New Zealand Innovation Strategy at Risk of Missing Global Billions
New Zealand's innovation strategy is at risk of missing out on billions of dollars in global research and development spending, according to entrepreneur Peter Price. He argues that the country should expand its focus beyond encouraging domestic companies to spend more on R&D and instead actively compete for international businesses to undertake their research, intellectual property, testing, and early commercialisation work.
Price points out that while New Zealand's business R&D economy is worth $4 billion, growth has been flat in recent years. In contrast, global R&D expenditure is estimated at around US$3.8 trillion annually. Price suggests that the country should aim to attract a greater share of this global activity by offering a 'Launch New Zealand' programme that provides a clear pathway for both domestic and international businesses into the country's research capability.
Price cites his own company, Tazi, as an example of how a global business can successfully launch in New Zealand. The femcare product was developed through a five-year R&D programme in the country and was selected ahead of Australia and larger overseas markets for its first commercial launch.