$55 million poured into innovation

By KEVIN TAYLOR

The Government's economic transformation plans got a $55 million boost in the Budget for growth and innovation.

Over the next four years $244 million in spending is planned in many areas, including:

* A total of $15.6 million over four years to boost the use of new technology by businesses through the Technology for Business Growth scheme.

* "Tens of millions" of dollars to give broadband internet access to rural communities, with telecommunication suppliers being asked to tender for the work.

* About $25 million over four years will be allocated for research projects. The Foundation for Research, Science and Technology will seek proposals from firms and science providers.

* $1 million annually to support business clusters. The money builds on a successful pilot run by Industry New Zealand.

Initiatives previously announced:

* $2 million this financial year for the Fast Forward programme, a network of regional case managers to help firms which have high growth potential.

* A one-off $320,000 for the Business in the Community and Company Rebuilders programmes.

* A contestable fund of $1 million this financial year and $2 million for each of the next two years to encourage polytechnics to contribute to regional development.

The Government also paid for the work of three taskforces that arose out of the push for innovation.

Nearly $8 million was included for biotechnology, creative industries, and information technology taskforces.

The Government said the taskforces were well on the way to identifying growth opportunities.

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