The company one of the first recipients of the Government Technology Development Grants allocated on behalf of the New Zealand government by newly-created crown entity Callaghan Innovation, bagging $2.65m in funding.

At the launch of Callahan Innovation on 1 February this year, Science and Innovation Minister Steven Joyce said, “Callaghan Innovation will accelerate the commercialisation of New Zealand innovation, it will be a one-stop shop for business innovation support whether it be in science, engineering, design or technology. It will be a high-tech HQ for New Zealand businesses.”

Callaghan Innovation brings together the former crown research institute IRL, MBIE’s business investments team, the Auckland Foodbowl, and NZTE’s Lean Manufacturing programme. Its role, which hasn’t previously existed in New Zealand, is to develop a range of new functions and services to encourage innovation and higher value products and services. It also manages a $115m a-year portfolio of government funding and grants to support business innovation and capability building, of which the Technology Development Grants form a part.

The Technology Development Grants support firms with a good track record in R&D that spend a significant proportion of their revenue on research and development (R&D). The grant reimburses 20 percent of eligible R&D expenditure on a business’s R&D programme, up to $2.4 million (excl GST) a year.

Joyce says the grants go to business that have “a strong history of investment in research and development”.

Greentree’s CEO, Peter Dickinson says, “We’re truly stoked to have our track record for internationally-leading research & development recognised, as one of the first recipients of the Government Technology Development Grants.

“In the end, the strength of our case proved to be a winner, and as a result, our research programme will be stepped up another notch. Our R&D programme is huge and always expanding, and this grant will definitely help.”

Joyce adds, “The successful commercialisation of innovative ideas is critical to the success of the New Zealand economy.

Some of our most successful businesses in recent times have been the most innovative ones. We need more innovative businesses to compete successfully on the global stage.”

The following companies have been awarded funding in the 2012 Technology Development Grants round:

• AFT Pharmaceuticals Ltd ($3.85 million)
• CWF Hamilton & Co Ltd ($2.48 million)
• Fusion Transactive Ltd ($3.25 million)
• Greentree International Ltd ($2.65 million)
• Livestock Improvement Corp Ltd ($6.46 million)
• Methven Ltd ($2.32 million)
• Teknatool International ($0.63 million)
• Tru-Test Ltd ($3.95 million)

FOR MORE INFORMATION

Greentree Australia
W: www.greentree.com
E: graham.hill@greentree.com
T: 1800 000 737

Greentree New Zealand
W: www.greentree.com
E: graham.hill@greentree.com
T: 0800 313 313