The Government has announced new criteria for business R&D grants that will allow more Kiwi businesses to access more than half a billion dollars’ worth of R&D funding assistance.
The new Callaghan Innovation grants – R&D Growth Grants, R&D Project Grants, and R&D Students Grants – were announced in Budget 2013.
Budget increases of $98 million mean that a total of $566 million is now available over four years ($141.5 million a year) to encourage innovation through Callaghan Innovation’s business research and development grant schemes.
“Business innovation is crucial for New Zealand companies to be internationally competitive,” Science and Innovation Minister Steven Joyce says.
“Our most successful exporters are generally the most innovative and these new grants will mean more Kiwi firms will be eligible allowing them to invest more in R&D so they can compete more effectively in overseas markets.”
The new grants replace the previous Technology Development Grants, TechNZ Project Grants, TechNZ Capability Grants, and Technology Transfer Vouchers.
“When the Government reviewed the schemes in 2012, businesses asked us for a simpler approach that provided greater certainty. The revised grant schemes respond to this,” Mr Joyce says.
“A condition of the grants will be that businesses will be expected to return some or all grant funding if they enter into a contract or arrangement – including change of ownership – that materially reduces their R&D activity in New Zealand,” Mr Joyce says.
“The increased government expenditure in business R&D will help incentivise real progress towards the Government’s goal of business R&D expenditure reaching 1 per cent of GDP.”
The criteria, which give effect to the changes, will be gazetted next week.
They can be examined here.