Rt Hon John Key
Prime Minister
9 August 2010 Media Statement
Better businesses aim of PM's Business Scholarships

Prime Minister John Key today launched a pilot $1 million scholarship scheme to boost the capability of New Zealand businesses, particularly those with a focus on exporting.

The Prime Minister's Business Scholarships will allow people to apply for up to $110,000 to study at internationally-recognised business schools.

It is expected between 15 and 25 scholarships will be awarded annually with the exact number depending on the applications received. Recipients will be selected from a shortlist drawn up by the Prime Minister and the Economic Development Minister.

“Recipients will choose which business programme they attend, and will each get up to $110,000 to cover half of the costs of their course and direct expenses. Other costs are expected to be paid by the applicant or the nominating firm,” says Mr Key.

"The scheme is designed to complement the existing Prime Minister’s Science Prizes, which are helping raise the profile and prestige of science.

“We want the business scholarships to have a similar impact in the business world by providing senior managers and executives access to top overseas business programmes.

"The aim is to build the capability of our businesses and help make New Zealand more internationally competitive. It is expected that applicants would come from firms looking to export more,” says Mr Key.

Economic Development Minister Gerry Brownlee says while applicants could come from a wide variety of businesses, the Government hopes to see applicants from areas identified as high priority for the Government’s economic growth agenda, including dairy, food, high-value manufacturing and services, and petroleum and minerals.

“Successful applicants will need to show how they will benefit from the opportunity to develop their international business skills, the value they can add to their business, and that they have the full support of their employer.”

Funding for future years’ scholarships will be dependent on the outcomes of this year’s pilot.

For more information go to: http://www.med.govt.nz/prime_minister's_scholarships

Applications close on 19 September, and the inaugural awards are expected to be announced in December.

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Prime Minister’s business scholarships: questions and answers

Why are such scholarships needed?

The structure and size of New Zealand’s economy, our distance from markets, and a lack of large export-focused firms make it difficult for New Zealand managers to acquire the management skills they need to succeed in the globally-competitive marketplace. We must look for ways to increase the level and application of the management and leadership skills required to succeed in international markets.

What sort of courses might be funded?

The business scholarships could include a range of medium and short-term international business education programmes, from one to two-year full or part time executive MBA degrees, to shorter courses focusing on topics relevant to the needs of individuals and their firms. Education programmes focusing on the Asia-Pacific region will be preferred. This area offers the most potential for New Zealand to increase trade and build the networks and relationships that underpin exporting.

What will the selection criteria be?

To be eligible for a business scholarship, applicants will need to be New Zealand citizens or permanent residents and employed by a New Zealand-resident business.

Selection criteria will include the following:

• The applicant is working in a firm which is internationalising or intensifying the internationalisation of its business

• Course relevance. Applicants must provide evidence the study will enable them to improve their knowledge of management and international business, benefit their firm after completion of the course and expose the applicant to a learning environment unavailable in New Zealand

• The application is of a high quality and the applicant would be a worthy ambassador for New Zealand business

• Education programmes focusing on the Asia-Pacific region will be given preference

The full criteria and conditions can be found at: http://www.med.govt.nz/prime_minister's_scholarships

Who will be on the selection panel?

The three-person panel will have representatives from the Government and business sectors. They will review the scholarship applications and recommend a shortlist to the Prime Minister and the Minister for Economic Development for their final decision. Panel members will be appointed by the Minister for Economic Development and the Prime Minister from a short-list developed by the Ministry of Economic Development.

ENDS

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