Start-up fund recipients announced
Science and Innovation Minister Steven Joyce today announced the successful recipients of the 2016 PreSeed Accelerator Fund.
“This fund supports the commercialisation of publicly funded research technologies to the point where new companies can be formed or the technology licensed or sold to existing businesses,” Mr Joyce says.
“The successful applicants are Auckland UniServices, Scion, KiwiNet, Otago Innovation, Massey University, and AgResearch. Each of these organisations will be funded to transform scientific discoveries into commercial products and services.”
Budget 2016 increased the Pre-Seed Accelerator fund in size from $14.9 million to $24.9 million over three years.
“This increase will enable research organisations to undertake more and larger commercialisation projects,” Mr Joyce says.
“The PreSeed Accelerator Fund is delivering impressive commercialisation outcomes. PreSeed Accelerator investment has so far resulted in revenues to research organisations in excess of $188 million, new jobs and new companies, and the potential for up to $3 billion in export earnings.”
PreSeed funding has been instrumental in creating companies and commercial products such as Aduro Biopolymers from the University of Waikato, ArcActive spun out from the University of Canterbury, CropLogic from Plant & Food Research, HaloIPT and PowerbyProxi spun out from the University of Auckland, the Ethylene Release Canister technology from Plant & Food Research, Forecaster DSS from Scion, Invert Robotics from the University of Canterbury, and the TOXINZ database developed by the University of Otago.
“Almost all of the public research organisations in New Zealand will have access to funding through this programme. This is a significant investment in the commercial returns from research, and I look forward to this round’s successful applicants leading further advances in commercialisation in New Zealand.”