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

 

Tornado Aftermath: More Storms Forecast For New Plymouth

Up to 30 homes were damaged Monday night when a tornado roared through a New Plymouth suburb last night , cutting power lines, tearing off roofs, and toppling trees. More>>

ALSO:

Government Investment Rejig: Sustainable Food & Fibre Futures Launched

Growing New Zealand’s food and fibre sectors sustainably and supporting a thriving economy are the hallmarks of a new investment programme announced today by Agriculture Minister Damien O’Connor. More>>

Dump Levy Options: Waste Work Programme Announced

Associate Environment Minister Eugenie Sage has announced a programme of work to take action on New Zealand’s long-neglected waste problems. More>>

ALSO:

Real Estate: Foreign Buyers Ban Passes Third Reading

The Bill to put in place the Government’s policy of banning overseas buyers of existing homes has passed its third and final reading in the House. More>>

ALSO:

Nine Merger: Fairfax Slashes Value Of NZ Business

Fairfax Media Group more than halved the value of its Kiwi assets, attaching just A$40 million to mastheads that were once the core of a billion dollar investment. More>>

Collecting Scalpers: Commerce Commission To Sue Viagogo

The Commission will claim that Viagogo made false or misleading representations: • that it was an “official” seller, when it was not • that tickets were limited or about to sell out • that consumers were “guaranteed” to receive valid tickets for their event • about the price of tickets... More>>

ALSO: