This is a fact sheet reporting bullet pointed findings that extend a previous working paper. Additional tables from the StatsNZ R&D Survey were obtained from StatsNZ Infoshare to produce these results. Current and future gains from increased Business R&D may be limited by a large and growing gap between employment of PhD-qualified researchers in Business R&D. Positions for 4300 PhD-qualified researchers would be needed to bring the Business R&D sector to one PhD FTE per $0.5 m R&D expenditure, currently. At this ratio, twice this estimate (8600 FTE) will be required for R&D to reach 2% of GDP.