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Start-ups get budget funding boost

NZ NewswireNZ Newswire 15/05/2016

Kiwi start-ups are in for an extra $15 million of funding as the government looks to promote more high-tech exports.

The money, spread over four years, will go towards boosting two schemes aimed at speeding up the commercialisation of research and tech companies, Science and Innovation Minister Steven Joyce has announced.

The Pre-Seed Accelerator Fund, which helps scientists turn research in commercial products, will get $12 million of the sum, taking its total annual funding to about $8m a year.

The other $3m will be spent on extending a three-year pilot programme to fund new accelerators.

"Making the most of some of the excellent ideas that emerge every day from our scientists and researchers is vital for growing a more high-tech, diverse New Zealand," Mr Joyce said.

He said Pre-Seed projects were estimated to have generated $188.2m in revenue and were estimated to have a potential export value $3 billion.

Statistics New Zealand figures for 2015 found business spending on R&D had grown by more than 15 per cent in 12 months.

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