This article was published on 2 October 2014
New Research and Development (R&D) Growth Grants expected to be worth more than $32m over three years have been awarded to another 22 high tech companies by Callaghan Innovation, Science and Innovation Minister Steven Joyce announced today.
“These grants are helping a large number of innovative companies that produce world-leading, high-value products and high-quality jobs for New Zealanders to invest even more in innovation, boost growth and increase exports,” Mr Joyce says.
R&D Growth Grants provide 20 per cent public co-funding for qualifying firms’ eligible R&D expenditure, with an expanded cap of $5 million a year - up from the previous scheme’s $2.4 million.
Growth Grants are determined on an objective basis by application to Callaghan Innovation. To qualify for a Growth Grant, a business needs to commit to spend at least $300,000, and at least 1.5 per cent of revenue per year on quality R&D occurring in New Zealand. The Grants are for three years, but after two years, businesses can be granted a further two-year extension of funding.
The latest companies to be approved for R&D Growth Grants are involved in a wide range of industries, from aviation and audio to horticulture and online travel software.
- Atlantis Healthcare Group Ltd
- Buckley Systems Limited
- Core Technology
- CRV Limited
- Cubic Defence New Zealand Limited
- Escea Ltd
- GeoOp Limited
- Kahne Ltd
- NEC New Zealand Limited
- Pacific Aerospace Limited
- Phitek Systems Limited
- Plant Research (NZ) Limited
- PQ Blackwell Licensing Limited
- RJ Hill Laboratories Limited
- Serato Inc LP
- Serko Limited
- Silverstripe Limited
- The Tarn Group Limited
- Technopak Limited
- Telogis Limited
- Vadacom Limited
- Vital Foods Processors Limited
These latest grants mean 110 high tech companies have been awarded Growth Grants worth an estimated $292 million (excl. GST) over three years since the grants were introduced last year.
Callaghan Innovation also operates R&D Project grants for smaller companies and those that are new to research and development, and R&D Student grants to give graduates the opportunity to work in innovative companies.Since February last year, Callaghan Innovation has approved funding across all three programmes for 832 different hi-tech companies.
The Callaghan Innovation R&D grants system was announced in Budget 2013, replacing and expanding an earlier programme.A total of $566 million is available over four years to encourage the development of a strong R&D ecosystem in the New Zealand economy, and support the development of industries such as ICT and hi-tech manufacturing.