IT is grabbing an increasing amount of government cash.
Government figures released yesterday show Technology New Zealand spent $36.9 million last year, supporting more than 1400 research projects.
Most funding ($18.5 million) supported the Technology for Business Growth scheme, which aims to foster research and development and innovation in technologically capable firms.
The new Private Sector Research and Development Scheme, launched in September, supported 223 projects to the value of $13.3 million over the past nine months.
The Technology for Industry Fellowships scheme awarded 185 fellowships during the year, with more expected next year as funding increases from $3.5 million to $4.5 million. It encourages firms to link with universities by supporting students or researchers to work on a R&D project within a comnpany.
Tony Hadfield of Technology New Zealand called 2000-2001 "a strong year for business funding", adding that funding in the coming year will further emphasise the growth and retention of human capital in New Zealand.