Find Out The Secret For Obtaining Funding For Research And Development For Your Business
Richard Bentley, the Ministry of Science and Innovation’s group manager for manufacturing and high-growth firms noted, “Our clients tell us that through their R & D investments…, they reckon larger, get their products to market quicker, and develop a competitive edge through innovation.”
The global market is rapidly evolving and any company owner that hopes to have a opportunity at success must keep up with the changes. This can be hard for companies that cannot set aside resources to start a dedicated R&D programme.
While there are a variety of research and development funding options, one of the simplest and best suited for businesses that don’t have the capacity for in-house R& D is the government’s Technology Transfer Vouchers (TTV).
Launched in 2010, and run by the Ministry of Science and Innovation, the scheme provides 50% of the funding (for each $1 the business can place in, the government will match it) in the form of a voucher for R & D purposes. Vouchers are available for up to $1 million (although larger proposals will be considered), and can be redeemed with an R & D accredited organisation of the business’s scale.
The voucher programme is available to companies participating in the fields of information, manufacturing, medicine, health, communications and digital technology. Certain businesses involved in agricultural manufacturing may also apply for help with R&D funding.
The initial entry level of $200,000 ($100,000 from the business) place the TTV scheme out of reach of many, but the recently revised entry level of $60,000 ($30,000 from the business) has opened up access to a wide variety of small to standard businesses… and here’s where WelTec comes in.
WelTec is one of only two institutes of technology and polytechnics accredited to redeem TTVs, and one of WelTec’s service providers – WelTec Connect’s Centre for Smart Product – is quick establishing an brilliant reputation for working closely with small to standard businesses on “the building end” of R & D projects. The Centre can help in developing products that have a higher degree of engineering or mechanical input, software engineering and IT input.
The funding for research and development from the TTV scheme can be used for a variety of purposes including product and/or process design, rapid product development incorporating a range of rapid prototyping technologies, product testing, and trial production runs.
Business owners are urged to converse in to WelTec’s Paul Mather before going through the process of filling out a TTV application. With the benefit of his expertise, potential clients will know if the system will work for them. He will review the details and determine if WelTec is a excellent fit for the company based on individual R&D needs. A determination will be made based on the probability for a excellent outcome and if the time is right, he can help with preparing the application.
WelTec also has the benefit of being involved in vocational education which means being able to access the staff’s expertise, having the option of senior students working on projects (who may find future employment with you!), and the availability of the facilities and services of the Schools of Engineering, Creative Technologies and IT.
If you’re keen to work with a forward thinking and innovative research partner on your next R & D project, and you’re interested in the TTV scheme, contact Paul Mather for more information.
