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New grants highlight importance of science and innovation

Hon Dr Wayne Mapp
Minister of Science and Innovation
15 August 2011

New grants highlight importance of science and innovation

A new round of technology grants to 19 businesses emphasizes the importance the Government attach to Research, Science and Technology, says Science and Innovation Minister, Dr Wayne Mapp.

The $50 million in Technology Development Grants are the second round of grants since the scheme was announced as part of Budget 2010. That Budget provided a $321 million boost in Research Science & Technology activities.

“The first round of these grants totalled $92.6 million to 26 businesses, and were announced in December 2010,” says Dr Mapp.

“The only way we can create the jobs, higher incomes and better living standards New Zealanders deserve is through building faster and sustainable economic growth. Research Science and Technology will help achieve that that goal.

“To that end, it is vital that high-tech, exporting companies maintain their competitive edge in global markets.”

The latest series of grants range from between $300,000 and $5.9 million. All of the grants are over three years, and will give the companies more financial certainty over that period. They will be able to speed up the development of innovative products and services and get them to market faster.

Manufacturing, biotechnology, medical technology, electronics, agri-technology, and software development business are all recipients of today’s grants.

The grants are valued at 20 per cent of the R&D spend of each business, up to a maximum of $2.4m per year for three years.

ENDS

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