Private Sector Research Spending Results
Private Sector Research Spend Boosted By $15million Of Govt $ In Past Year
for immediate release...October 15, 2001
PRIVATE SECTOR RESEARCH SPENDING RESULTS
More than $15 million has been pumped into the New Zealand private sector in the first year of operation of the Grants for Private Sector Research and Development scheme (GPSRD) run by the Foundation for Research, Science and Technology.
The Auckland region attracted the lion's share of the grants (at around 47%) while the whole of the South Island picked up only 13% of funding.
John Gibson, GPSRD investment manager, says he expects this slant to change as the scheme moves into its second year and companies see the benefits of investing in research and development for corporate growth.
Most of the grants were made to companies smaller than $10million turnover, with the average grant being around $59,000.
The Manufacturing and Automation sector received the most funding (around $4.4 million), with Information, Electronics and Communications receiving $4 million and Agriculture, Forestry and Fishing receiving $3.1 million. The Engineering sector picked up $2.9 million and Food, Medicine and Health accumulated $1.2 million.
The GPSRD scheme was launched in September 2000 and was the first of the Technology New Zealand schemes to operate exclusively via the Internet, with initial registration through its website, www.technz.co.nz and was a finalist in three categories of the Computerworld Excellence Awards 2001.
It supplements other Technology New Zealand funding initiatives, which are also administered by the Foundation for Research, Science and Technology. GPSRD is intended to encourage businesses with a turnover of less than $50m to make a stronger commitment to investing in R&D. Support is limited to a third of a business's increased investment in R&D, to a maximum of $100,000.
For more information:
- John Gibson, Foundation for Research, Science and Technology, 04 917 7863 or 0800 832 469..www.technz.co.nz
Backgrounder Grants for Private Sector R&D.
- Grants are targeted specifically to technologically aware SMEs (usually less than $50m turnover). The aim is to increase the level of private sector expenditure of R&D.
- Support of up to 33.3% of R&D costs, to a maximum of $100,000 is available for qualifying projects.
- Latest figures show that around $1.5m per month is being invested in private sector R&D projects by GPSRD.
- The scheme has allocated more than $17.4 million, to 295 companies, since it was launched in September last year.
- GPSRD is the first of the Technology New Zealand schemes to operate exclusively via the Internet, with initial registration through its website, www.technz.co.nz.
Prepared for Technology New Zealand by Carrara Communications