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Future proof
In March an exciting development in New Zealand’s emerging high temperature superconducting industry took place. Dunedin-based, publicly listed company Scott Technology bought a majority stake in HTS-110[?], an IRL associate company which designs, manufactures and sells powerful electromagnets that utilise IRL’s world-leading superconducting technology for high-value industrial machines like MRI[?] scanners and synchrotrons.
Under the agreement IRL has diluted its shareholding and will continue to provide R&D support for HTS-110[?] as it develops new products and continues to expand its presence into markets around the world.
Given that the global market for high temperature superconductors is predicted to be worth billions of dollars over the coming decades, it is encouraging to see an ambitious New Zealand firm like Scott Technology taking HTS[?]-110 to the next phase of its development.
This is just one example of innovation in the manufacturing and services sectors. These sectors have excellent growth potential and can contribute far more to economic growth and export earnings than they presently do. To realise this potential, more investment is needed in R&D, innovation and marketing.
Some New Zealand companies are already doing this well. For example Fisher & Paykel Heathcare and Rakon have demonstrated they are able to develop for global markets high-tech, high-value products and services that can overcome the barriers of distance and lack of scale that result from New Zealand’s small population and geographic isolation. It would be fair to say that we need many more of them if we are to enjoy the living conditions to which we aspire.
IRL continues to support such companies in whatever way is most appropriate to their needs. While it is fairly well known within the business community that New Zealand’s private sector investment in R&D is lower than most of our trading partners, many firms, especially small and medium-sized enterprises, are so focused on the here and now they feel that they don’t have the time in the day to consider greater use of R&D.
IRL is very aware of the pressures facing businesses in these challenging times. To add to our existing suite of industry engagement programmes, IRL has teamed up with regional development organisations to explain the benefits of R&D through a series of seminars around the country.
Another new initiative is Scientist for a Day, where IRL will offer the services of some of its world-class scientists and engineers at no cost for one day. To assess the potential for enhancing participating businesses’ productivity and profitability through R&D, IRL experts will engage with successful applicants in a hands-on and face-to-face technical interaction that can take place either at their business location or at an IRL laboratory.
In coming months, the Government will release its report on innovation in high value manufacturing. Hopefully this will provide a stimulus for industry to invest more in R&D.
Shaun Coffey
Chief Executive Officer
Release Date:
20 June, 2011