24 innovators selected to apply for entrepreneur visa through fellowship programme

24 international Fellows and six New Zealand entrepreneurs have been selected from more than 300 innovators who applied to tackle pressing global challenges in New Zealand through the Edmund Hillary Fellowship (EHF).

The international Fellows will now apply for Global Impact Visas to take part in the programme.

The group selected by EHF are part of the first cohort in a three-year programme run in partnership with Immigration New Zealand (INZ) to provide visionary entrepreneurs and investors with a platform to create positive global impact from New Zealand.

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Marlborough entrepreneurs launch new investment group 

A new investment group collectively worth millions-of-dollars has been set up in Marlborough with the aim of pumping capital into early-stage businesses in the region.

The initiative has been heralded as a means of encouraging entrepreneurship, and making sure Marlborough businesses with winning ideas get off the ground.

Picton-based businessman Richard Coon, who has founded 10 companies, five in his native United Kingdom and five in New Zealand, set up the investment group.

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Hillary Fellowship chooses six Kiwis for global challenges

Six New Zealand entrepreneurs have been selected from more than 300 innovators who applied to tackle pressing global challenges in New Zealand through the Edmund Hillary Fellowship (EHF).

The group selected by EHF are part of the first cohort in a three-year programme run in partnership with Immigration New Zealand (INZ) to provide visionary entrepreneurs and investors with a platform to create positive global impact from New Zealand. An additional 24 international Fellows have been selected and will now apply for Global Impact Visas to take part in the programme.

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More money for entrepreneurial women

A government-backed investment fund has gone into partnership with ArcAngels, a group of private individuals focused on investing in female-led business start-ups.
The New Zealand Venture Investment Fund (NZVIF) will invest dollar for dollar alongside ArcAngels through its Seed Co-Investment Fund (SCIF).
ArcAngels chairwoman Cecilia Tarrant, a director of Fletcher Building and former Morgan Stanley managing director, said it approached NZVIF to form the partnership on the back of other relationships the fund already had with angel networks around the country.
Tarrant said the deal means it would have access to more capital than the size of its membership suggested.
“That makes us more attractive for entrepreneurs.”
ArcAngels was launched in 2014 and has around 30 members although Tarrant said it hoped that would grow to around 40 by mid-year.
So far it has invested $1.6 million in eight transactions including into Pictor, Fuel 50, Acuite and Engender.
Tarrant said with the NZVIF partnership it would hope to increase its investments to around 10 per year both through new companies and follow-up investments.
NZVIF investment director Bridget Unsworth said the ArcAngel partnership was the 17th it had entered into through its SCIF.
To date NZVIF and its angel partners had co-invested around $142m into more than 150 companies.
Unsworth said the ArcAngel partnership would double the capital available to companies.
“The past year has seen continued healthy investment activity across New Zealand with more than $60 million invested by angel funds and groups.
“There is a healthy level of syndication of investments among different angel groups meaning they are likely to invest in opportunities throughout New Zealand. Early stage investing is a high-risk investment class and so diversification is important.”
Tarrant said around one-third of start-up companies in New Zealand were led by women or had a major female component but the number of female-led companies which attracted investment was lower.
At the same time the number of women angel investors was also lower.
Tarrant said the group hoped to replicate the success of the New York-based, women-led angel group, Golden Seeds, which has invested more than US$80m ($114m) in more than 76 women-led companies.
“Our principal aim is to make successful investments. But we also want to empower more women entrepreneurs, strengthen their competitiveness and maximise the success of New Zealand’s small business engine for greater economic growth in the long term.
“Many of our members are experienced angel investors with the capacity and capability to be able to provide mentoring and ongoing support to the female-led ventures the group invests into.”
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NZ Angel Values and Expectations

People do business with people. This is a universal truth, but in angel and early stage investment, the people side is writ large.

Angels and founders share a hunger for success and making a difference. It is this trait that aligns us so tightly.

There are a number of other values that underpin an angel investor’s effectiveness. A year or two back it seemed a good idea to explicitly set out these values and how we expect each other to behave, so the Angel Association agreed a Code of Conduct.

It sets out the following values as being important to us:

  • To be passionately ambitious for our ventures,
  • To be collaborative and collegial, and
  • To act with integrity and honesty.

