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New growth grants to boost R&D in NZ

New growth grants to boost R&D in NZ


Research and Development (R&D) Growth Grants expected to be worth more than $41m over three years have been approved for 23 high tech companies by Callaghan Innovation, Science and Innovation Minister Steven Joyce announced today.

“These are innovative companies producing world-leading, high-value products and high-quality jobs for New Zealanders. They are all proven businesses that have committed to investing in R&D in this country,” Mr Joyce says.

“The Growth Grants will help them increase that investment, which will drive their growth and increase exports.”

R&D Growth Grants were introduced last year as part of changes designed to encourage more R&D by businesses in New Zealand. They provide 20 per cent public co-funding for qualifying firms’ eligible R&D expenditure, with an expanded cap of $5 million a year - up from the previous scheme’s $2.4 million.

To qualify for a Growth Grant, a business needs to commit to spend at least $300,000, and at least 1.5 per cent of revenue, a year on R&D occurring in New Zealand. The Grants are for three years, but after two years, businesses can be granted a further two-year extension of funding.

The latest companies to be approved for R&D Growth Grants are involved in a wide range of products, from accounting software, robotic walking devices to high tech trampolines. They are:

· ARANZ Healthcare

· Argenta

· AuCom Electronics

· Bayer New Zealand

· BBC Technology

· Best Bars

· Booktrack Holdings Limited

· Brand Developers Limited

· Caldera Health

· Comrad Medical Systems

· Core Builders Composites

· EstarOnline

· Focus Genetics Management Limited

· FoodCap International Limited

· Integrated Control Technology

· Rex Bionics

· Spark Dental Technology Limited

· Springfree New Zealand

· Tekron International

· TracPlus Global

· Wellnomics Ltd

· Xero

· Zeacom

In total 88 companies have now been approved for R&D Growth Grants estimated to be worth about $262 million (excluding GST) over three years.

Callaghan Innovation also operates R&D Project grants for smaller companies and those that are new to Research and Development, and R&D Student grants to give graduates the opportunity to work in innovative companies. Since February last year, Callaghan Innovation has approved funding across all three programmes for 702 different hi-tech companies.

The Callaghan Innovation Grants system was announced in Budget 2013, replacing and expanding an earlier programme. A total of $566 million is available over four years to encourage the development of a strong R&D ecosystem in New Zealand businesses.

ends

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