28 AUGUST

NEW ZEALAND GAZETTE

(i) do not apply to investment deposits repayable at
the end of a fixed term that commenced prior to
21 August 2003; but
(ii) do apply to investment deposits repayable at
the end of a fixed term that commenced on or after
21 August 2003.

Schedule 1

Rate of interest payable on a deposit (other than an
investment deposit repayable at the end of a fixed term)

Schedule 2

Rate of interest payable on an investment deposit
repayable at the end of a fixed term

Dated at Wellington this 21st day of August 2003.

PAT WAITE, Chief Executive, Public Trust.

go5554

Research, Science & Technology

Foundation for Research, Science, and Technology Act 1990

Notice of Introduction to Ministerial Scheme Under Section 8A of the Foundation for Research, Science, and Technology Act 1990—the Pre-seed Accelerator Scheme

Direction to: The Foundation for Research, Science and Technology (“the foundation”).

Under section 8A of the Foundation for Research, Science, and Technology Act 1990, I direct the foundation to allocate funds in accordance with the Pre-Seed Accelerator Scheme (“the scheme”) specified in this notice.

Nature of the Scheme

The scheme is intended to foster commercialisation skills, technological learning and technological innovation by “public sector research providers”¹.

The intended outcome of this scheme is to increase the stream of commercial prospects from “publicly funded research”² carried out by public sector research providers and develop these projects to the point where a private sector firm or other suitable commercialisation partner can be attracted.

The scheme will support “experimental development and related pre-commercial activities”³ that develop research undertaken by public sector research providers to an “investor-ready”⁴ point.

Scheme Objectives

Projects that meet the scheme’s objectives are eligible to receive funds from the foundation.

The scheme’s objectives are to:

• maximise the commercial benefits to New Zealand of previously publicly funded research;
• raise public sector providers’ commercial capabilities and skills; and
• improve public sector research providers links with potential private sector partners.

In making funding decisions, the foundation will fund those projects that, in its view, best meet the following criteria:

• Projects that commercialise previously publicly funded research;
• have a clear link to a business strategy focused on developing projects with strong commercial potential (especially to create new exports) to the investor-ready point;
• are likely to be started sooner and completed earlier because of the scheme’s support; and
• have the potential to generate an enduring wealth creating capability in New Zealand.

The foundation will have full discretion to manage the allocation of funds for the scheme in a way that will achieve the objectives of the scheme.

The Mechanism

The foundation, or a provider to whom the foundation has devolved funds, will use the scheme to fund up to 33% of the eligible costs that the provider will incur in undertaking a project that meets the scheme’s objective. The other 67% contribution may come from one or more of the sources listed below:

• The reprioritisation of other research funding held by the provider, provided that using such funding on the project remains consistent with the original purpose of the research funding and complies with any restrictions imposed upon it.
• The provider’s own discretionary funds.
• Other external funds, such as private sector co-investment, but excluding non-research funds sourced from public sector funding agencies.

Allocation of Funding

Funds available to the scheme will be published each year in the estimates of appropriations.

Period of Operation

The scheme commenced operation on 1 August 2003. Its continuation and mode of operation will be reviewed after three years.