“For me, as a startup founder, the to-do list never stops” CEO Alexei Dunayev says.

The funding Transcribe Me has received will help it to do those things, including fully engaging in customer development and getting its product out to a wider audience.

The Story Mint is a graduate of the ecentreSprint programme. This programme teaches people the tools and methodologies to validate ideas for new ventures, and to create scalable business models for growth, prior to significant investment.

CEO Suraya Dewing saw a pressing need for writers to interact with readers, in order to create “e-publishable” works of high quality that a wider audience will want to read.

Going through ecentreSprint de-risks starting a venture by validating a business opportunity and building a sustainable business model. This made applying to MSI for funding a much easier process, and both companies are now on their way to going global.

“MSI funding has given these entrepreneurs a boost and greater opportunity to contribute to New Zealand’s export economy,” says ecentre CEO and Incubators NZ chairman Steve Corbett.

"Both of these ventures are the sort of things we look for when investing - innovative ideas, clever people and real potential for global growth.” states MSI Auckland Regional Business Manager, Erin Wansborough “ I'm looking forward to watching both companies grow and develop into the future."

About the ecentre
ecentre is the business innovation centre located in the Bob Tindall Building at Massey University, Albany. We specialise in helping people take their ideas from Garage to Global. ecentre’s vision is to help people with innovative ideas to create successful global companies. ecentre assists innovative businesses to grow the New Zealand economy through: customer knowledge and focus, inspired & strategic thinking, international networks and contacts, extensive business experience and Massey University innovation.

ENDS

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