Hon Steven Joyce

Minister of Science & Innovation
31 May 2013 Media Statement
Govt boosts investment in commercialising research

More than $15 million over three years is being invested in turning New Zealand researchers’ bright ideas into commercial ventures.

The Pre-Seed Accelerator Fund is shared between five organisations who will then allocate funding to specific projects.

The Ministry of Business, Innovation and Employment has conducted a contestable process and decided on the following investments:

• Kiwi Innovation Network (KiwiNet, a consortium of universities and Crown Research Institutes) – $7.5 million

• Auckland Uniservices (University of Auckland) – $3.6 million

• Otago Innovation (University of Otago) - $2.4 million

• Scion - $900,000

• Health Innovation Hub - $750,000

“This funding will help take research through to commercial applications,” Science and Innovation Minister Steven Joyce says.

“We know from experience that the Pre-Seed Accelerator Fund is a critically important tool in commercialising early stage research. The programme has seen revenue generated from licensing deals, royalties and sales, and it has also contributed to building industry partnerships and new jobs.”

The Ministry of Business, Innovation and Employment used an independent panel to assess bids for funding, which amounted to more than twice the amount available for allocation.

For more information go to: http://www.msi.govt.nz/get-funded/research-organisations/types-of-funding/

ENDS

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