New Research and Development (R&D) Growth Grants expected to be worth more than $32 million over three years have been awarded to another 22 high tech companies by Callaghan Innovation, Science and Innovation Minister Steven Joyce announced today.
“These grants are helping a large number of innovative companies that produce world-leading, high-value products and high-quality jobs for New Zealanders to invest even more in innovation, boost growth and increase exports,” Mr Joyce says.
R&D Growth Grants provide 20 per cent public co-funding for qualifying firms’ eligible R&D expenditure, with an expanded cap of $5 million a year - up from the previous scheme’s $2.4 million.
Growth Grants are determined on an objective basis by application to Callaghan 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 per year on quality R&D occurring in New Zealand. The Grants are for three years, but after two years, businesses can be granted a further two-year extension of funding.