Media Release – Investment Taskforce to Drive New Projects

Northern Tasmanian Development Corporation (NTDC) has been charged with improving our regional economy, jobs and take-home pay by working collaboratively with key stakeholders.  

NTDC has commissioned a report from the National Institute of Economic and Industry Research (NIEIR) to provide scenarios on how to grow the economy.  This report is still in draft, but the preliminary results indicate that the region will need to secure an additional $500 million dollars per annum in investment from both public and private sources into the region to achieve the growth targeted. This is one important element that will help deliver the region’s ongoing economic sustainability. 

NTDC has met with more than 80 progressive businesses and most of the key government agencies and other stakeholders throughout the region to learn more about the export and business opportunities and barriers to growth that have been identified. 

To help fast-track the investment challenge, NTDC has established an Investment Taskforce.  

The taskforce’s role is to assist business expansion or new projects that can’t access finance from traditional sources to find alternative financing options.   

Greg Bott, Deputy Chair of the NTDC and an ex banker, is chairing the Committee.  Mr Bott advised that feedback from businesses and those operating in the financial services was that “often businesses looking for funding are not successfully connecting up with the right financial provider.  We envisage the Investment Taskforce will help to connect business people with great ideas and expansion plans to potential funding sources – or we’ll give some ideas on what is required to secured finance in the future. This may be anything from recommending changes to their business-case, or to consider more innovative options such as Crowd Funding or Venture Capital Funding.” 

The current members of the Innovation Taskforce include bankers, people with networks into the investor community, a venture capital firm, a representative of RDA Tasmania, and the Office of the Coordinator General.  

Mr Bott said “we are keen not to duplicate what others are already doing – but we can help connect people to investors, traditional finance, potential grants funds, and the State Government assistance if that is required. All parties are asked to sign confidentiality agreements to keep business information confidential.  

For more information for businesses on how to be assisted by the Taskforce – contact NTDC on maree@ntdc.org.au  

Ends. 

Greg Bott – available for interviews on Mobile: : 0458 001 139 

Maree Tetlow, CEO – 0408 825 060  

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