Callaghan Innovation statement on Trends Publishing International Ltd
Callaghan Innovation has terminated a Research and Development Growth Grant awarded to Trends Publishing International
Ltd (Trends).
The grant was suspended on 17 December 2014, after concerns were raised over some of Trends’ R funding claims. The decision to terminate follows a thorough investigation including an independent review that found
Trends breached the terms of its funding agreement and was unable to demonstrate that amounts claimed against the grant
were for eligible R
Callaghan Innovation is now seeking full repayment of the funding it has paid to Trends ($382,911.97 incl GST).
Callaghan Innovation Chief Executive Mary Quin says, “It is important the public is confident government R funding is being managed in a responsible and robust way and that businesses know that the system designed to help them
innovate is being run transparently and fairly.”
About Growth Grants
Growth Grants are a non-discretionary R incentive programme which provides 20 per cent public co-funding for qualifying firms’ eligible R expenditure. They are designed to help lift the level of R carried out by businesses in New Zealand closer to that of our trading partners. To qualify businesses must:
· Have spent at least $300,000 on eligible R in each of the last two years
· Have spent at least 1.5 per cent of their revenue on R occurring in NZ over the last two years
· Be domiciled in New Zealand and maintain or increase their spending on R over the course of the funding.
· Have met financial and due diligence requirements
· Have provided a detailed R plan, including an estimate of R expenditures over the next three years.
There are also clawback provisions should a change occur in the R programme that reduces the benefit to New Zealand of Callaghan Innovation’s investment.
ends