The Government will pump $321m into science funding over the next four years in an attempt to bring research and commercial interests together to put New Zealand at the cutting edge of a knowledge economy.

The pre-Budget windfall includes $96m in existing science funds, and $225m of new money for initiatives over the next four years.

The bulk of the cash will be granted to what the Government calls “medium to large, research-intensive firms” so they deliver a return to the country.

Research, Science and Technology Minister Wayne Mapp says the Government is committed to commercialising R&D. He said last year’s funding targeted pure science but this year is about commercialization.

$190m will go towards to grants, while $20m will be spent on vouchers for smaller companies to buy research from public organisations such as universities and Crown Research Institutes.