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Investment Funds 2004/05
Citation preview
Presentation to Royal Society of
New Zealand
Peter Benfell23 June 2004
Crown Entity
Current investments $465m p.a.
75 staff
Objective:
“Invest in innovation for NZ’s future”
- economic, environmental, social- also knowledge (underpinning)
What is the Foundation?
Investment Funds 2004/05
New Economy Research Fund15.1%
Research for Industry40.4%
Environmental Research20.3%
Consortia3.7%
Pre-seed Fund1.0%
Technology NZ8.7%
Supporting Promising Individuals
1.6%
Non-Specific Output Funding7.0%
Social Research1.4%
Maori Knowledge & Development Research
0.6%
International Investment Opportunities Fund
0.3%Public Good Science & Technology $m New Economy Research Fund 70.4 Research for Industry 187.8 Environmental Research 94.4 Social Research 6.6 Maori Knowledge & Development Research 2.7 Non-Specific Output Funding 32.4 Research Consortia 17.1 411.4 Other Funds Pre-seed Fund 4.8 Technology NZ 40.4 Supporting Promising Individuals 7.4 International Investment Opportunities Fund 1.4 Total 465.4
19 Portfolios
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
SEG INF MAN NBP NSU PQA RIC SPS SER PRU RPM FHT NPT NZT GLO ECO SCS SRU BIS
Portfolio
$ 20
03/0
4 ($
000'
s)
RFI MKDOC NERF ENV SOC
SEG Sustainable Economic Growth RPM Rangahau Putaiao Maori
INF Innovative Foods FHT Future Human Technologies
MAN Manufacturing Processes, Products & Materials NPT New Physical Technologies
NBP Niche Biological Products & Services NZT Technologies to Leverage NZ’s Strengths
NSU Networks, Structures & Utilities GLO Global Environmental & Earth Processes Change
PQA Primary Production, Quality & Assurance ECO Resilient, Functioning and Restored Natural Ecosystems
RIC Resilient Infrastructure & communities SCS Building Sustainable Cities & Settlements
SPS Sustainable Productive Systems SRU Maintaining Environmental Integrity for Sustainable Resource Use
SER Building Knowledge-Intensive Service Industries BIS Building an Inclusive Society
PRU Optimising Use of Physical Resources
New Economy Research Fund
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
$40,000,000
$45,000,000
$ Amount
2002 $1,426,611 $36,250,970 $15,328,662 $4,337,544 $473,134
2003 $374,031 $41,856,658 $18,099,461 $4,088,672 $315,250
Basic Untargetted Basic Targetted AppliedExperimental Development
Product Development
Research for Industry
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
$90,000,000
$100,000,000
$ Amount
2002 $3,328,658 $75,697,080 $65,254,560 $21,985,353 $7,055,074
2003 $1,034,300 $66,538,255 $93,224,757 $17,395,935 $4,143,371
Basic Untargetted Basic Targetted AppliedExperimental Development
Product Development
Range of Providers
AgResearch
NIWA
IRL
HortResearch
LandcareResearchCrop & Food
ForestResearch
GNS
ESR
Other Universities
University of Auckland
Research Associations
Private (incl Consortia)
New Zealand investment in R&D
NZ investment 2002 - $1.42B
• 1.13% of GDP
Private sector - $524M
• 0.42% of GDP
OECD average business investment in R&D• 1.5% of GDP
Challenge
How to get the same outcomes from predominantly public funded R&D system that other countries achieve from a predominantly private funded one!
(across economic, environmental and social objectives)
“FRST must improve its measurable returns to NZ from its investments”
Why?
• future Government investment in science
- make it easy for the politicians
• increase private sector and international investment
• be able to better reward our scientists
- retention
- attraction
Co-funding of our investments
Seek co-investment in all types of funds
Technology NZ
New initiatives•Research consortia•Pre-seed•Outcome-based investments•International Investment Opportunities Fund
Co-funding of our research investments
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
$350,000,000
$400,000,000
2002/03 2003/04
Total $ Allocation Cofunding $ (Direct and Related)
Research Consortia
User-led joint ventures
Leveraging new funding from private sector
Foundation funds up to 50%
Seven established with another 6 likely in next 12 months
• Private sector investment - $25m pa
New fund of $5m per annum
Foundation invests in public sector research organisations to assist projects through
“valley of death”
To get projects more ready for private investment and further commercialisation
Pre-seed Fund
Technology NZ
Invest in private sector companies to enhance technological capability
Usually 50/50 co-funding
Foundation investment of $50m pa
Outcome focused
Longer term, 6-12 years
Providers determine the projects
User engagement and commitment
Performance monitored
To be piloted in Ecosystems portfolio
Outcome based investments
New fund, $3m in 2004/05, then $4m, $5m
Enable NZ researchers to respond to international collaboration opportunities arising out-of-cycle
Assist top researchers to re-locate to NZ
International Investment Opportunities fund