Growing a successful business is hard work. Without passion and ambition, the knock-backs and grind of growing a business would quickly overwhelm most us. Angels share other traits with founders that are critical to success; unremitting optimism and creativity. The ability to positively and constructively address problems is powerful stuff.

Growing a successful business is never done alone. Generosity of spirit is one of the most inspirational aspects of working in angel investment. Angels bring value which goes way beyond their ability to write a cheque. Our experience, networks and expertise are the real rocket fuel. And what’s more, when a founder receives money from an investor in the formal NZ angel community, that investor is bringing over 600 people who share a generosity of spirit and values of collaboration and collegiality.

Another key component of success in the angel world is honesty and integrity. We have made it clear that communicating quickly and clearly is vital. We put great store on ‘doing what you say you are going to do’. When we commit to invest or offer to make an introduction, you should expect we will do it. If we are required to sign a document, you should expect it to be done quickly. Of course this isn’t always possible. We all know “life” happens, but you should expect that if something does get in the way of our doing what we said we would, we will communicate.

We also expect professionalism. Dealing professionally with each other sets the standard we expect of ourselves and our ventures as they grow into world-beating enterprises. Time and energy can be scarce resources in this setting. Sometimes this makes it challenging to operate at the levels of professionalism we are used to in other parts of our lives, but we strive for it nevertheless. Angel investors are also by definition actively involved in the business and with the founder. This level of familiarity also requires us to be sensitive to the need for professionalism.

These principles serve as the foundation for our dealings with each other and are the standards others working with us, such as founders and professional service providers, should expect.

What does this look like in practice?

If you are seeking angel investment should know that our members are looking for a credible entrepreneur with aspirations to grow an internationally competitive business with a well-defined product, customer and market. You should expect professional, prompt, objective and constructive guidance from our members, whether or not you ultimately secure capital.

Ends

Suze Reynolds

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Minister Chagger issues a call to action on women entrepreneurship in Canada and announces $50 million to help businesswomen access capital

Women entrepreneurs from across Canada gather to talk about growing their businesses and accessing new markets
November 9, 2016 – Toronto, Ontario – Innovation, Science and Economic Development Canada
Today, the Honourable Bardish Chagger, Minister of Small Business and Tourism, is hosting the Canadian Women’s Entrepreneurship Conference in Toronto. The Minister invited businesswomen from across the country to come together to share ideas on how more Canadian women business owners can be globally successful. Addressing a crowd of over 200 inspiring women entrepreneurs and the organizations that support them, the Minister issued a call to action to increase the number of women starting and running their own businesses.

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The pitfalls of asking an investor to sign an NDA

There’s one way to lose a potential investor before you even start: demand that they sign a non-disclosure agreement (NDA).
It happens all the time. Someone thinks they have a great idea but won’t send the pitch deck without an NDA first. They’re terrified that the “billion dollar blueprint” will be stolen by some unscrupulous VC guy.
It’s a classic amateur mistake. It means you probably have no knowledge of how the startup ecosystem works. Worse, it means my first impression of you is that you’re an idiot.

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New Zealand’s need for growth capital

As early stage investors we need to start getting real about the wisdom of our backing early stage, high growth ventures without far more consideration being given to where we source follow-on growth capital.

Even if we only look at last year’s New Zealand Venture Investment Fund’s seed co-investment data where about $50million was invested in early stage companies, the growth capital required for this cohort of companies is likely to be 10x this figure. So we are talking about finding $500m.

This is not just a problem for the investors in these companies; it’s a problem we need to grapple with in partnership with the government and the institutional investment community. These high growth companies are the engines of our economic growth. We can’t afford to drop the ball.

The development of an innovation led economy is widely accepted to take place over three ten-year horizons. We are coming to the end of ‘horizon one’ where the focus has been on inputs. New Zealand has done well here. The number of startups, early stage investors and dollars being invested has trended upwards over this period.

In the second ten-year horizon we should start to see outcomes from these innovation led companies in the form of jobs, export and tax revenue. But to generate these outcomes and see the true benefit of this investment, we need growth capital. Only then will the third horizon truly deliver in the form of financial returns and recycled capital and ultimately higher standards of living.

