Government PreSeed investment
WELLINGTON, NZ – 8 October 2015 – An independent review released today on the impact of the first ten years of the Ministry for Business, Innovation and Employment (MBIE) PreSeed Accelerator Fund shows more publicly funded science discoveries are getting to market after a decade of Government PreSeed investment. The review was released jointly by KiwiNet, Return On Science and CDC Innovation, all members of MBIE’s Commercialisation Partner Network.
The review of PreSeed investment into fifteen universities and crown research institutes from 2003 to 2013 showed 573 projects, from biodegradable polymers to advanced sonar technologies for scanning the seabed, had received $42.6 million in Government PreSeed investment. This was matched with a further $90.9 million of co-funding from research organisations and external investors.
The 573 projects reviewed resulted in more than 386 licenses, numerous start-ups, and other commercial deals that have the estimated potential to generate at least 460 jobs and up to $3.0 billion in export revenues for New Zealand. The report states that the actual returns to the research organisations alone have already reached $188.2 million, with many more projects still in development.
Dr Bram Smith, General Manager of KiwiNet, a consortium of 15 universities and crown research institutes and agencies working together to turn research ideas into commercial value says, “MBIE’s PreSeed investment has been a key mechanism for transforming clever science discoveries into commercial opportunities. PreSeed is about science driving business innovation, and the report shows that Government investment in this area is producing good economic returns for New Zealand.”
Hon Pete Hodgson, CEO of Otago Innovation says, “A return of over four times the Government PreSeed contribution was reported over the first decade. Importantly this return has enabled further investment into research and commercialisation projects which is extremely encouraging.”
Duncan Mackintosh, CEO of WaikatoLink, the commercial arm of the University of Waikato comments, “Getting research to an investor ready stage is very often a long term process. It’s encouraging to see PreSeed investment and the increasingly collaborative efforts of research organisations delivering results. Momentum is really building and we’re seeing more successful projects being supported by the private sector at an earlier stage and significantly more market uptake and success.”
A copy of the PreSeed Accelerator Outcomes 10 Year Review can be downloaded from https://www.kiwinet.org.nz/Investment/PreSeed10YearReview