There are several options available to businesses by way of funding and support for research and development projects.
TechNZ is the Foundation for Research, Science and Technology’s business investment programme. Through TechNZ, up to NZ$50 million per annum is available to businesses to discover and develop new technologies and build people’s skills and knowledge to carry out leading edge research and development (R&D).
Venture Hawkes Bay -Hawkes Bays Regional Development Agency are part of the regional partner network which provides fast, accessible research and development advice and funding to local businesses undertaking early stage or small R&D projects up to NZ$60,000.
Venture Hawkes Bay can also provide capability funding to encourage businesses to develop their R&D skills and related business practices. Capability investments support a broad range of activities to help companies innovate and grow.
TechNZ and Venture Hawkes Bay are focused on growing the number of world-class New Zealand companies through innovative technology.
Investments are targeted at sectors of the economy with strong growth potential, and at high growth companies that are exporting or moving towards exporting. Companies that support and supply the export sector are also an investment target.
Priority sectors for TechNZ investments are:
• Specialised Manufacturing
• Food and Beverage
• Biotechnology
• Information and Communication Technologies
TechNZ is keen to grow its investment in these sectors so the Hawkes Bay primary industries, food and beverage and associated engineering sectors are ideally placed to take advantage of funding for developing new technologies, products and novel solutions.
TechNZ Investments
TechNZ investments are broadly made in two areas – technology and skills:
• Technology investments provide co-funding to develop new products, processes and services
• Skills investments provide funding and expert advice to improve technical knowledge and the ability to undertake R&D
Technology investments allow businesses to undertake more ambitious R&D projects and to complete them faster, shortening the time it takes to get new products and services to market.
TechNZ Partners
At Venture Hawkes Bay we can provide access to the following :
Kick Start R&D
Funding, under $5000, is commonly used to remove roadblocks and to stimulate R&D activities by involving experts outside the company in the project. Funding is for external costs only.
Examples could include;
• Developing and reviewing project plans, technical feasibility, mentoring, milestone review
• Product validation, advice on gaining regulatory approval
• Commercialisation expertise; identifying customer requirements
• Initial IP advice; e.g. freedom to operate (FTO). This funding may lead to the company patenting its technology.
Drive Innovation
Funding between $5000 and $30,000 opens up other opportunities, including;
• Experts working with companies; technical, intellectual property, assessing opportunities, etc.
• A small R&D project. The goal is to grow a company’s ability to do structured R&D projects involving outside experts.
• Employ a senior (final year) undergraduate student to do a R&D project in the company, usually as their final year project.
• Involve a master’s student in business R&D or PhD.
Other types of projects can be supported; funding to accelerate projects over $60,000 is available and businesses can access the Global Expert programmes which enables businesses to source international expertise. Venture Hawkes Bay can advise on this.
Eligibility Criteria
TechNZ assistance is provided to help companies underatke R&D projects which involve significant technical challenges with a strong export focus. It is not avaialble for "business as usual" activities.
To receive TechNZ investments, companies need:
• to be registered for GST
• a desire to grow, demonstrated by a clearly articulated idea and vision
• to identify the resources in terms of the money and manpower required to achieve the vision
• to demonstrate a clear and present need for the removal of early stage R&D barriers where external input will make a difference
• to be prepared to invest in and exploit external advice & expertise
TechNZ investments are provided on a co-funding basis. This means that TechNZ contributes up to half the project costs, while you contribute the rest (funding is on a reimbursement basis).
Want to know more? Check out the TechNZ website or contact Venture Hawkes Bay on 06 834 1918 or email now