Pursuant to sections 5(2) and 8(1) of the Research, Science, and Technology Act 2010, I amend the notice to the Innovation Board entitled "Innovation Board - Criteria for assessing proposals for specified Research, Science and Technology funding" published on page 180 of the Establishment of Innovation Board and Science Board and Other Related Notices, Supplement to the New Zealand Gazette, 31 January 2011, No. 9, page 177, by replacing the third paragraph under the section headed "PARAMETERS SPECIFIC TO THIS INITIATIVE" on page 188 with the following paragraph:
"Eligible businesses must have an R&D intensity (the ratio of R&D expenditure to revenue) of 3% or more and revenue of at least $3 million per year over the three years."
Dated at Wellington this 23rd day of August 2012.
HON STEVEN JOYCE, Minister of Science and Innovation.