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Strong Year For Business Funding

The Foundation for Research, Science and Technology has reported another positive year for its Technology New Zealand scheme, with continuing strong levels of business uptake of funding.

Over 1,400 research projects have been supported during the year (July 2000 – June 2001) to a total of around $36.9m.

The majority of the funding was allocated through the Technology for Business Growth (TBG) scheme, which is a fund of $18.5m per annum aimed at fostering research and development and innovation in technologically capable firms.

TBG provides financial support for innovative research and development projects that create new technology based products, processes or services. Its focus is on high value, high margin opportunities.

The new Grants for Private Sector Research and Development scheme (GPSRD), launched mid- September, had a very successful nine months. This period saw 223 projects supported to a value of $13.3 m.

Mr Tony Hadfield, of the Foundation for Research, Science and Technology, says there will be continuing emphasis this year on encouraging the growth and retention of human capital in New Zealand.

“We want to nurture a business confidence that encourages further investment in R&D. This will, in turn, help to provide more opportunities for young scientists to remain in New Zealand and work within businesses on technologically challenging research,” he says.

“We had a slightly higher uptake in the Technology for Industry Fellowships, which fund this type of work, with 185 Fellowships awarded during the year. The funding will rise from $3.5m to over $4.6m for the coming year and this represents a great opportunity for more companies to link with universities by engaging a student or researcher to work on a research and development project within the company.”

More information on Technology New Zealand at www.technz.co.nz

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