The Government is to put $25 million over the next 10 years towards the cost of a new "Innovation Centre" at Auckland University.
Prime Minister and Labour leader Helen Clark announced the investment at the university's Tamaki Campus on Tuesday 21 October.
The centre's aim is to create a cluster of firms through high-tech research and development, with up to 100 businesses at the site by 2015.
It is intended to eventually become part of a broader science and technology park.
Auckland City Council has earmarked $20 million worth of land for the centre.
Mayor John Banks says all truly competitive cities need innovation, research and development, and the council is proud to be a partner in the venture.
