An extra $80 million is what the government will be spending on research and development, it was announced last month.

According to the proposal, companies that respond will be required to spend four dollars for every dollar it gets from the government – resulting in a potential $400 million spend in the field over the next four years.

Business New Zealand chief executive Phil O’Reilly believed there was “increased business confidence about talking to scientists” and the “innovation community” because spending is increasing.

As for Business New Zealand itself – O’Reilly was waiting to see what finance minister Bill English had in store for business.

"They want to see not just what's the next little bit of spend on research and development or the next spend on education,” O’Reilly added.

"Yes that's important and of course to be supported, but what's the big plan to move us forward."

The news of the research and development increase, meanwhile, was met with a satisfied glance from some of New Zealand’s success stories in the field.

Rocket Lab chief executive Peter Beck told Newstalk ZB that companies would need more than just a government grant to succeed.

He pointed at his own company, a firm that designs and creates small satellite launch systems among other items which is now owned by Americans and has American investors.

"We raised out of these Tier 1 Silicon Valley guys - that brings a huge amount of credibility,” stated Beck.

"We wouldn't be able to close deals with Lachie Martin and those kinds of powerhouses if we tried to raise capital in New Zealand."

Beck claimed more funding was needed if companies were to flourish.

"It's investing in ourselves and investing in our technologies and investing in our people,” added Beck.

"Really, through research and development you create value."