New Zealand’s state-backed PreSeed Accelerator Fund (PSAF) has resulted in NZ$188.2m ($124.33m) in returns to universities throughout its first decade of operation, according to a recent review.
The review looked at the fund’s performance from 2003 to 2013, and found that PSAF had an impact on 573 projects across the decade. In total, the fund has invested NZ$42.6m into the projects, which come from 15 universities and Crown research institutes, which have gone on to raise an additional $90.9m from external sources.
During the period, New Zealand universities produced 386 licences backed by PSAF, “numerous” spinouts, created 460 jobs, and are responsible for $3bn in export revenues for the country.
Bram Smith, general manager university innovation consortium KiwiNet, said: “PreSeed is about science driving business innovation, and the report shows that Government investment in this area is producing good economic returns for New Zealand.”
