Vend, Gameloft among new government growth grant recipients

Vend, Gameloft among new government growth grant recipients
Nineteen New Zealand tech businesses have been awarded $59 million over three years in R&D grants, including Vend, Gameloft, MEA Mobile and Weta Digital.

Nineteen New Zealand tech businesses have been awarded $59 million over three years in R&D grants, including Vend, Gameloft, MEA Mobile and Weta Digital.

R&D Growth Grants were introduced last year as an expansion of the previous Technology Development Grants, as part of changes to R&D funding designed to encourage more research and development to be undertaken by businesses in New Zealand. 

“This new funding follows last month’s announcement of more than $140 million over three years for the first 31 companies under the new grants scheme. So far $200 million has been awarded to 50 high tech companies," says science and innovation minister Steven Joyce.

They provide 20 percent public co-funding for qualifying firms’ eligible R&D expenditure, with an expanded cap of $5 million per annum - up from the previous scheme’s $2.4 million. After two years of funding, businesses can be granted a further two-year extension of funding by  Callaghan Innovation, Science and Innovation.

To qualify for a Growth Grant, a business needs to commit to spend at least $300,000, and at least 1.5 per cent of revenue, on R&D occurring in New Zealand. R&D Project Grants are available for smaller companies and those that are new to research and development, while incubator support programmes assist start-up businesses.

The latest companies to be awarded R&D Growth Grants are: