The Government is inviting applications from Kiwi businesses for the 2012 Technology Development Grant with $45m available for investments.

Applications for the flagship investment programme, aimed to boost research and development in businesses, is now open for companies across the country seeking funding.

Government reports says $45m over three years is available for innovative, high-tech businesses to help speed up the development of innovative products and services and get them to market faster.

“Science and innovation are key drivers of economic growth and this multimillion-dollar boost by way of R&D co-funding backs businesses that are committed to research and development,” says Science and Innovation Minister Hon Steven Joyce.

“Our leading high-tech businesses need to maintain their competitive edge in global markets, especially in tough world economic times.

“This programme helps to take some of the risk out of R&D and encourages businesses to reach for more ambitious R&D goals.”

The Technology Development Grant is one of the programmes announced in Budget 2010 to boost business R&D.

The grants are valued at 20 % of the R&D spend of each business, up to a maximum of $2.4m per year for three years.

So far 42 businesses have received a Technology Development Grant with a total worth of $148 million.

The TechNZ suite of business R&D programmes includes Technology Development Grants, TechNZ Projects, TechNZ Capabilities and the Technology Transfer Voucher, totalling $115mper year.

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