Waiheke Angel Summit Reflections

The best things about this year’s angel summit…

The annual summit always reinforces why angel investment is my thing.

Angel investors are unapologetically optimistic, creative, generous and ambitious. And our community cares… to their bone marrow, those involved in early stage investment care! These people are ambitious for the success of the founders and ventures they are working with and they are genuinely ambitious for New Zealand.

Kiwi early stage investors want to see the incredibly cool stuff we do in New Zealand get out to the world, they want to help create fabulous jobs in New Zealand, they want to contribute to raising our living standards and to the creation of role models for our budding entrepreneurs.

I came away super-chuffed about the real pride in our New Zealand-ness which imbued this year’s event. It really feels like we are at the tipping point of cracking serious success. New Zealand innovators and founders are absolutely worth backing.

And guess what? At the same time as we begin to acknowledge the real value of being kiwi, we get a bunch of proof points that kiwi founders and innovation really does deliver. The ventures angel investors have been helping to scale are becoming more and more appealing to others. This year Apple bought PowerbyProxi, US-based Clarivate bought Publons and UK-based Oxford Metrics bought IMeasureU.

Key themes at the summit which will help us continue to amp up the appeal and success of angel backed companies include:
• genuinely put the founder first – be empathetic, be accessible and be truly aligned;
• start with the end in mind and work unrelentingly towards it – together;
• know what it’s going to take to achieve liquidity – deeply understand your capital strategy and potential acquirers;
• actively manage your portfolio; and
• at all times focus on adding value.

In a future post I want to dig deeper into how angels best support founders to deliver the dreams they have to change the world. But to augment the take-outs from this year’s event I’ve extracted couple of quotes and insights from some of our keynote speakers.

Ian Taylor – Animation Research Limited
• Bugger the boxing, pour the concrete anyway
• Well it wasn’t a failure… it just didn’t work

Deb Hall – New Zealand ‘angeling’
• By the end of 2006, NZVIF recorded 55 deals and $30m of investment. By the end of 2016 nearly 1000 deals have been done, with $484m invested in nearly 200 companies.
• Over half the angel community spend more than a day week mentoring and supporting founders.

Phil McCaw and Andy Hamilton – what’s next
• Phil – “I see a bright future. As a country and a world we are going through a process of massive social change. The capitalist model is going to reshape and be reborn”
• Andy – “New Zealand will be way better off, the more angels we have.”

Bruno Bordignon – term sheets
• Context is everything. Always ask ‘how does this term or will this term apply to me/the stage of my venture/the sector it’s in/the growth plan I have/the liquidity plan I have.

Justin Milano – exponential mindsets and the triangle of founder expansion
• Shift anxiety and the need to control uncontrollable outcomes to selfless service and generosity. How am I being asked to serve today? There is always something you can do to add value.
• Shift from beating yourself up to a growth mind-set. Be kind to yourself. It’s all about learning, growing and embracing challenges.
• Shift from a head space of “I am my company” [or investment] and free yourself from self- importance. Acknowledge you are not your company [or investment] and instead accept that “this mission is bigger than me” and adopt a sense of humility.

Ron Weissman – the importance of capital strategy
• Don’t ignore the boring stuff like capital models and capital risks. These are the key to success.
• Key capital risks include: capital inefficiency, no follow-on investors, misaligned investors, larger liquidation preference shares, management carve outs.
• Only 15% of angel backed companies achieve an exit of greater than $US50m.

Dan Bernstein – building exit value
• Mistakes made when ventures are being bought: having only one buyer, there is internal company conflict, poor due diligence preparation, poor qualification and management of buyers, ego, greed and arrogance, maximising profit and minimising growth.

Richard Dellabarca – managing your portfolio for returns
• A lack of exits is unsustainable for the ecosystem. Capital needs to be recycled.
• SCIF2.0 will focus on returns, opportunities with a global thesis, reserving capital for those getting traction, up to $1.5m for top performers (vs $500k under SCIF1.0).
• Since 1 July 2017, SCIF2.0 has approved 59% of deals presented, with a higher approval rate for follow on deals and declines being notified within 2 weeks.

