Science and Innovation Minister Paul Goldsmith has announced an additional $74.6 million in funding through the Innovative New Zealand programme in Budget 2017 to meet the growing demand for Callaghan Innovation’s research and development Growth Grants.
The additional funding means a total of $657.2 million is now available over four years through the Growth Grants programme.
The new funding follows on from the $761.4 million investment in Budget 2016 through the Innovative New Zealand package and continuing investment in science and innovation over recent years.
New data released earlier this year by Statistics New Zealand showed a significant increase in the sums Kiwi companies are spending on R&D. In the two years to 2016 business R&D increased by 29 per cent and Callaghan Innovation grant recipients increased their own R&D spending by 46 per cent.
Growth Grants were designed to provide a predictable, rules-based platform for businesses to increase their investment in R&D and encourages the development of a strong business R&D ecosystem in New Zealand.