Eight New Zealand high-tech companies have received over $25 million in Technology Development Grants (TDG) from the government, the first handed out by Callaghan Innovation which began operation in February.
The Ministry of Business, Innovation and Employment says the chosen Kiwi businesses have pedigree in research and development investment.
Science and Innovation minister Steven Joyce says turning research into business is critical for the success of New Zealand's technology sector and the economy in general. These grants encourage a focus on research and development within the country, he adds.
“The successful commercialisation of innovative ideas is critical to the success of the New Zealand economy. Some of our most successful businesses in recent times have been the most innovative ones. We need more innovative businesses to compete successfully on the global stage,” says Joyce.
The TDG grant is 20 percent of the business' total R&D spend, up to a maximum of $2.4 million per year over three years.
Fifty businesses have received grants through the scheme, totalling over $170 million in funding.
The eight TDG recipients:
Livestock Improvement Corporation ($6.46 million)
LIC produces technology and software for managing livestock, with a particular focus on the dairy industry.
Tru-Test ($3.95 million)
Dairy product testing and weighing tools.
AFT Pharmaceuticals ($3.85 million)
Produces over the counter and prescription medicine, including Maxigesic.
Fusion Transactive ($3.25 million)
Manufactures retail technology for petrol stations, including at-the-pump point-of-sale devices.
Greentree International ($2.65 million)
Develops business software ranging from financial management suites to supply chain.
CWF Hamilton ($2.48 million)
Which produces marine jet propulsion technology, including the Hamilton Jet.
Methven ($2.32 million)
Plumbing and kitchen ware manufacturer, with a focus on eco-friendly luxury units.
Teknatool International ($0.63 million)
Engineering and machinery manufacturer. Distributes in over 15 countries.