By YOKE HAR LEE
A fund supporting research into new industries is being swamped by applications.
The New Economy Research Fund has been asked for about $114 million - three times the $36.25 million the fund will total and 10 times what the Government will contribute in new money.
Although the former National Government touted it as a $36 million fund, $25 million of this is being moved from the Public Good Science Fund so the new money available is in fact $11.25 million.
The chief executive of the Foundation for Research Science and Technology, Dr Steve Thompson, told the Business Herald the applications reflected the great interest in money for research.
The applications are with a review panel and a final decision on the successful applicants will be made in a couple of months.
Fund manager Dr Craig Grant said the applications reflected a "lot of good work" out there. "There is five times as much good work as there is money available."
Final recommendations on successful tenders would go to the foundation board by mid-February, and he hoped the research contracts would be settled around April.
The areas the foundation is keen to promote are: new wealth-creating enterprises; advanced biological enterprises; medical and health industries; information and communication industries; and new manufacturing systems and enterprises.
The specifications for research tenders were developed with the help of a reference group whose interim chairwoman is Emeritus Professor Margaret Loutit.
The group includes: Professor Mark Apperley (Waikato University); John Ball (NZInc/NZ Software Association); Professor John Boys (Auckland University); Professor Paul Callaghan (Massey University); Katherine Carman (Crop & Food); Robert Holroyd (HCM Global); Professor Alan Kaiser (Victoria University); Dr Martin Kennedy (Christchurch Medical School); Dr Ken McNatty (AgResearch); Dr Richard Newcomb (HortResearch); Des Scott (Tru-Test Ltd); Dr Diana Twigden (Arrow International); Dr Sunil Vather (Industrial Research); and Dr Selwyn Yorke (NZ Pharmaceuticals).
Rush for grants swamps fund
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