Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Budget 2016: $15m to commercialise new Kiwi hi-tech

Hon Steven Joyce

Minister of Science and Innovation


16 May 2016 Media Statement

Budget 2016: $15m to commercialise new Kiwi hi-tech

Science and Innovation Minister Steven Joyce today announced $15 million of additional funding over four years for two schemes that speed up the commercialisation of new clever technologies developed by scientists and entrepreneurs around New Zealand.

“Encouraging the development of new export-oriented high-tech businesses is a key part of the innovation stream of the Government’s Business Growth Agenda,” Mr Joyce says.

“We are seeing hundreds of very savvy hi-tech companies from New Zealand now competing and succeeding on the world stage. These programmes are all about filling the pipeline with the next generation of quality kiwi start-ups.”

Funding for the Pre-Seed Accelerator Fund will increase by $12 million over four years, taking the Government’s total investment through the scheme to $8.3 million per year.

In addition, funding for the development of new Accelerator programmes will be extended following the scheme’s initial three-year pilot, with new investment of $3 million over the next four years. Both initiatives will form part of Government’s investment in the Business Growth Agenda in Budget 2016.

The Pre-Seed Accelerator Fund supports innovative scientists to turn the results of their cutting-edge research into commercially viable products and businesses. A recent evaluation estimated that Pre-Seed projects have so far generated $188.2 million in revenue, have resulted in many new companies being formed, and have the potential to generate export revenues of up to $3 billion.

“Making the most of some of the excellent ideas that emerge every day from our scientists and researchers is vital for growing a more high-tech, diverse New Zealand economy. The Pre-Seed fund is one important way of helping that transition, and one which will help generate really high returns for the country.”

Callaghan Innovation’s Accelerator Programme is one of a suite of services to support start-up companies to be investment ready. The pilot programme has supported the rapid formation of early stage digital technology start-ups and is typically run over three months. Of the 38 teams that completed the first four Accelerator programmes, run by Lightning Lab, 18 have so far secured a total of more than $8 million in private investment following the programme’s investment events.

“After seeing positive results from the pilot Accelerator programmes over the last three years, I am pleased to announce that we have decided to extend the funding,” Mr Joyce says.

“These programmes help entrepreneurs develop innovative companies more quickly and fast-track their business ideas.”

High growth start-ups are key contributors to the Government’s goals for growing business R&D and exports and making the most of the digital economy.

“The New Zealand economy is rapidly becoming more diverse and more focused on hi-tech innovation.” Mr Joyce says. “Our software industry, for example, is growing at 9 per cent a year, with exports growing at 14 per cent annually.

“Last month Statistics New Zealand released their 2015 Business Operations Survey, showing that business spending on R&D grew by more than 15 per cent in one year, from $1.25 billion in 2014, to $1.44 billion last year.

“Also last month, the Angel Association reported that angel investors had invested a record $61.2 million into 94 New Zealand start-ups in 2015 – a 9 per cent increase on the previous record set in 2014.”

More information on the Pre-Seed Accelerator Fund is available here.

More information about the Accelerator programme is available here.


ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Democracy 2.0: NextElection Partners With Scoop For Exciting Democracy Tech

NextElection, a technology platform empowering democracy and Government accountability, and Scoop Independent News have partnered to strengthen citizen participation in the 2020 New Zealand General Election, set for September 19th.

Scoop’s ambition for bringing NextElection to NZ is to use it to strengthen and expand Scoop Citizen activities under the auspices of the Scoop Foundation for Public Interest Journalism.

The nextelection.nz platform has been populated by the project team with channels for all the 2020 General Election candidates and political parties. It also features up to date geolocation data based on the latest electoral boundaries. More>> Joint Press Release: NextElection, Scoop.co.nz, ScoopCitizen





       
       

      National: Emma Mellow As Auckland Central Candidate

      Tonight the National Party has selected Emma Mellow to stand in the Auckland Central electorate for the 2020 General Election. Emma Mellow replaces retiring MP Nikki Kaye who first won the seat from Labour in 2008. Emma leads a team of communications ... More>>

      ALSO:

      Travel: Update On New Zealand And The Cook Islands Bubble

      The Prime Minister of New Zealand Jacinda Ardern and the Prime Minister of the Cook Islands Henry Puna have welcomed the completion of phase one in the establishment of a travel bubble between New Zealand and the Cook Island. More>>

      Election 2020: Labour Launch

      E ngā mana e ngā reo Ngāti whātua ngā mana whenua o Tāmaki Makaurau, e tika te kōrero Ehara taku toa he toa (taki tahi) he toa (taki tini) No rēira tātou e huihui mai nei, ka ‘Hoake tonu tātou’ Thank you for that welcome. And thank ... More>>

      Gordon Campbell: On Political Twins, And On Labour Extending Its Wage Subsidy Scheme

      A quick quiz for the weekend. Which political party currently represented in Parliament issued a press release yesterday that contained these stirring passages: “[We have] long supported a free trade and free movement area between Canada, Australia, New ... More>>

      ALSO:

      Parliament Adjourns: Adjournment Debate: Speaker Trevor Mallard

      The 52 Parliament has sat for the last time before the September Election. It sat for 245 days... More>>

      ALSO:

      E-Cigarettes: Vaping Legislation Passes

      Landmark legislation passed today puts New Zealand on track to saving thousands of lives and having a smokefree generation sooner rather than later, Associate Health Minister, Jenny Salesa says. The Smokefree Environments and Regulated Products (Vaping) ... More>>

      ALSO:


      Covid-19: Poll On Management Approval

      New Zealanders’ overall trust in the Ministry of Health and Government to manage the COVID-19 pandemic is at 82%, down from 91% during April. Overall distrust that the Ministry and Government will manage it in ways which best protect themselves More>>

      Election 2020: National Releases 2020 Party List

      National’s 2020 Party List is a strong mix of experience coming up through our Caucus, and new and exciting talent joining our team from communities across New Zealand, Party President Peter Goodfellow says. “The National Party is incredibly ... More>>

      Horizon Research Limited: How Judith Collins Stopped The Bleeding

      Horizon Research includes questions on voting from time to time in its surveys – for both forthcoming referenda and general elections. More>>

      Your Vote 2020: Bringing Election Coverage To Viewers Across TVNZ Channels And Platforms

      As New Zealand gets ready to head to the ballot box this September, 1 NEWS is bringing voters comprehensive coverage and analysis of this year’s General Election. TVNZ’s coverage will draw on the depth of experience held across the 1 NEWS team, says Graeme ... More>>

      Economy: 30% Believe Households Worse Off, 298,000 Expect To Lose Jobs

      64% of New Zealanders feel the economic position of their households is the same or better than a year ago – and 30% think it is worse or much worse, while 298,000 think they will lose their jobs in the next 12 months. Households’ perceptions ... More>>

      State Services Commission: Findings Of Investigation Into COVID-19 Active Cases Privacy Breach

      Deputy State Services Commissioner Helene Quilter has today announced the findings of an investigation into a breach of privacy regarding sensitive personal information. The investigation looked into who or what caused the disclosure of the information, ... More>>

      International Security: New Zealand Suspends Extradition Treaty With Hong Kong

      The New Zealand Government has suspended its extradition treaty with Hong Kong and made a number of other changes in light of China’s decision to pass a national security law for Hong Kong, Foreign Affairs Minister Winston Peters says. More>>

      ALSO:


       
       
       
       
       
       

      LATEST HEADLINES

      • PARLIAMENT
      • POLITICS
      • REGIONAL
       


       

      InfoPages News Channels