Sam Morgan has taken a swipe at the Government’s ongoing corporate welfare via the Callaghan Fund and sparked a stoush with Steven Joyce the minister responsible for handing out the welfare.
TradeMe founder Sam Morgan has called the Government’s research and development policy a “subsidy for private investors” during a cut-and-thrust social media exchange with Science and Innovation Minister Steven Joyce.
The Government yesterday announced its Callaghan Innovation had awarded a further $32 million over three years to 22 high tech companies under the Research and Development Growth Grants scheme.
The latest companies come from a wide range of industries from aviation to horticulture and include two companies that floated in the past year – online travel software company Serko and software company GeoOp.
News of the grants prompted Morgan, an entrepreneur who has been involved with a number of grant recipients in the past, to take to social networking site Twitter and say taxpayers were “giving free money to publicly listed tech companies to benefit wealthy tech investors”.
“Serko. Good company. Just raised lots of money on NZX. No constraint on raising more capital. Successful grant recipient. Unnecessary,” Morgan said. ¬†¬† Read more »