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Grants for R&D intensive NZ businesses

Hon Steven Joyce
Minister of Science & Innovation

6 March 2013

Grants for R&D intensive NZ businesses

Over $25 million worth of Government Technology Development Grants have been awarded to eight high-tech New Zealand businesses to help them speed up the development of innovative products and services and get them to the market faster.

The grants are the first to be allocated by Callaghan Innovation, which began operating on 1 February this year, taking over responsibility for the TDG from the Ministry of Business, Innovation and Employment.

The businesses, which each have a strong history of investment in research and development, have been congratulated by Science and Innovation Minister Steven Joyce.

“The successful commercialisation of innovative ideas is critical to the success of the New Zealand economy. Some of our most successful businesses in recent times have been the most innovative ones. We need more innovative businesses to compete successfully on the global stage,” Mr Joyce says.

“These grants are just one way the Government is encouraging investment in R&D by New Zealand businesses.”

Business across a number of New Zealand’s high value manufacturing sectors are represented in this year’s grant allocation as follows:

• AFT Pharmaceuticals Ltd
• CWF Hamilton & Co Ltd
• Fusion Transactive Ltd
• Greentree International Ltd
• Livestock Improvement Corp Ltd
• Methven Ltd
• Teknatool International
• Tru-Test Ltd

The Technology Development Grant is one of the flagship programmes announced in Budget 2010 to boost business R&D. The grants are valued at 20 per cent of the R&D spend of each business, up to a maximum of $2.4 million per year for three years.

Since its introduction 50 businesses have received a Technology Development Grant with a total worth of over $170 million.

The grants are assessed by an independent panel and managed by Callaghan Innovation, the new Crown entity charged with accelerating the commercialisation of innovation in New Zealand firms.

For more information on the support available for businesses investing in innovation, visit the Callaghan Innovation website (www.callaghaninnovation.govt.nz).

ENDS

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