A new partnership agreement providing the University of Auckland access to a share of more than $215 million in funding will support further commercialisation of innovative Kiwi research, says Science and Innovation Minister Paul Goldsmith.
The University of Auckland and the IP Group, alongside eight Australian universities, signed the commercialisation agreement today in Canberra. The partnership will provide the universities with access to over NZ$215 million of venture funding and in return, the IP Group will have right of first refusal for all arising commercialisation opportunities.
“This partnership will give New Zealand scientists and researchers access to vital capital that will help develop young, technology-intensive ventures arising from university-led research to take their products and ideas to the world,” says Mr Goldsmith.
“The capital available through this partnership is a significant boost for the early-stage investment ecosystem in New Zealand, and the University of Auckland will be able to leverage IP Group’s global network to access resources, knowledge, and technology - which is just as valuable for young start-up companies.
“I look forward to seeing the exciting work this collaboration delivers. This type of partnership should be seen as a shining example for other Kiwi research organisations that are looking to finance their commercialisation opportunities.”
“The Government has consistently invested in high-quality, high-impact research, and that has continued in Budget 2017 with investments in both the Endeavour Fund, and the Performance-Based Research Fund.
“This collaboration will drive further research commercialisation, allowing the investments made by the Government to deliver additional benefits for Kiwi businesses and the New Zealand economy,” says Mr Goldsmith.
More information can be found HERE.