Sam Stubbs – more capital is coming
• Kiwisaver is a $42bn saving pool which will grow to $200bn by 2030.
• Kiwisaver providers want to invest in early stage but are not currently being provided with the right products and mechanisms to be able to do so.
• Bigger follow-on cheques are coming.

Arama Kukutai – corporate venture capital
• Agtech activity has more than doubled by value and volume since 2014.
• US venture capital accounts for 47% of world-wide capital invested in agtech startups.
• In the agtech sector, corporate venturing and collaboration with VCs is becoming increasingly common and more sophisticated to generate win/win outcomes.

Randy Komisar – why do this? investment motivations and M.O
• Is this the deal, are these founders and is this cause… worth failing for?
• Investing in startups is about people and value creation, not about buying low and selling high.
• Don’t emulate any other place on the planet, do your thing. Protect and promote what you have as New Zealanders.
• If you can plot success for a company, it’s probably wrong or not worth doing.
• Fighting for crumbs on the table is no way to get cake – a reference to niggling over terms.

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Two New Angel Awards Announced

MIG Angels’ Dean Tilyard and PowerbyProxi recognised

In recognition of Angel Association New Zealand’s 10th Anniversary Summit two new awards have been announced to augment the Arch Angel Award which was first awarded in 2009 to Sir Stephen Tindall and yesterday awarded to Debra Hall.

The Puawaitanga Award recognises the founder and investor-director who best exemplify what can be achieved when committed people draw on their collective skills and experience. This award celebrates an angel-backed venture achieving world class success. This venture has excellent governance, a compelling business proposition and a well-defined strategy for exponential returns.

Puawaitanga – ‘best return on integrated goals’.

The Kotahitanga Award recognises those people in the angel community who have made an outstanding contribution to the industry. It acknowledges those who have selflessly given personal time and energy for a sustained period and contributed to the professionalism, profile and reputation of angel investment in New Zealand.

Kotahitanga – ‘unity and a shared sense of working together’.

The inaugural Puawaitanga Award has been presented to PowerbyProxi’s founder Fady Mishriki and investor-director, Movac partner David Beard. Movac were the first angel investors in the company after Fady and his business partner, Greg Cross founded the business in 2007 with the Icehouse becoming the first external shareholder joined in the following years by UniServices. Auckland-based IceAngels investors also contributed capital in later rounds alongside other investors including Evander Management. PowerbyProxi was recently acquired by Apple for an undisclosed sum.

In making the award, Angel Association Chair, Marcel van den Assum said Fady and Dave are shining examples of what great alignment can achieve.

“A consistent message in angel investment is the importance of founder and investor alignment. Both parties need to be committed to the same end-point.  This has clearly been the case with PowerbyProxi. From the outset, eight and a half years ago, both Fady and David were in sync on the end game; to generate stunning returns, financially for the investors and just as importantly for the New Zealand economy,” he said.

PowerbyProxi employs over 50 people and holds over 300 wireless charging related patents.

The first recipient of the Kotahitanga Award is MIG Angels founder, Dean Tilyard.

Dean founded MIG (Manawatu Investment Group) Angels in 2007. Since then the group has raised in excess of $20m for 19 technology based and largely agtech companies. Dean led the fund raising for two MIG Angels side-car funds, and oversees the investment committee to co-invest with MIG members. Dean was instrumental in the establishment of the Sprout Accelerator, which has 16 agtech alumni. Companies taking part in Sprout have gone on to triple their sales and raised $2m in funding. Dean was Treasurer of the Angel Association from its inception in 2008 until 2016.

“Dean is the kind of leader and influencer who has a tremendous impact on all those who work around him by leading powerfully and unobtrusively.”

