Joyce announces $15 mln extra funding for science and tech commercialisation

Monday 16th May 2016

Science and Innovation Minister Steven Joyce has announced an extra $15 million in funding for commercialisation of scientific research and supporting start-up companies.

Of that sum, $12 million will go to the Pre-Seed Accelerator Fund, taking the government's investment to $8.3 million per year over four years, while $3 million will go to Callaghan Innovation's Accelerator programmes after their successful three-year pilot.

Joyce said the funding, which has been announced ahead of the full 2016 Budget release next Thursday, was vital to support scientists and researchers and develop New Zealand's economy.

“Encouraging the development of new export-oriented high-tech businesses is a key part of the innovation stream of the Government’s Business Growth Agenda,” Joyce said. “We are seeing hundreds of very savvy hi-tech companies from New Zealand now competing and succeeding on the world stage. These programmes are all about filling the pipeline with the next generation of quality kiwi start-ups.”

The Accelerator Fund, which supports scientists to turn their research into commercial products, spreads funding over five organisations who then allocate funding to specific projects. Joyce said a recent evaluation estimated projects supported by the fund have generated $188.2 million in revenue since 2003, and had the potential to generate export revenues of up to $3 billion. That evaluation showed 573 projects, from biodegradable polymers to advanced sonar technologies for scanning the seabed, had received $42.6 million in government pre-seed investment.

The Accelerator Programme, run by Callaghan Innovation through the Lightning Lab, supports digital start-ups. Joyce said the positive results from participants in the pilot was behind the government's decision to extend the funding.

(BusinessDesk receives assistance from Callaghan Innovation to cover the commercialisation of innovation)

BusinessDesk.co.nz

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