TIN 100 grows to $7.6BnScience and Innovation
Science and Innovation Minister Steven Joyce has congratulated New Zealand’s TIN 100 companies on reaching $7.6 billion in annual turnover, a $1 billion increase over the last five years.
The annual TIN 100 report released last night in Auckland shows the turnover of New Zealand’s top 100 technology companies grew 3.6 per cent over the 2013/14 year, while exports grew 2.3 per cent to $5.6 billion.
“This year’s TIN 100 report shows further excellent growth in New Zealand’s technology sector,” Mr Joyce says. “Our ICT and High-tech manufacturing sectors in particular are becoming a real success story.
“I am particularly impressed that exports make up 74 per cent of the turnover of the TIN 100 companies, and that those exports have continued to grow in New Zealand dollar terms despite an unusually high exchange rate and the continuing challenges of a fragile world economy.”
Another highlight in this year’s report is a further 9.7 per cent lift in Research and Development Investment across the TIN 100.
“These companies are fuelled by innovation and they are a big part of meeting New Zealand’s goal of lifting business R&D to 1 per cent of GDP. The Government will continue to back Callaghan Innovation to work alongside New Zealand’s technology companies and build a strong business-led R&D ecosystem to strengthen and diversify New Zealand’s economy,” Mr Joyce says.
Mr Joyce also highlighted the growth in the next 100 TIN companies, known as the TIN 100+. “The exciting thing is that there are more and more new companies that are lining up to join New Zealand’s TIN 100.”
Mr Joyce paid tribute to Greg Shanahan of the TIN Network for preparing his tenth edition of the TIN 100 report. “The TIN 100 has become a strong barometer of the health and growth of New Zealand’s innovative high-tech companies. It’s a real milestone to achieve ten years of the TIN 100.”