“Dean has spent countless unpaid hours with founders and budding angels mentoring, encouraging and inspiring them all. He has also championed early stage investment to others on the periphery of angel investment; those whose support is vital to the successful growth of New Zealand’s startup ecosystem,” said Marcel.

–Ends–

For more information, please contact:

Suse Reynolds, AANZ executive director
mob: 021 490 974 or email: suse.reynolds@angelassociation.co.nz

Marcel van den Assum, AANZ chair and 2015 Arch Angel
mob: 021 963 459 or email: marcel@angelassociation.co.nz

The Angel Association of New Zealand (AANZ)
The Angel Association is an organisation that aims to increase the quantity, quality and success of angel investments in New Zealand and in doing so create a greater pool of capital for innovative start-up companies. It was established in 2008 to bring together New Zealand angels and early-stage funds. AANZ currently has 30 members representing over 700 individual angels associated with New Zealand’s key angel networks and funds. Recent NZVIF data revealed angels have invested more than $NZ484m in over 928 deals and 296 companies in the last 10 years. AANZ works closely with NZTE and Callaghan Innovation and a number of private sector partners including NZX, First NZ Capital, PWC, Avid Legal, AJ Park, KiwiNet, Uniservices and Spark Ventures. For more, please visit: www.angelassociation.co.nz

 

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Debra Hall named New Zealand Arch Angel 2017

One of New Zealand’s most ardent angel investors, Debra Hall, has been awarded the Angel Association of New Zealand’s (AANZ) prestigious Arch Angel Award at the 10th Anniversary NZ Angel Summit on Waiheke Island.

The Arch Angel Award is the highest honour in New Zealand’s angel investment community, and recognises individuals who reflect the qualities of the best angel investors and who are champions for the endeavour.

The award recognises the significant amount of time and money angels contribute to startups and early-stage companies – and specifically to their founders and teams – to help them reach their potential while also recognising angels who make a significant difference to New Zealand’s startup ecosystem

Debra has made many investments in early-stage companies and been an investor director for a number of these ventures. She has held governance roles with Auckland-based IceAngels, the Angel Association itself and is currently an Advisory Board member for the first Chinese founded angel investment group, Zino Ventures. In 2015 Debra received IceAngels “William H Payne, Active Angel Award”.

AANZ Chair and 2015 Arch Angel recipient, Marcel van den Assum, says Debra imbues all the qualities of a top-notch angel.

“She is not only an active investor, contributing money and the deep expertise she has from scaling and selling her own market research company, but Debra also genuinely cares about the founders she backs, providing personal and practical advice which is a vital part of the more holistic role angel investors play,” he said.

Marcel, who worked with Debra during her time on the AANZ Council, said her contribution to the angel investment in New Zealand is marked.

“The passion and energy she brings is extraordinary, whether it’s developing and delivering a specialised course for aspiring directors of angel-backed companies, or on the boards of companies she’s backed, advising entrepreneurs, making deals happen by bringing people together or cajoling and gathering data on our community, Debra has made a very real impact and lifted the professionalism, profile and reputation of angel investment in New Zealand.”

Andy Hamilton, recipient of the 2011 award, has known Debra since she began angel investing in 2007 and said she had been a dedicated and invaluable member of IceAngels, renowned not just for her deal making capability but also for the lively dinners she and her husband Peter have hosted over the years for dozens of international visitors.

Interviewed in Startup Young Company Finance Report’s October 2016 edition, Debra noted that she and Peter had heard about IceAngels through a connection who knew Andy Hamilton and subsequently received an introduction to the group.

“In those days, from the outside, it looked to me like a secret society,” Debra said. She subsequently discovered that wasn’t the case – “all angels are very welcoming of new members and in fact eager to get new angels on board,” she said.

“Peter and I invest together and we only invest in companies we both agree on. We’ve taken small and big investments across a diverse range of companies – from technical manufacturing, to biotech, to software businesses.”

