$250m in grants for R&D

Hundreds of businesses stand to benefit from $250 million in research and innovation grants over the next four years. Research, Science and Innovation Minister Megan Woods announced the funding yesterday at the inaugural Electrify Aotearoa women founders conference in Christchurch, saying the money would help with the high costs associated with research and development (R&D). Grants totalling $90m will assist about 400 businesses get into R&D for the first time, supporting them to take advantage of the existing R&D tax incentive, which has approved $118m-plus in tax credits for more than 1500 businesses. The Arohia innovation trailblazer grant will make $155m available for activities that do not fall within the definition of R&D.