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Innovation Grant Saves Jobs and Promotes High Growth

Innovation Grant Saves Jobs and Promotes High Growth

AUCKLAND, Dec. 24 / Medianet International-AsiaNet/ --

The recent $321 million Government package aimed at driving research and development (R&D) for New Zealand businesses has already pulled one company out of closure. This is an encouraging outcome of the grant and has reinstated hope for business growth during the second half of the financial year.

FRAMECAD Solutions was one company awarded funding for R&D. From this funding the company created a new product which required supply from Pyramid Engineering, a manufacturing company specialising in metal presswork, robot and precision welding, and CNC (computer numerical controlled) machining.

From this, Pyramid Engineering was lifted out of recession. Turnover has increased by 30 per cent and the company has doubled its number of employees.

"I pulled all 20 of the guys into the lunchroom and said, 'I'm sorry, there are going to be shorter hours and redundancies. And we are all going to have to go down to a four-day week," says Les Osbourne, Managing Director at Pyramid Engineering.

In the current bleak economic climate this positive step brings relief for many companies and their staff with flow on affects assisting other businesses.

"We've been collaborating with these groups on research and development projects for some time now and I think the results speak for themselves," says Mark Taylor, CEO of FRAMECAD Solutions.

The development of the new product has also allowed FRAMECAD to export to over 60 countries and achieve over 20 percent growth last year despite the worldwide recession.

"Our new R&D facility, which opened this year, represents a doubling of both our product development and our production capacity in 12 months," says Mark Taylor.

The Ministry for Research, Research Science and Technology appointed its investment body, the Foundation of Research, Science and Technology (FRST), to administer the research grants (http://www.frst.govt.nz/news/freshdirect).

"This is a shining example of a collaboration between the Foundation (FRST) and innovative New Zealand organisations. Already it has brought growth in exports, created employment and has cemented New Zealand’s global position as an innovative country that punches well above its weight," says Richard Bentley, Group Manager Manufacturing & High Growth Firms, FRST.

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