It was in this article that Debra set out why she is so passionate about the role good governance plays in the success of angel-backed companies.

“Governance is often seen as an inconvenience or intrusion by founders, however an effective board is actually critical to their success. With many of these companies, we’re dealing with a team that has never run a business before, so experienced directors are not just bringing classic governance to the table, they’re bringing their contacts, business experience and willingness to take on risks – often for minimal remuneration,” Debra pointed out.

Debra received her award at the 10th Anniversary NZ Angel Summit, held at Cable Bay Winery on Waiheke Island and attended by 150 delegates. The annual event provides a hub for angels to learn and network, and is recognised as one of the world’s top angel events.

South African born, Debra was that country’s first female metallurgical engineer. After immigrating to New Zealand, her career changed tack when she took on a job for a market research company that allowed her to work from home. She found a passion for the sector, leading her to establish the market research company Research Solutions in 1992. It grew into one of the country’s leading market research consultancies, and was sold to global market research giant, Synovate in 2007. She chaired the New Zealand Marketing Association for a number of years.

Former Arch Angel winners also include The Warehouse founder and long-time angel investor Stephen Tindall; Andy Hamilton, chief executive of The Icehouse and member of IceAngels; US super angel Bill Payne; veteran angel investor Dr Ray Thomson; prolific AngelHQ member, Trevor Dickinson and current AANZ Chair, Marcel van den Assum.

–Ends–

For more information, please contact:

Suse Reynolds, AANZ executive director
mob: 021 490 974 or email: suse.reynolds@angelassociation.co.nz

 

Marcel van den Assum, AANZ chair and 2015 Arch Angel
mob: 021 963 459 or email: marcel@angelassociation.co.nz

 

The Angel Association of New Zealand (AANZ)
The Angel Association is an organisation that aims to increase the quantity, quality and success of angel investments in New Zealand and in doing so create a greater pool of capital for innovative start-up companies. It was established in 2008 to bring together New Zealand angels and early-stage funds. AANZ currently has 30 members representing over 700 individual angels associated with New Zealand’s key angel networks and funds. Recent NZVIF data revealed angels have invested more than $NZ484m in over 928 deals and 296 companies in the last 10 years. AANZ works closely with NZTE and Callaghan Innovation and a number of private sector partners including NZX, First NZ Capital, PWC, Avid Legal, AJ Park, KiwiNet, Uniservices and Spark Ventures. For more, please visit: www.angelassociation.co.nz

 

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2017 Angel Summit focuses on next 10 years

The tenth Annual New Zealand Angel Summit will be held at Cable Bay Winery – Waiheke Island from 1 – 3 November 2017. It’s theme; “Doubling down on success… the next ten years!”

New Zealand is now decade in to formal angel investing in New Zealand and has amassed some impressive statistics for a nation of our size. Over $500m into nearly 1000 deals in the more formal part of our market. Ten years ago there were 4 clubs and 100 or so angels. Today there are 10 clubs and over 650 angels. All this activity has delivered hundreds of jobs and tens of millions of revenue. It’s this value creation we want to continue to accelerate.

Ten years ago there were 4 clubs and 100 or so angels. Today there are 10 clubs and over 650 angels. All this activity has delivered hundreds of jobs and tens of millions of revenue. It’s this value creation we want to continue to accelerate.

The 10th Annual NZ Angel Summit is being held back where it all started at Cable Bay Winery on Waiheke Island. The choice of the small intimate venue continues the deliberate approach by the Angel Association to ensure it creates the right atmosphere for relaxed and informal conversations between active angel investors. The last two summits have sold out and it unapologetically prioritises attendance for those who are ‘doing deals’.

On the first morning the Summit will celebrate our community of investors and founders and their achievements in the past decade. There is so much to be proud of. The rest of the event will be spent digging into what we need to do to double down on our successes based on stories and insights from New Zealand’s heroes. International speakers, carefully vetted for their ability to both understand New Zealand’s unique circumstances and our aspiration for outcomes and success are flying in to present.

