NZbio welcomes $13 million budget boost

NZBio welcomes the announcement of a $13 million boost for the Pre Seed Accelerator Fund in Budget 2006.

“The commercialisation of research, particularly in the biotechnology sector, will play a key role in New Zealand’s economic transformation and long term sustainability, and considerable effort has been made by NZBio to ensure policy makers appreciate this,” NZBio’s CEO Brian Ward says.

“NZBio has been instrumental in bringing focus to this important area through our sustained efforts over the last two years to encourage the Ministry of Research Science & Technology (MoRST) to address commercialising proof of concept projects as a critical element of technology development.

“We have continued to emphasise its critical importance throughout MoRST’s Picking up the Pace initiative, and in subsequent meetings with officials and the Minister for Research Science & Technology, Steve Maharey.

“It is almost universally acknowledged that biotechnology will be an essential part of creating dynamic, knowledge-based economies that support the economic, environmental and social wellbeing of the entire population.

“Increased funding to commercialise early stage research projects is vital, to leverage investment in the science system, compete internationally and capture the benefits of the abundant pipeline of innovation in New Zealand.

“This budget builds on gains already made from boosting the Technology for Business Growth scheme and the creation of the Seed Co-Investment Fund. We are also encouraged by the announcement of an extra $60 million for the Government’s Venture Investment Fund, which is targeted at New Zealand firms with high growth potential.”

ENDS

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