A culture of innovation is needed to catapult New Zealand’s economic performance, says BusinessNZ.

Leading businesses were represented at the launch today of Building Innovation, the Government’s progress report on work towards a high value-added economy.

BusinessNZ Chief Executive Phil O’Reilly says there is strong support in the business community for the Government’s systematic approach to building innovation.

“Recognising that there are many ways to facilitate knowledge-based industries and that innovative businesses can spring from any sectors, it is encouraging to see the wide range of actions taken by Government to advance innovation,’ Mr O’Reilly said.

“The Advanced Technology Institute, to be named in honour of Sir Paul Callahan, is expected to be operational by the end of 2012. The Institute will be a connector between business, science and research here and overseas, and is a centrepiece of the innovation policy.

“But there are many other initiatives reported on today including expanded TechNZ funding, better government procurement policies, National Science Challenges, more funding for the Performance-Based Research Fund, refinement of trademark and patents law, more investment in engineering at tertiary institutes, encouragement for multi-nationals to conduct research in New Zealand and others.

“It is up to business to innovate and grow and take up the Government’s invitation to keep the lines of communication open and provide feedback on how we are travelling towards a higher-tech future.”