NZ startup submission to government

Startups will play a critical role in New Zealand’s economic revival.

Kiwi startups are our country’s powerhouse of problem solvers.

 

Startups are responsible for at least half of all new jobs created and in some economies, up to 90% of new jobs created. They are a source of incredible inspiration and are executing on a vision of New Zealand as a world leader creating a sustainable economy generating exponential value and impact.

The submission sets out how the startup community believes it can help with New Zealand’s economic revival.

So many people provided help and support, advice and insight. Over 50 organisations were part of the collaboration!! And how wonderful that there are so many people who care about making our world hum.

And of course the submission is really only the start in lots of ways. It reflects lots of conversations we have been having, and will have, in the coming months. It’s a catalyst for discussion and debate. The Startup Leadership Group provides a great forum for this and so do other forum’s like the Global Entrepreneurship Network, Startup Weekends and others.

Onwards!

Submission

Startup Investment Magazine April

The sun always comes up.

Providing articles to read Suse Reynolds, Anand Reddy, Bruno Bordignon, Dana McKenzie and Debra Hall.

Read here

COVID19 Package – application to startups

COVID-19 – Government Stimulus Package – Guidance and Comment
Important update 31 March 2020.

Thanks again to the team at Avid.legal for pulling this together.

On Friday 27 March 2020 the government announced:

1. significant changes to the Wage Subsidy, and
2. that it has ended new applications under the Leave Payment Scheme.

On Saturday 28 March 2020, the government published a further clarification to the changes it introduced to the Wage Subsidy.

These changes render some of the information in our 24 March 2020 update (further below) void for new applications.

 

Most significantly, a revised declaration now applies to the Wage Subsidy for applications made after 4pm on Friday 27 March 2020. You can review the revised declaration here: https://workandincome.govt.nz/online-services/covid-19/declaration-wage-subsidy.html

These changes will have a significant impact on how some businesses may use the Wage Subsidy and how it fits in with wider coping strategies compared to businesses who applied before the cut-off. Changes include (but are not limited to) applicants agreeing to:

  • not make any changes to any obligations under an employment agreement (e.g., remuneration, hours of work and leave entitlement) without the written agreement of the employee;
  • retain the employees named in the application as employees for the period the employer receives the subsidy in respect to those employees;
  • not unlawfully compel or require any of the employees named in an application to use their leave entitlements for the period the applicant receives the subsidy in respect of those employees;
  • only use the subsidy for the purposes of meeting the named employees’ ordinary wages and salary (and the employer’s obligations in relation to the subsidy);
  • remain responsible for paying named employees’ ordinary wages and salary for the period the employer receives the subsidy;
  • for the period the subsidy is received:
    • use best endeavours to pay at least 80 per cent of each named employee’s ordinary wages or salary; and
    • pay at least the full amount of the subsidy to the named employee; but
    • where the named employee’s pre COVID-19 remuneration was ordinarily less than the subsidy (i.e. less than $585.80 or $350), pay the named employee that amount.

Other new aspects of the declaration include some strict requirements about:

  • needing to discuss the application with named employees before making the application;
  • obtaining named employees’ consent to including their details in the application for MSD to use and share (ideally in writing); and
  • advising named employees that they have the right to request access to all information held about them under the Privacy Act, and that they can contact [email protected] to make a request.

Maintaining good processes and record keeping will be critical. The increased requirements in the declaration must be carefully worked through before submitting an application. Businesses should pause and ensure they can established that they comply. Businesses may be subsequently audited. If a business cannot establish that it was eligible, or that it adhered to the conditions set out in the declaration, the business risks being required to repay the subsidy and potentially criminal sanctions.

Lastly, payment-processing times have reportedly slowed. If your claimed amount has not been paid within a week, it is worth calling MSD.

Read More

New Regime at Angel Association New Zealand

As outgoing Angel Association New Zealand Chair, John O’Hara steps down from his two-year term, the AANZ today announced the appointment of the current Executive Director, Suse Reynolds to the role.

“As an active angel, a co-founder of Wellington’s 90-strong AngelHQ and one of the first AANZ Council members, this appointment is not only a natural progression for Suse it also marks the beginning of an exciting new period of activity for the AANZ,” said John O’Hara.

The AANZ is also delighted to announce the appointment of Bridget Unsworth to the position of Operations Director. Bridget brings deeply relevant experience following nearly 10 years as Investment Director of the seed co-investment programme at the New Zealand Venture Investment Fund.

Both appointments will take effect from 31 March.

