The Government's Primary Growth Partnership has been formally launched at Parliament.
The funding scheme, which replaces the Labour Party's Fast Forward Fund, is aimed at boosting growth in primary-sector innovation.
The Government will provide $30 million this year, rising to $70 million from 2012-13, but that will have to be matched by industry contributions.
Agriculture Minister David Carter says a six-member panel will assess industry submissions and make funding recommendations.
He says the fund is targeted at programmes that will deliver a quantum leap in innovation.
