High-tech sectors hail extra cash

By DANIEL RIORDAN

Extra funding worth $8 million a year, rising to $10 million by 2005-06, has been pledged to three sectors targeted in February as part of the Government's innovation framework.

Biotechnology, creative industries and the information and communication technology (ICT) sectors will together receive $7.664 million this year, $6.64 million next year, $8.142 million in 2004-05 and $9.623 million in 2005-06 and beyond.

The money, from economic, industry and regional development, will probably be split equally, although that decision has yet to be made, said a spokesman for Deputy Prime Minister Jim Anderton.

Each of the sectors has a taskforce, reporting to its respective minister Pete Hodgson (biotechnology), Jim Anderton (creative industries) and Paul Swain (ICT).

Anderton said the funding would be used to provide the taskforces with support which could include analysis of the sectors and their growth potential, identification of high-growth opportunities, the commissioning of research for taskforces and working groups, and assisting partnerships and joint ventures between firms and the Government.

Mike O'Neill, director of Newton audio and visual post-production house Liquid, welcomed the Government's greater spending on the arts but said it wouldn't amount to much once split three ways.

He said he hoped the taskforce would direct most of its resources to young people starting out.

Life Sciences Network chairman Dr William Rolleston said the funding should be seen as seed funding that would help define where more focused funding should go in future.

He welcomed Government support for biotechnology.

Walker Wireless managing director Rod Inglis said the work of the ICT taskforce would create networking opportunities and a springboard for firms to move into other markets.

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