The Government's tech vouchers scheme, part of the $321 million in new science spending announced this year, will require additional funding to meet demand, says a Crown research institute chief.
Applications opened yesterday for the vouchers, which are worth $20 million over four years and will help small companies gain
access to public research institutes and universities to carry out research and development.
Successful applicants will typically receive $100,000 to $200,000 and be required to match the Government's investment with their own capital.
But Shaun Coffey, chief executive of Industrial Research, said there was enough demand to justify a fund worth $40 million to $60 million.
"Over time the total size of the scheme will need to grow as industry starts investing more directly in R&D."
Research, Science and Technology Minister Wayne Mapp said any increase would be considered as part of the Budget process.
Coffey said the voucher programme was a "welcome start" and had the potential to increase the level of private R&D investment in New Zealand.
"While it is widely understood that our public sector investment in research science and technology is low by OECD standards, our private sector investment is even further below some of our key trading partners."
New Zealand is the only advanced country where Government spending on research science and technology is higher than private spending.
