Callaghan Innovation statement on Trends Publishing

Callaghan Innovation statement on Trends Publishing International Ltd

Callaghan Innovation has terminated a Research and Development Growth Grant awarded to Trends Publishing International Ltd (Trends).

The grant was suspended on 17 December 2014, after concerns were raised over some of Trends’ R&D funding claims. The decision to terminate follows a thorough investigation including an independent review that found Trends breached the terms of its funding agreement and was unable to demonstrate that amounts claimed against the grant were for eligible R&D.

Callaghan Innovation is now seeking full repayment of the funding it has paid to Trends ($382,911.97 incl GST).

Callaghan Innovation Chief Executive Mary Quin says, “It is important the public is confident government R&D funding is being managed in a responsible and robust way and that businesses know that the system designed to help them innovate is being run transparently and fairly.”

About Growth Grants

Growth Grants are a non-discretionary R&D incentive programme which provides 20 per cent public co-funding for qualifying firms’ eligible R&D expenditure. They are designed to help lift the level of R&D carried out by businesses in New Zealand closer to that of our trading partners. To qualify businesses must:

· Have spent at least $300,000 on eligible R&D in each of the last two years

· Have spent at least 1.5 per cent of their revenue on R&D occurring in NZ over the last two years

· Be domiciled in New Zealand and maintain or increase their spending on R&D over the course of the funding.

· Have met financial and due diligence requirements

· Have provided a detailed R&D plan, including an estimate of R&D expenditures over the next three years.

There are also clawback provisions should a change occur in the R&D programme that reduces the benefit to New Zealand of Callaghan Innovation’s investment.

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