Video | Business Headlines | Internet | Science | Scientific Ethics | Technology | Search

 

Innovation poll grounds for optimism

Media statement
Thursday, October 9th, 2003

Innovation poll grounds for optimism

New Zealand businesses may be significantly under reporting their investment in innovation and r&d, a poll conducted prior to today's InnovationVoyage New Product Development Summit shows.

The Employers & Manufacturers Association (Northern) hosting the event polled the 400 plus delegates attending three days prior and reported the findings back today.

The private sector may be investing far more in innovation and r&d than is officially recognised, said EMA's chief executive, Alasdair Thompson.

"70 per cent of responses to our survey told us they treat r&d for accounting purposes the same as any other business cost," Mr Thompson said. "30 per cent treat it separately for accounting purposes.

"They may be under reporting their commitment to r&d since, until last year, it was not able to be wholly deducted as an ordinary business expense for tax purposes.

"The issue has major ramifications for promoting the importance of innovation to New Zealanders.

"Though the attendees at the Summit are all innovation leaders, the poll results are grounds for optimism.

"When asked why their firm invested in R&D, 41 per cent said it was part of their strategy for growing their business, with a further 39 per cent stating it was in the expectation of generating future profitable products and services.

"57 per cent of those responding say their business is enjoying high or very high returns from their r&d investment, and 67% said they are increasing their spend on it.

"79 per cent said the payback from r&d is getting better, higher than 5 or 10 years ago.

"The main constraints to doing more research stated in the order of priority: access to finance, a lack of appropriates research skills and the cost of appropriate research skills."

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>