2. H V ROSS ROBERTSON (Labour—Manukau East) Link to this
to the Minister for Economic Development
Has he received any reports referring to the Venture Investment Fund?
Hon TREVOR MALLARD (Minister for Economic Development) Link to this
Yes. I have seen one showing that investment in the Venture Investment Fund is clearly paying off. Kiwi science and innovation has received a US$35 million backing for anti-cancer drug company Proacta. This Labour-led Government set up the New Zealand Venture Investment Fund with exactly those sorts of goals in mind. We are committed to backing New Zealand innovation as part of our work to transform the New Zealand economy into one that is high-wage, dynamic, and export-led. I am somewhat surprised that the National Party has not yet congratulated the Government on this fund—one that it whinged about at the time.
H V Ross Robertson Link to this
Can the Minister therefore inform the House what role the Government has had, through the Venture Investment Fund, in this company?
Hon TREVOR MALLARD Link to this
The Government has, through the fund, made an investment of about NZ$4.5 million in it. The US$35 million is, therefore, very good leverage. More significantly, if we had not been able to support the series A round, Proacta would not have been able to set up in New Zealand as an independent company based on New Zealand research, with continuing research and clinical trials here, and with the continued involvement of the very good New Zealand science team, based out of Auckland University, in all stages of the drug’s development. The intellectual property would have left New Zealand.
Gerry BrownleeHon TREVOR MALLARD Link to this
The woodwork teacher from Christchurch is interjecting to say: “What about the CRIs?”. Actually, Auckland University is not a Crown Research Institute.
Madam SPEAKERThat was a gratuitous comment. The interjections do, however, lead to that level of disorder. Would the Minister please continue.
Hon TREVOR MALLARD Link to this
Thank you, Madam Speaker. I want to make it clear that the intellectual property developed at Auckland University—and Auckland University, of course, has a share of this company—would have left New Zealand rather than continue to be developed here—
Hon TREVOR MALLARD Link to this
I know that that is the objective of some people who do not understand the difference between Auckland University and a Crown Research Institute. I hear the member saying: “Too little, too late.” Why, then, did the Tories oppose the fund at the time?