Creating opportunities for economic growth

A new research and development facility opened in Auckland today by Research, Science and Technology Minister Wayne Mapp highlights a vital element of the Government’s plan for economic growth.

Steel-frame export company FRAMECAD has moved into new premises in Glen Innes as it starts work on the first of several new R&D contracts with the Government-funded Materials Accelerator partnership of universities and Crown Research Institutes.

Dr Mapp said that the Government is committed to lifting New Zealand’s economic performance through research, science and technology.

“We are determined that the money invested in business R&D will create real growth opportunities,” Dr Mapp said.

“FRAMECAD is an excellent example of this. It had a growth rate of 25% in 2009 thanks to its approach to innovation through market-focused R&D.

“This was succinctly summed up by FRAMECAD Chief Executive Mark Taylor today, in pointing out that if R&D is market-led, it has a 90% chance of success; but if it is technology-led, it has a 90% chance of failure.

“FRAMECAD models the private investment in R&D we would like many more New Zealand firms to emulate,” he said.

Established with a $9.6 million investment by the Foundation for Research, Science and Technology in 2009, the Materials Accelerator partnership is led by the University of Auckland.

Dr Mapp said that the benefits flow through to other sectors because Materials Accelerator owns any intellectual property developed. Companies are freed from managing patents and can concentrate on getting their R&D to market.

“Discoveries made through R&D performed by a company in one sector can be used by New Zealand companies in other industries.

“Materials Accelerator provides a path for individual firms to develop their ideas, forge new markets, and back themselves to succeed,” he said.

ENDS

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