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

 

Funds Boost Private Sector Research

FUNDS BOOST PRIVATE SECTOR RESEARCH

A new fund aimed at encouraging New Zealand businesses to take technology risks is proving popular, with nearly 1000 companies registering online with Technology New Zealand in its first 12 weeks.

Since it was announced in September, the Grants for Private Sector Research and Development (GPSRD) has allocated nearly $2million to a total of 36 companies. Fund manager, John Gibson, says he expects to double this by Christmas.

“We are investing in the technical and technological risk takers,” says Mr Gibson. “Companies facing other types of business risk already have access to investors and sources of funds whereas technology risk takers often have only their own resources to rely upon.”

The fund is intended to encourage SMEs (with a turnover of less than $50m) to invest more in R&D. Mr Gibson says to be successful, applicants must clearly identify the ‘technology gap’ they are addressing. “There needs to be a clearly evident technical risk or uncertainty, a measurable outcome, and a methodical resolution of the uncertainty. Other straightforward tests are applied to the applicant’s business, market and technical capabilities.”

The GPSRD fund is the first of the Technology New Zealand Schemes to operate via the Internet, with initial registration through its website, www.technz.co.nz. Technology New Zealand has developed a nationwide network of local agents to work alongside companies to help them complete the application. The online application form is validated by the agent as being suitable for funding within the GPSRD scheme.

“We are looking to fast track applications, so there is a monthly funding approvals cycle and successful applicants are usually advised verbally on the first business day of the following month,” says Mr Gibson.

Support is limited to a third of a business’s increased investment in R&D, to a maximum of $100,000. Although the fund is in its infancy, initial analysis shows a high proportion (66%) of grants made so far have gone to businesses in the Waikato and north.

The Government intends GPSRD to increase private sector investment in R&D as well as extend SMEs’ technological capabilities. Based on the current rate of applications, John Gibson expects the value of GPSRD grants to exceed $12 million by June 2001.

-ends-

For more information: John Gibson, Foundation for Research, Science and Technology, 04 917 7863

Prepared for Technology New Zealand by Jan Sedgwick, Carrara Communications 09 579 7270


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Transport: Successful Bridge Repair Opens Two Additional Lanes To Traffic

The opening of two additional lanes on the Auckland Harbour Bridge this morning will help relieve some motorway congestion for motorists heading home to the North Shore tonight. More>>

ALSO:

Statistics New Zealand: COVID-19 Sees Record 12.2 Percent Fall In New Zealand’s Economy

Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted economic activity, Stats NZ said ... More>>

ALSO:

Climate: Scientists Release ‘Blueprint’ To Save Critical Ecosystems And Stabilize The Earth’s Climate

A group of scientists and experts produced the first comprehensive global-scale analysis of terrestrial areas essential for biodiversity and climate resilience, totaling 50.4% of the Earth's land. The report was published in Science Advances ... More>>

ALSO:

MPI: Independent Review Launched Into Assurances For Safe Transport Of Livestock By Sea

The Ministry for Primary Industries (MPI) has launched an independent review of the assurances it receives for the safe transport of livestock by sea. MPI Director-General Ray Smith says Mike Heron QC has been appointed to lead the review, which is expected ... More>>

ALSO:


Computers: New Zealand PC Market Grows Nearly 40% Due To Work From Home Demand

COVID-19 had large impacts on demand for PCs as businesses prepared for lockdowns by purchasing notebooks to mobilise their workforce. In the second quarter of 2020, New Zealand's Traditional PC market experienced a 39.7% year-on-year (YoY) growth ... More>>

ALSO:


University Of Auckland: Whale-Watching By Satellite – Follow Their Travels Online

Scientists have successfully attached satellite tracking tags to six New Zealand southern right whales, or tohorā, and are inviting the public to follow the whales’ travels online. Part of a major research project involving the University of Auckland ... More>>

Commerce Commission: Kiwibank Admits System Failures And Agrees To Pay Customers $5.2 Million

Kiwibank has entered into a settlement agreement with the Commerce Commission after reporting that it failed to have in place robust home loan variation disclosure policies, procedures and systems. In a settlement dated 27 August 2020, Kiwibank admitted that ... More>>

Ministry of Health: Public Transport Distancing Requirements Relaxed

Physical distancing requirements on public transport have been reviewed by the Ministry of Health to determine whether they are still required at Alert Level 2 (or below). The Ministry’s assessment is that mandatory face covering and individuals tracking ... More>>

ALSO:

NZHIA: New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs

A new report says a fully enabled hemp industry could generate $2 billion in income for New Zealand by 2030, while also creating thousands of new jobs. Written by industry strategist Dr Nick Marsh, the report has prompted calls from the New Zealand Hemp ... More>>

ALSO:

Stats NZ: One In 14 Employed People Report High Risk Of Losing Jobs

About one in 14 workers say they expect to lose their job or business by mid-2021, Stats NZ said today. A survey of employed people in the June 2020 quarter showed 7 percent felt there was a high or almost certain chance of losing their job or business ... More>>

ASB Quarterly Economic Forecast: NZ Economy Doing Better Than Expected, But Challenges Remain

August lockdown estimated to have shaved 8% off NZ’s weekly GDP, and 0.5% off annual GDP Economy now expected to shrink 5% (year-on-year) by end of 2020 Unemployment rate now expected to peak at 7.2% The latest ASB Quarterly Economic Forecast is less ... More>>

ALSO: