The government of New Zealand has announced a commitment of nearly NZ$40.7 million over three years to fund the commercialisation of university research.
The announcement was made as the country’s new national IP policy officially comes into force. First revealed in November last year, the new policy introduces a version of professor’s privilege for universities, though not for public research organisations.
Part of the overhaul also includes the disestablishment of Callaghan Innovation, which had been the country’s innovation agency since 2013 and is due to be wound up by the end of this year.
The newly announced commercialisation funding will be delivered via the Commercialisation Partner Network within the Ministry of Business, Innovation and Employment. Universities will be required to co-invest.
Initially, funding will be provided via a pilot programme before a full investment round from 1 July 2027.
