Innovation for the future
Transitioning to a high-productivity, low-emissions economy will require industries to change. This means not only a change in behaviour but also an understanding about the sustainable use of resources and the promotion of investment and innovation.
One way of addressing this is through prioritising government investment in research and development (R&D) and ways to encourage innovation.
Budget 2019 allocates $106 million of operating funding over four years and $50.6 million capital into innovation, with initiatives to support businesses to become more productive and develop high-value, low-emissions products.
Minister for Research, Science and Innovation Megan Woods says start-ups are the ultimate champions of innovation that often introduce more radical, disruptive innovations than more established firms.
As part of this investment, the Wellbeing Budget provides $25.5 million over four years to help support, incubate and grow start-ups.
"Having sustained support will mean that innovators can more effectively commercialise science and research and turn ideas into products and services which can then be successfully brought to market," Megan Woods says.
The funding will help start-ups with more support for the Commercialisation Partner Network Fund. It will also provide additional support for the PreSeed Accelerator Fund and the scale-up of the Technology Incubator programme.
These initiatives support the target to invest two per cent of New Zealand's GDP into R&D by 2027.