WELLINGTON, May 30 (Xinhua) -- A new partnership agreement providing the University of Auckland access to a share of funding will support further commercialization of innovative research in New Zealand, Science and Innovation Minister Paul Goldsmith said on Tuesday.
The University of Auckland and the IP Group, a British-based intellectual property business investing in technology companies, alongside eight Australian universities, signed the commercialization agreement in the Australian capital, Canberra, according to a release.
The partnership will provide the universities with access to more than 215 million NZ dollars (150.5 million U.S. dollars) of venture funding and in return, the IP Group will have right of first refusal for all arising commercialization opportunities, said Goldsmith in the release.
"This partnership will give New Zealand scientists and researchers access to vital capital that will help develop young, technology-intensive ventures arising from university-led research to take their products and ideas to the world," he said.
The capital available through this partnership is "a significant boost" for the early-stage investment ecosystem in New Zealand, and the University of Auckland will be able to leverage IP Group's global network to access resources, knowledge, and technology, which is just as valuable for young start-up companies, Goldsmith said.
This type of partnership should be seen as a shining example for other Kiwi research organizations that are looking to finance their commercialization opportunities, he said, adding that the collaboration will drive further research commercialization, allowing government investments to deliver additional benefits for Kiwi businesses and the New Zealand economy.
