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Technology for business growth

New funding of $15.6 million over four years will be available to accelerate the uptake of new technology by New Zealand firms.

The Technology for Business Growth programme, run by Technology New Zealand, is being boosted by $3.9 million a year. Current annual funding is $18.5 million.

“The Technology for Business Growth programme is a proven success in helping businesses that are stretching beyond their existing technological capacity,” said Minister of Research, Science and Technology Pete Hodgson. “By contributing to the cost of better or new technology, the programme is increasing the technological capability in New Zealand industry, encouraging business growth and improving international competitiveness.”

Technology for Business Growth funding is targeted at projects that move companies towards high added-value, high-margin, technology-based products, processes or services. The company receives up to half of eligible project costs, with total project costs typically ranging from $20,000 to more than $500,000.

Examples of projects supported by the programme include the development of wildlife tracking technology, low pressure-point hospital mattresses, a computer notebook for the blind, and high quality tungsten carbide tipped sawblades.

“Increasing support for the Technology for Business Growth programme is another way to build the science-industry partnerships New Zealand’s innovation system needs,” Mr Hodgson said.

Further new funding of $1 million a year for four years will be used to provide a ‘one stop shop’ coordinating services available to business from Industry New Zealand and the Foundation for Research, Science and Technology.

The extra funding for these initiatives has come from the $331 million set aside for industry and regional development over four years from 2000-01.

Ends

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