Suse Reynolds acknowledged the contribution John O’Hara has made to the Angel Association noting he led work to establish Flight, an annual programme of events to support investor directors, instigated The Runway, an initiative to bring together founders and investors, and that he spends countless hours mentoring and supporting founders and investors. John will remain an active and engaged angel and mentor.

In a little over a decade, formal angel investment in New Zealand has grown from three or four networks with about 300 investors to over a dozen networks with nearly 1000 members investing over a $100m per annum. Over 250 start-ups have received angel investment in that time.

Looking to the next decade Suse Reynolds said the industry would double-down on growing angel investment but will also bring a tighter focus to the support being provided to those founders and investors making traction to help them expedite their growth and generate the financial and socio-economic returns expected of the asset class.

“It is important that we continue to grow the pipeline of investors and investment as there is no shortage of deal flow. Literally dozens of incredible start-ups are being generated every year by ambitious, creative kiwis commercialising their own ideas and the stunning IP being generated by New Zealand’s universities and crown research organisations,” said Suse Reynolds.

“It is equally important we expedite the success of the current portfolio of angel-backed ventures. The AANZ is about to put our programme of connectivity and professional development on steroids. We learn best by doing and by sharing the doing – so look out for more events bringing experienced and inexperienced founders and investors together, more governance workshops, more on how to navigate term sheet negotiations and more on how to ensure cap tables are in good shape,” Suse Reynolds pointed out.

Scott Gilmour named New Zealand Arch Angel 2019

Scott Gilmour has been awarded Angel Association New Zealand’s (AANZ) Arch Angel Award today at the 12th New Zealand Angel Summit in Christchurch.

Scott is an experienced high-tech company founder and director and an active Ice Angels member and former board member. In 2002 he founded the first I Have A Dream project outside the USA to help kiwi children.

The Arch Angel Award is the highest honour in New Zealand’s angel investment community, given to those who best exemplify the quintessential angel and who are champions for the endeavour making a significant difference to New Zealand’s start-up ecosystem. As well as their personal capital, Arch Angel recipients share their time, insights, deeply relevant skills and their networks with high growth start-up companies.

The recipient is chosen by the previous years’ winners.

Scott Gilmour has over 35 years experience in the high tech industry, including 12 years with Intel in the United States and New Zealand. He co-founded a successful enterprise software company in the United States in 1989, ABC Technologies Inc., which was sold to SAS in 2002. He served for seven years on the NZ Trade and Enterprise Beachheads Board. And has served as a director and investor in a number of New Zealand tech companies, including Jade, Nextspace, ResourceWare, ViFX and Winscribe.

In 2002 Scott founded and funded the first “I Have a Dream” project outside the United States to “inspire dreams and enable futures” for kiwi children who are living in material hardship.

As a super active angel investor, Scott has invested in over 60 ventures. He is a founding member of Auckland-based Ice Angels, having joined the network at its inception in 2003 and served on the board for four years between 2006 and 2010.

Current Angel Association Chair and fellow Ice Angel, John O’Hara, says Scott has been a lynch pin of New Zealand’s first formal angel network.

“As a founding member of Ice Angels, I doubt there are many, if any, other Ice Angels members who have been such passionate and committed champions of angel investment. Scott has personally introduced and “closed” more new Ice Angel members than any other I can think of,” he said.

Scott received his award at the 12th New Zealand Angel Summit, held at Pemberton in Christchurch and attended by 160 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. This year’s summit is exploring what it is about scaling an angel-backed venture from New Zealand which gives it a unique comparative advantage when it comes to creating exponential value.

Former Arch Angel winners 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; Movac venture capital firm founder, Phil McCaw; veteran angel investor Dr Ray Thomson; prolific AngelHQ member, Trevor Dickinson, former AANZ Chair, Marcel van den Assum, ardent angel investor, Debra Hall and champion for kiwi start-ups, Dave Moskovitz.

–Ends–

 

For more information, please contact:

Suse Reynolds, AANZ executive director
mob: 021 490 974 or email: [email protected]

John O’Hara, AANZ chair
mob: 021 040 3198 or email: [email protected]

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 40 members representing over 800 individual angels associated with New Zealand’s key angel networks and funds. AANZ works closely with NZTE and Callaghan Innovation and a number of private sector partners including Jarden, PWC, Avid Legal, Baldwins, KiwiNet, Uniservices, Amazon Web Services, BNZ and BECA. For more, please visit: www.angelassociation.co.nz

 

Lead Partners

NZTE NZVIF PWC

Expert Partner

AVID “FNZC.jpg”

AANZ Summit Sponsors

Callaghan Innovation “UniServices” Kiwinet “Spark”