Showcasing Angel Investor Backed Ventures

The Showcase event which kicks off the event will include up to 10 venture in three tiers; seed, first formal round, last raise with a clear exit path. Each group of ventures will be introduced by an experienced angel investor who will talk about the investment opportunity, the return profile, valuations and potential acquirers.

New Zealand Investor Keynotes

Key Note sessions will include deep insight into what we can be proud of and what’s next. Stalwart investors will share memories of getting started – what was their vision and what inspired them, their challenges and what we need to do in the next decade to ensure value is delivered. These sessions will explore why our environment looked as it did 10 years ago, how far we’ve come and how we build on what we’ve created and set the vision for the next 10 years.

International Angel Investors

International special guests include Justin Milano (Good Startups, San Francisco, USA) who will explore the role of fear in the early-stage space. A veteran of Silicon Valley, Mr Milano has worked with angels and entrepreneurs to use cutting edge psychology and neuroscience, including emotional intelligence skills to help entrepreneurs and angels create break-throughs and unlock potential. Ron Wiessman (Band of Angels, San Francisco, US) will deliver a dose of reality exploring the critical the role of capital strategy and how tough it can be to source and entice an acquirers.

Actionable Insights

The extensive programme includes gritty content which covers; building strategic value, actively managing your portfolio for returns, Government’s role – identifying the right policy levers, the role of NZ corporate venture, and deep dives into term sheets – how have they have evolved and what role do they play in venture success lead by AANZ Expert Partner, Avid Legal’s Bruno Bordignon. Insight into which industries and technologies are going to irrevocably disrupt markets in the coming decades and make the best investment opportunities round out the valuable programme.

Finally, the event will also include the presentation of Arch Angel Award and two inaugural awards “Contribution to the industry” and “Lead angel and best venture award” – celebrating a great angel/founder collaboration.

To book your seat (preference is given to active angel investors) click here.

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Simon Brown: Entrepreneurs and investors descend on Hawke’s Bay

For two days last week the Black Barn Winery in Havelock North was the focus of the world’s venture capital and angel investor communities.
Entrepreneurs and investors from New Zealand, Canada, North America, China and Europe spent last Thursday and Friday at the 2016 NZ Angel Summit discussing investment strategies, sharing their expertise and creating opportunities for innovative Kiwi start-ups in need of early stage finance.
These were some of the most successful investors in their field. People like North American business and equity finance consultant Ross Finlay, who has come to New Zealand with the support of Callaghan Innovation to help local businesses understand what Angel Investors expect from them, to show them how to establish relevant relationships and introduce them to North American and NZ Angel networks.
Ross has secured 35 Angel investment deals in recent years and has assisted in the development and review of countless business plans for start-up companies.
He has extensive networks within the world of international finance and he knows how to leverage them for the greater economic good.
Hawkes Bay’s stunning environment was a bonus for local and international financial high flyers like Ross but they weren’t here primarily for the scenery. These were all seasoned and experienced business people who have made their money in a range of sectors.
Naturally, they’re looking for a return on their investment but they’re also motivated by a desire to help others with the same drive and ambition they have and, crucially, to do their bit to grow the New Zealand economy.
Government ministers and officials, colleagues from Callaghan Innovation and the nationally located business incubators also attended the summit.
They came away with re-enforced enthusiasm and confirmation of the optimism and dynamic evolution in this fast growing sector of our economy.
Last financial year was a record breaker in terms of deals made with Kiwi start-ups and dollars invested.
Deals worth a total of $61.2 million provided 92 creative and passionate New Zealand entrepreneurs with the kick start they needed to get their great idea off the ground. In addition to this investment, Callaghan Innovation supported 152 start-ups through incubators.
That’s an unprecedented deal flow and a strong indication that NZTE’s Investment Showcase events and Callaghan Innovation’s incubation funding and accelerator programmes are bearing fruit.
New Angel regional networks are forming. Syndicated Angel funds are proliferating and long standing networks are experiencing a surge of interest. Wellington’s Angel HQ, for example, has gained 30 new members in just the last six months.
Increasingly businesses are successfully exiting the start-up phase of their journey but still face challenges in accessing growth capital and appropriate commercialisation expertise. International capital exists but the New Zealand eco-system is looking at how it can work better together to facilitate the access to it.
We’re doing great but we can do better. Investment in research and development in New Zealand still lags behind OECD countries. Areas like SaaS, FinTech, AgriTech and other areas of the digital sectors are doing well but there are also great ideas brewing in MedTech, BioTech and food and beverage production.
A few of those could well be the disruptive industries we need to take New Zealand and the world into a healthier and wealthier future.
– Simon Brown is general manager accelerator services of Callaghan Innovation

