Story image

$80m boost for NZ R&D funding announced

14 Apr 2015

Steven Joyce, Science and Innovation Minister, has announced an $80 million boost for R&D funding in New Zealand as part of the Budget 2015.

The $80m is part of the Callaghan Innovation funding and will be invested by the government over the next four years.

The growth grants are aimed at Kiwi companies and are designed to expand New Zealand’s R&D ecosystem.

Joyce says, “The new funding is equivalent to a 14% increase in Callaghan Innovation’s total annual R&D grants budget and adds to the $566m committed over four years for R&D grants in Budget 2013.

“New Zealand businesses have responded positively to this initiative, with 152 hi-tech companies so far awarded growth grants of up to $356 million.

“That will in turn support business spend on R&D of up to $1.5 billion over three years."

“This is a crucial part of our efforts to boost levels of private R&D spend in New Zealand and lift innovation.

“A strong emphasis on R&D helps to diversify and strengthen the New Zealand economy and ensure New Zealand companies remain competitive internationally.

“That in turn helps lift New Zealand’s export revenues, job numbers, and the incomes of Kiwi families,” he says.

A range of industries are demonstrating increased R&D activity, according to Joyce, with the top two industries by grant value in 2013/14 manufacturing at 54%, and information and communications technology at 23%.

Growth grants meet 20% of the cost of an eligible firm’s R&D programme.

To qualify, a business must commit to spending at least $300,000, and at least 1.5% of revenue, a year on R&D occurring in New Zealand.

The growth grants are one of a suite of business innovation services provided through Callaghan Innovation, which include R&D Project Grants for smaller companies and those new to R&D, and R&D Student Grants that give graduates the opportunity to work in innovative companies.

The government’s total investment in science will amount to almost $1.5 billion in 2015/16 – a 70% increase in eight years.

Need the perfect flatmate? AI can help
A Kiwi entrepreneur has developed a flatmate-finding service called Mogeo, which is an algorithm that matches people to the perfect flatmates.
GoCardless to double A/NZ team by end of year
With a successful E round of investment and continuing organic growth globally, the debit network platform company aims to expand its local presence.
NZ’s Maori innovators are on the rise
“More iwi investors need to recognise that these sectors will provide the high-value jobs our children need."
Phone ringing? This biohack wants you to bite down and ChewIt
So your phone’s ringing, but instead of swiping right or pushing a Bluetooth button you bite down on a tiny piece of tech that sits in your mouth.
How big data can revolutionise NZ’s hospitals
Miya Precision is being used across 17 wards and the emergency department at Palmerston North Hospital.
Time's up, tax dodgers: Multinational tech firms may soon pay their dues
Multinational tech and digital services firms may no longer have a free tax pass to operate in New Zealand. 
Spark’s new IoT network reaches 98% of New Zealand
Spark is the first company to confirm the nationwide completion of a Cat-M1 network in New Zealand.
WhatsApp users warned to change voicemail PINs
Attackers are allegedly gaining access to users’ WhatsApp accounts by using the default voicemail PIN to access voice authentication codes.