Callaghan Innovation is welcoming property mogul Angela Bull and the reappointment of tech futurist Frances Valintine and to its board this week. Callaghan Innovation is New Zealand's innovation agency that provides support and services to grow innovation initiatives throughout the country.
Research, Science and Innovation Minister Dr Megan Woods announced the two reappointments. She welcomes both Ms Bull and Ms Valintine.
“Research and innovation have the potential for significant impact on our economy, environment and society. Callaghan Innovation's role is to realise that impact by supporting businesses in commercialising their science, engineering, technology and design, and in undertaking valuable research and development,” Woods comments.
You may know Frances Valintine from the Mind Lab and Tech Futures Lab, both of which are future-focused postgraduate learning facilities committed to innovation and the future of work.
Valintine was also awarded a Companion of the New Zealand Order of Merit for her services to education and the technology sector.
Angela Bull is a director with the Real Estate Institute of New Zealand (REINZ) and the Institute of Economic Research (NZIER). She has a background in law, property development, as well as retail change management.
“Both Ms Valintine and Ms Bull bring a wealth of broad experience and knowledge to the board, and will provide expert advice and governance to Callaghan Innovation to support the growth of more innovative businesses, particularly as we introduce the new R-D Tax Incentive in April,” says Woods.
Ms Bull and Ms Valentine will serve on the Callaghan Innovation board for a three-year term.
Earlier this year Callaghan Innovation praised Statistics New Zealand figures that showed R-D spending is on the rise in New Zealand.
In 2018, spending increased to $2.1 billion, an increase of $548 million in the past two years.
“Over half a billion dollars' worth of extra R-D is a shot in the arm to our economy. It's a positive sign that corresponds with what we're seeing on the ground: a significant rise in demand for our R-D services,” commented Callaghan Innovation chief executive Vic Crone at the time.
Evidence suggests companies big or small that prioritise R-D investment stand to reap major rewards. Private returns for R-D are around 20-30%, much higher than the return on investment in physical capital.
New Zealand still needs to play catch up if it's going to match international peers, Crone adds.
New Zealand still trails the average OECD spend on R-D by a significant margin. Our R-D expenditure is now 1.37% of GDP, up from 1.23%. The OECD's average is a static 2.34% and countries like Israel are at 4.25%.