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More than $140 million has been earmarked to go to 31 New Zealand tech companies in research and development grants.
Science and Innovation Minister Steven Joyce yesterday named companies awarded R&D growth grants from Callaghan Innovation, the Government's high-tech development body set up in 2012.
Recipients include NZX-listed companies Rakon, Scott Technology and a company owned by Wynyard Group.
The grants provide a 20 per cent contribution to a firm's annual R&D spend, capped at $5 million a year.
To qualify for the grants, businesses need to commit to spend at least $300,000 and 1.5 per cent of revenue on New Zealand research & development.
The grants last for three years and after two years of receiving funding, a firm can apply for a two-year extension to the assistance.
Biodiscovery New Zealand
Fisher & Paykel Appliances
Fisher and Paykel Healthcare
Forest Genetics CellFor
HSAGlobal (formerly Healthphone Solutions)
Jade Software Corporation
Kakapo research and development
Magic Pulse (trading as Kitomba)
Simcro (formerly SimcroTech)
Vista Entertainment Solutions
- Hamish Fletcher of the New Zealand Herald