Innovation helped win the America's Cup, and Team NZ will continue to improve
With 18 months left before its government grant expires, Emirates Team New Zealand's engineers will be looking to create a "super high tech" yacht for the next America's Cup.
Callaghan Innovation gave the team an undisclosed sum in a Growth Grant to rebate its spend on research and development for new technology for its yacht.
Callaghan business advisor for Team New Zealand Nick Brewer said the team's investment in innovation contributed to its America's Cup victory on Tuesday morning in Bermuda.
Brewersaid most of the money went towards making and testing materials such as carbon fibre.
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Such material cost hundreds of thousands of dollars and whole foils have to be built to then be tested on the water, Brewer said.
"It is an expensive game … Without the grant they would not have been able to afford that."
He said specialised technicians and the designing of hydraulic systems would have consumed the rest of the money.
Brewer said the technology developments benefited other industries such as aviation, construction and civil engineering.
The latest carbon fibre could be used to create aircrafts and bridges.
Callaghan chief executive Victoria Crone said Team New Zealand's win was a reminder of what was possible for New Zealand technology companies on the world stage.
Dunedin company Animated Research also received a Project Grant from Callaghan to develop the on board virtual reality camera used by Team New Zealand and their contender Oracle Team USA.
Crone said other businesses should follow suit and start investing in innovation because it helped grow the economy.
"Technology powers every aspect of our lives now and, along with investment in research and development, is critical to a successful New Zealand economy," she said.
"All that the technology sector needs to expand is more brains, more ideas and more capital to bring them to market. Every dollar invested in the technology sector creates $3 worth of growth in the New Zealand economy."
Team New Zealand's chief executive Grant Dalton recognised the benefit that technology gave the America's Cup-winning yacht.
"What we do and what we develop has a flow on effect to the New Zealand marine industry as well as to so many other New Zealand businesses where there is crossover in the technology we develop," Dalton said.