Callaghan Innovation has released the first new research and development growth grants to 31 hi-tech Kiwi firms. The grants were introduced in last year's Budget and replace Technology Development Grants, TechNZ Project Grants, TechNZ Capability Grants and Technology Transfer Vouchers.
The government has awarded more than $140 million to the companies over the next three years via its innovation arm.
The grants give firms 20 percent public co-funding for eligible R&D expenditure, limited to $5 million a year. After two years of funding, businesses can be granted a two year funding extension.
To qualify for a growth grant, a business needs to allocate $300,000 to R&D in New Zealand, at least 1.5 percent of revenue.
The companies awarded grants are:
Biodiscovery New Zealand
Fisher & Paykel Appliances
Fisher and Paykel Healthcare
Forest Genetics CellFor
Jade Software Corporation
Kakapo Research and Development
Magic Pulse (trading as Kitomba)
Vista Entertainment Solutions
Wynyard New Zealand
Idealog has been covering the most interesting people, businesses and issues from the fields of innovation, design, technology and urban development for over 12 years. And we're asking for your support so we can keep telling those stories, inspire more entrepreneurs to start their own businesses and keep pushing New Zealand forward. Give over $5 a month and you will not only be supporting New Zealand innovation, but you’ll also receive a print subscription, an Idealog t-shirt and a copy of the new book by David Downs and Dr. Michelle Dickinson, No. 8 Recharged (while stocks last).