The incubator is based at the University of Canterbury (UC) and Lincoln University in New Zealand.

New Zealand-based business incubator PowerHouse wants to create 50 multimillion-dollar international companies in its local Christchurch region by 2020.

The incubator is based at the University of Canterbury (UC) and Lincoln University.

PowerHouse has helped raise $3.1m over the past year to create five start-ups, such as Invert Robotics, from the universities, which employ graduates to run them.

UC Research and Innovation director Nigel Johnson said in most cases the intellectual property is owned by the university where it was developed and would either license the technology to the company and receive a royalty or take an interest in the company.

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