Finalists chosen for $1 million R&D competition

Media Release

18 June 2009

Finalists chosen for $1 million R&D competition

The judging panel for Industrial Research Ltd’s (IRL) R&D competition What’s Your Problem New Zealand? has chosen ten finalists from a field of more than 100 entries.

The competition seeks to raise the profile of R&D and encourage New Zealand firms to improve long term productivity and profitability through increased R&D investment.  The winning entry will be awarded up to $1 million in R&D services from IRL.

The ten finalists are Dynamic Controls, Fisher & Paykel Appliances, Glidepath, Gallagher Group, Group3 Technology, Mars Petcare NZ, Pacific Edge Biotechnology, PowerShield, Pultron Composites and Resene Paints.

The finalists represent a wide range of sectors and company sizes and closely mirror the diversity of New Zealand industry.

“To have this number of entries in a country with a small population like New Zealand shows there are many companies out there who realise the true value of R&D,” says IRL Chief Executive Shaun Coffey.

Competition entries represented the materials science,  agriculture, biotechnology and bio-manufacturing, building and construction, ICT, energy, food and beverage, and manufacturing sectors.

Shaun Coffey says the level of interest in the competition shows that despite challenging market conditions, many New Zealand businesses have their sights set firmly on a brighter future.

“Despite New Zealand’s wealth of talent in science and technology, our private sector lags behind most of our trading partners in terms of equivalent R&D investment. Companies like Fisher & Paykel Healthcare have shown that effective R&D investment can make it  possible to prosper regardless of market conditions.

“The premise of this competition is to raise the profile of R&D in New Zealand. While there will only be one winner, IRL will be working with all of the finalists to explore potential collaborations,” says Shaun Coffey.

He says at least half of the entries provide immediate potential for collaboration with IRL in the near future, while IRL would either seek more information or refer the remainder to other R&D organisations that may be a better fit.

Competition Chief Judge and President of the Royal Society of New Zealand  Dr Garth Carnaby says the proposals from all ten finalists show significant potential for a scientific contribution to their commercial development.  

“The competition promises to open up direct interaction between the needs of industry and the minds of the individual researchers at IRL in a fresh way which has hitherto not been resourced with significant intensity. It is this direct response of scientists learning of these unmet needs of industry which can spur invention and competitive advantage for companies,” he says.

The finalists will be required to complete a Stage 2 application form in consultation with IRL science and commercialisation experts to determine a potential winning solution to their problem. The judging panel, which includes a biotechnology entrepreneur as well as market development, commercialisation, investment, intellectual property and science specialists, will assess the entries and choose a competition winner in August. 

 
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