First published – NZ Herald 6 November 2016

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Meet the Kiwi whiz kids running a $200 million education empire

WHILE other Gen Ys are still finding their feet, these Kiwi whiz kids are running a global company worth more than $205 million.

Jamie Beaton, 21 and Sharndré Kushor, 22, have just closed a $39.5 million capital raising for the global online education business they started on Facebook and Skype. And they’re looking to expand their reach even further.

It all started when a teenaged Mr Beaton, whois academically gifted, realised that there was not enough support out there for kids who wanted to get into the world’s top universities.

Read more

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Trevor Dickinson named New Zealand Arch Angel 2016

One of New Zealand’s most prolific angel investors, Trevor Dickinson, has been awarded the Angel Association of New Zealand’s (AANZ) prestigious Arch Angel Award at the 2016 NZ Angel Summit in Hawke’s Bay.

The Arch Angel Award is the highest honour in New Zealand’s angel investment community, and recognises individuals who have steadfastly championed the cause of angel investment and investors.

The award highlights the work of angel investors who give a significant amount of their time and money to help startups and early-stage companies – as well as their founders and teams – to reach their potential.

Read more

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Rocket Lab signs satellite company Spire as customer

New Zealand space company Rocket Lab has signed a deal with a United States satellite company.

Rocket Lab will send Spire satellites into orbit on up to 12 missions from late 2016 throughout 2017.

Spire uses small satellites to provide “high-fidelity” weather and ship tracking information.

Read more

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Creating our own Silicon Valley

There are so many components in successfully scaling great tech ventures. NZVIF’s Franceska Banga identifies a number of them in this article where she compares Silicon Valley with NZ. Essentially we all have a role to play!

Silicon Valley. Rightly or wrongly it’s the totem pole by which countries judge their transition to a more technology-based economy. But while many want to create the next Silicon Valley, replicating its confluence of factors is not easily done.

There are some features which helped create and continue to make Silicon Valley unique. It helps, for a start, having nearby two top universities – Stanford and Berkeley – with Stanford’s famed electrical engineering department especially important. So, too, does having huge pools of investment capital nearby.

But what might surprise many about this bastion of private enterprise is that it grew out of a long-term partnership with private enterprise supported by decades of US Government contracts and subsidies.

Its 60-plus years of growth has seen three technological waves.

Post World War II, federal Government money to develop new defence and aeronautical technology established the valley’s foundation and the first wave.

Darpa (Defence Advanced Research Projects Agency), created in 1958, is credited with playing a significant role in the development of the earliest version of the internet.

From that base came the second superconductor and PC wave of the 1970s and ’80s, followed by the internet, social and mobile media technological wave since the mid- 1990s.

The venture capital funds, which today underpin so much valley innovation, also enjoyed decades of Government support.

The Small Business Investment Act of 1958 established federal funding for US venture capital firms. In its first decade, the programme invested US$3 billion into young firms – over three times the amount invested by private venture capital funds.

The programme still exists and in 2013 it provided US$2.2 billion of funding investment. Many of the valley’s most dynamic tech companies – Apple, Compaq and Intel – have been backed by Government funds.

