Hon Dr Wayne Mapp
Minister of Science and Innovation
16 March 2011

The door is open for innovative businesses in the high value manufacturing and services sector to apply for a share of over $48m in research and development funding.

Science and Innovation Minister Wayne Mapp says the Government is backing R&D-savvy businesses through the 2011 funding round of the Technology Development Grant, introduced in Budget 2010.

“The Technology Development Grant supports businesses that put R&D at the heart of their business.

“This funding follows the largest investment the Government has ever made in business R&D. In December last year, 26 businesses received a grant for their research and development (R&D) programmes, worth up to $92.6m over four years.

“We want to see many more businesses making significant investments in R&D. Being smart and innovative is the key to economic growth,” Dr Mapp said today.

“The successful applicants will have proven themselves in their markets through innovative products and processes. We want to ensure they continue to do that,” he said.

The funding will be allocated using a competitive process administered by the Ministry of Science and Innovation. Businesses can register their interest in the grant until 31 March.

The grant supports 20 per cent of a business’s R&D programme and is capped at $2.4m per business per year, for three years.

The Technology Development Grant was announced in the 2010 Budget as part of a package to increase the investment businesses make in R&D. Over four years, $189.5m is available.

Businesses that want to register their interest should go to www.msi.govt.nz. Eligibility criteria apply.

ENDS

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