News: 29 July 08
TechNZ revamped to beef up business R&D
TechNZ, a leading funder of New Zealand business research and development, has been revamped to improve its services, target its support to high-growth companies and align it with the Government’s new R&D tax credit.
Established a decade ago, TechNZ is the business investment programme of the Foundation for Research, Science and Technology. It puts $50 million a year into cutting edge research and development by New Zealand companies, targeting key sectors of the economy with strong growth potential including specialised manufacturing, information technology, biotechnology and food and beverages.
The existing TechNZ programmes are being merged into two distinct areas:
Established a decade ago, TechNZ is the business investment programme of the Foundation for Research, Science and Technology. It puts $50 million a year into cutting edge research and development by New Zealand companies, targeting key sectors of the economy with strong growth potential including specialised manufacturing, information technology, biotechnology and food and beverages.
The existing TechNZ programmes are being merged into two distinct areas:
- Targeted technology investments to support firms to do high-risk advanced R&D they could not manage with their own resources alone.
- Skills funding to support the development of people and skills through engaging mentors, experts, employing young scientists and researchers and accessing technical skill development.
A network of TechNZ regional partners is being been created to work with businesses undertaking early stage or small R&D projects.
Foundation Chief Executive Murray Bain says the revamp follows extensive consultation with businesses and will also see the process of applying for TechNZ support streamlined, making it easier to use.
“During the past 10 years, TechNZ has invested more than $444 million across 4,500 companies in a total of 9,130 applications,” Murray Bain said.
“But business has been telling us they were concerned there were too many schemes and they could be easier to access, so we have made significant changes to make our investment processes simpler and clearer.
“The introduction on April 1 of the 15 per cent tax credit for qualifying private sector research and development was a further impetus for upgrading TechNZ, to bring it into line with the tax credit so businesses undertaking high-end R&D will get the most benefits.”
The new Regional Technology Partners Network will provide technical mentoring and access to technical services. These partners will mostly be local economic development agencies.
Larger TechNZ investment applications will continue to be made through the Foundation’s TechNZ business managers based in Auckland, Hamilton, Wellington and Christchurch.
Murray Bain says it will also be easier for businesses to work with both TechNZ and New Zealand Trade and Enterprise.
“Trade and Enterprise provides market knowledge and access to markets, while TechNZ funds the innovative research being done by companies to the stage where their products are ready to go to market.
“While the results of TechNZ investments have been very good, we are determined to make the programme work even better to deliver more of the leading research, development, technologies and products New Zealand needs to maintain and improve our place in this highly competitive world.”
The revamped TechNZ was launched by Research, Science and Technology Minister Pete Hodgson at the Aotea Centre in Auckland on Tuesday 29 July.
See the Events page for more.