As I’ve just mentioned, there is no shortage of deal flow. The quality of that deal flow is improving every year too. This is in large part due to Government support for initiatives such as the Lightning Lab and the investor-led Tech Incubators. It is also a result of work others have done to upskill our entrepreneurs and angel investors.

To date, angels and other early stage investors have been able to fund the early growth of the companies meeting their criteria. We have been investing in startup, high growth ventures in a targeted sense for about 8 years but the really exponential upswing in investment has taken place in the last 3-4 years.

Quite logically, there is therefore an increasing and pressing need for growth capital in New Zealand.

This is illustrated in the recently released NZVIF data showing most investment is into existing deals. Angels are having the stay the course longer and dip back in their pockets for capital it could be argued should be coming from deeper more experienced pockets.

We need to give credit to those venture capital firms raising funds to meet the need for growth capital such as Movac’s Fund 4, the $40m fund GD1 is working hard to raise and the $40m fund raised by Oriens Capital. But it is not enough.

Closing the “growth capital gap” is going to need New Zealand’s pension and other institutional funds to broaden their investment mandates to allocate at least 3-5% to the growth needs of our high growth, early stage companies. We must support work Immigration NZ is doing to inject capital from experienced high network migrants into these companies. We need to tap into our rural and regional wealth more effectively. We have therefore been delighted to see angel networks forming in Taranaki and Marlborough reflecting an increasing awareness that high growth, tech based companies can be the source of future jobs and social and economic wealth in the regions. The banks also need to come to the party.

There is a great deal at stake here. We can’t afford “a hands off, market forces will deliver” approach. If ever a NZ Inc approach was needed, it is now.

Marcel Van Den Assum
Chairman
Angel Association New Zealand

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Edmund Hillary Fellowship Set To Deliver Global Impact Visa

The Edmund Hillary Fellowship (EHF) is thrilled to be named the implementation partner to deliver the new Global Impact Visa programme for New Zealand, as announced by Minister of Immigration Hon. Michael Woodhouse this morning.

“EHF offers a once-in-a-lifetime opportunity for high-calibre entrepreneurs, investors and startup teams to come to New Zealand to create scalable, global impact,” says Yoseph Ayele, Chief Executive of EHF.

“Aotearoa New Zealand has a unique opportunity to be a world leader in developing transformative solutions for humanity’s most pressing economic, social and environmental issues. Visionary entrepreneurs with fresh new ideas and different ways of doing business can help New Zealand get there.”

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Fintech Innovation Challenge is open for entries

If you’re a fintech startup with the potential to transform the financial services industry, then Payments NZ wants to help you.

They want to help you raise your profile in the industry. They’re running a Fintech Innovation Challenge as part of their conference, The Point 2016, in November and the challenge is now open for entries.

It is widely known that fintech is redefining the financial services sector, with startups  gaining momentum and disrupting the traditional value chain. So in the new world of challenger brands and disruption, in order to progress and keep challenging the norm, fintech needs support.

The Fintech Innovation Challenge, sponsored by Paymark, is designed to foster innovation and support Kiwi startups. The challenge gives emerging fintechs the opportunity to present their concepts in front of the entire conference delegation, of around 250 payments and financial services professionals.

Five finalists will compete in a round of quick-fire presentations to win a cash prize of $5,000 as well as mentoring support and associated networking opportunities.

The finalists and runners-up will also have the opportunity to exhibit on the fintech stand at the conference, enabling one-on-one time with key influencers, decision-makers, and potential business partners.

The finalists and runners-up can also attend conference sessions to access global insights and the latest market intelligence from local and international speakers.

How to enter

The Fintech Innovation Challenge is open to new or recently established innovative, technology-enabled startups and entry is free.

So if you’re an innovative fintech startup working in any area of financial services or supporting sector such as cyber-security, digital identity and data analytics, don’t miss the opportunity to expand your network and gain visibility – get your entry in today.

Applications close at 5pm on Monday 12 September 2016.

You will find the application form on the Payments NZ conference website along with further details about the competition.

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Lead Partners

NZTE NZVIF

Expert Partner

NZX AVID AJ Park KPMG

AANZ Summit Sponsors

Calaghan Innovation Venture|360 Kiwinet Vodafone