Annual Report 2011 / 12 - New Zealand Trade and Enterprise

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NEW ZEALAND TRADE AND ENTERPRISE ANNUAL REPORT 2011/12
International Growth Fund (IGF)
Support for high growth businesses to undertake additional market development and business
capability activities required for growth in new markets.
Financial performance
Budget
$000
Revised budget
$000
Actual
$000
Percentage of revised
budget used
30,027 30,027 30,027 100%
Non-financial performance
PERFORMANCE MEASURES
Actual
2010/11
Performance
standard
2011/12
Actual
2011/12 Achievement
Quantity
Number of businesses receiving grant funding
as part of a wider assistance package
47 Up to 60 85 Achieved
There was very strong demand for IGF grants during 2011/12 as businesses began the journey to enter new
international markets, which resulted in a higher than anticipated number of grants being awarded. Our grant
funding of $30.027 million was matched by approximately $56 million in business co-investment.
Quality
Percentage of businesses that rate NZTE
delivery of the IGF as excellent, very good or
good
77% 85% 80% Not
Achieved
Though only appearing to be a slight improvement in satisfaction from last year’s result (80% versus 77%) the
actual result is significantly higher. All of the 2010/11 respondents that were surveyed received grant funding,
whereas in 2011/12 a total of 41 recipients and 28 non-recipients of grants responded to the IGF component
of the NZTE customer experience survey. All of the negative ratings came from unsuccessful applicants.
Dissatisfaction is mainly driven by the time consuming nature of the application and decision-making process
in which customers have invested lots of time and resources.
We will ensure that there is a focus on providing earlier advice to customers on their chances of success.
International Growth Fund grant applications
are assessed and processed in accordance
with specified criteria and guidelines
N/A 100%
adherence
100% Achieved