While our tech sector shouldn’t try to mimic Palo Alto – our market is very different – there are many reasons to believe we can build a credible and sustainable tech sector that is economically significant over the long-term. Over the past 15 years there has been significant progress in building New Zealand’s technology landscape.

The annual TIN100 survey shows that over the past eight years, revenues from New Zealand’s top 100 technology companies have jumped from $4.7 billion in 2006 to $7.6 billion in 2014.

While NZ has some catching up to do if we want to create a technology sector of significant economic scale, we are well on the way.

The TIN100 result backs up what we are seeing daily in the business news pages, with a stream of new technology companies becoming household names – alongside Fisher & Paykel Healthcare, Datacom and Trade Me are the likes of Xero, Orion Health, Wynyard Group, Rakon and Pacific Edge.

The innovation pipeline of the next generation of technology companies also looks very healthy.

New Zealand’s tech sector is being built through the application of innovation and technology across multiple sectors led by the software industry. There are many other sectors where unique technology solutions are being developed.

Healthcare integration, helicopters, paint, parking, apples, animal health, surgical dressings and cystic fibrosis are examples where local innovation is leading the world.

There is no single factor driving this innovation. The role of successful private sector leaders and entrepreneurs is crucial. But so, too, is the support from the Government, from establishing Callaghan Innovation, developing business incubators, encouraging more R&D, commercialising more university research and strengthening our capital markets.

We know it takes a long time to develop a sustainable venture capital sector – the Valley’s VC sector took 40 years to develop. And while our VC market is likely to remain boutique, servicing local start-ups as they grow, their role is critical in filling the $2 million-$10 million funding gap – beyond crowdfunding and angel investors, before traditional capital markets.

We may never rival the US but we need to ensure our VC sector reaches a critical mass to meet the needs of New Zealand’s growing tech sector.

Since its establishment as a Government-owned and funded company, NZVIF has partnered with 10 venture capital funds. Alongside its fund partners, NZVIF has invested into some of New Zealand’s most promising growth companies – including Orion Health, Xero and PowerbyProxi.

For every dollar invested by the Government through NZVIF, there must be at least 1:1 matching investment from private investors. The public/private sector investment leverage runs significantly above that. To date, a total of $1.1 billion has been raised for NZVIF VC-funded companies of which NZVIF’s contribution is $100 million.

Overall the VC fund has returned 5.6 per cent per annum. Post-GFC, VC fund investments are showing returns of 26 per cent per annum.

New Zealand has made significant progress over the past two decades and the results can be seen in the array of emerging technology companies with good growth prospects. If every year we have two to three VC funds investing across 10 companies in the $2 million-$10 million funding gap, the impact could be significant.

Building a vibrant early stage investment ecosystem is not an insignificant goal. Look at the countries which have succeeded – the US, Israel, Finland and Singapore. In all, government support behind private sector endeavour has been instrumental.

Franceska Banga is chief executive of the NZ Venture Investment Fund

First published NZHerald 26 March 2015

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Hawkes Bay economy gets major blast from new food facility

The power of angel investment. Enterprise Angel backed Rockit Apples creating jobs in the Hawkes Bay. And a cry for angels in that region too!

The global success of Rockit™ apples has led to a $17 million investment into land development and a state-of-the-art food packaging facility in Havelock North.

Minister for Economic Development, Hon. Steven Joyce officially opened the multi-million dollar food facility today (Wednesday).

Havelock North Fruit Company managing director Phil Alison said world-wide consumer demand, which is up 700 percent from 2013, has proved a fruit such as an apple can be marketed as “a premium snack food and compete against sugar-coated confectionary.”

Read more on www.scoop.co.nz

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Lead Partners

NZTE NZVIF PWC

Expert Partner

NZX AVID AJ Park “FNZC.jpg”

AANZ Summit Sponsors

Callaghan Innovation “UniServices” Kiwinet “Spark”