NZ venture capital community still rebuilding: Garage Tech 6 May 2015
Related articles
- NZ consumers grow more upbeat, may resume spending Business
- Knowles quits as CEO of KiwiBank Business
- NZ migration bolstered by British invasion Migration
- NZ manufacturing activity reaches highest since 04 Business
- NZ dollar hits 22-month high vs euro Business
- Budget provides $321m for RS&T activities News
- OceanaGold finds new gold deposits at Fraser mine Business
- Transpower gets go-ahead for $170m SI upgrade Business
- NZ home sales creep up in March, still subdued Property
- NZ economy expands at fastest pace in two years Business
NZ venture capital community still rebuilding, Silicon Valley VC head says
By Paul McBeth
May 6 (BusinessDesk) - New Zealand's institutional venture capital community is still recovering from the global financial crisis six-and-a-half years ago, although so-called angel investors are in better heart, according to a visiting venture capitalist from Silicon Valley.
Palo Alto, California-based Garage Technology Ventures' managing director Bill Reichert told BusinessDesk the local venture capital community isn't at critical mass, and is still recovering from the GFC. In contrast, he says the angel investor sector appears to be vibrant, although it would benefit from greater pooling of resources.
"My impression is the institutional venture capital community has still not recovered from the meltdown and that just put a huge dent into building the institutional venture capital community," Reichert said. "Nevertheless, there seems to be a very vibrant angel community here."
Last year, Angel Association chairman Marcel van den Assum urged his fellow investors to broaden their portfolios rather than backing one or two firms in the hope of a big pay-off.
Garage Technology Ventures' Reichert said the question for New Zealand angel investors was whether there was enough collaboration in the investing community.
"In a situation like this there should be more pooling of resources and focusing of attention around the most likely success stories," he said. "The whole nature of the market economy says let a thousand flowers bloom, but if you don't have enough water and you let a thousand flowers bloom most of them will die."
Adiba Barney, chief executive of SVForum, a Silicon Valley non-profit organisation aiming to foster the high-tech region's ecosystem, said New Zealand's entrepreneurs and early-stage start-ups need a champion to help create an environment where they interact with each other to develop a thriving community that feeds off each other.
She's optimistic the local scene has found that in government agency Callaghan Innovation, which has been tasked with helping fund the road to commercialisation by subsidising research and development and supporting a group of incubator programmes.
"Creating those kinds of opportunities are really important, that's why what Callaghan Innovation are doing is very, very important - much more so than you'd imagine," Barney said. "When it's too spread out and you don't have someone bringing it all together and being the champion for it, it makes it harder."
Reichert, who is a beachhead adviser for New Zealand Trade & Enterprise in North America, said the reality for most New Zealand entrepreneurs, is that when they want to go global they will have to leave the country to do so.
Reichert and Barney are travelling to New Zealand's main centres meeting entrepreneurs, investors and business leaders to help support Callaghan's incubator programme and provide local businesses with a connection in Silicon Valley.
(Disclosure: BusinessDesk receives funding from Callaghan to assist in the coverage of the commercialisation of innovation)
(BusinessDesk)
News
Hilary Timmins' Award-Winning UK Documentary Series To Inspire NZ Students
29 Jun 2020 Education
Dream Catchers, produced and directed by Hilary Timmins, celebrates the success stories of more than thirty inspirational New... more
New Zealand reaffirms support for Flight MH17 judicial process
7 Mar 2020 News
Ahead of the start of the criminal trial in the Netherlands on 9 March, Foreign Minister Winston Peters has reaffirmed the need to... more
Business
NZ Government's Economic package to fight COVID-19
17 Mar 2020 Business News
The Coalition Government has launched the most significant peace-time economic plan in modern New Zealand history to cushion the... more
NZ Government announces aviation relief package
19 Mar 2020 Business News
Transport Minister Phil Twyford today outlined the first tranche of the $600 million aviation sector relief package announced earlier... more
Living
Diversity was Key at New Zealand Trade Tasting in London
6 Jun 2022 Food & Wine
New Zealand Winegrowers Annual Trade Tasting was recently held in London, on Wednesday 4 May, in Lindley Hall.
It was the first... more
Kiwi author stuns Behind the Butterfly Gate
12 Jan 2022 Arts
Hidden behind the Butterfly Gate is where the secret has been kept for 76 years...
New Zealand writer Merryn Corcoran’s... more
Property
Fairer rules for tenants and landlords
17 Nov 2019 Property
17 NOVEMBER 2019
The Government has delivered on its promise to the over one million New Zealanders who now rent to make it fairer... more
New Zealand Government will not implement a Capital Gains Tax
17 Apr 2019 Property
The Coalition Government will not proceed with the Tax Working Group’s recommendation for a capital gains tax, Jacinda Ardern... more
Migration
Boosting border security with electronic travel authority – now over 500,000 issued
19 Nov 2019 Migration
19 NOVEMBER 2019
We’ve improved border security with the NZeTA, New Zealand Electronic Travel Authority, which helps us to... more
Christchurch reinstated as refugee settlement location
18 Aug 2018 Migration
18 AUGUST 2018
HON IAIN LEES-GALLOWAY
The announcement that Christchurch can once again be a settlement location for refugees... more
Travel
Gallipoli Anzac Day services cancelled
19 Mar 2020 Travel & Tourism
The New Zealand and Australian Governments have announced this year’s joint Anzac Day services at Gallipoli will be cancelled... more
New Zealanders advised not to travel overseas
19 Mar 2020 Travel & Tourism
New Zealanders advised not to travel overseas
more
Sport
The Skipper's Diary: Sir Richard Hadlee honouring his father and NZ's Forty-Niners
27 Oct 2019 Cricket
NZNewsUK London Editor Charlotte Everett spoke to Sir Richard Hadlee about why he’s chosen to publish his father’s... more
PREVIEW: All Blacks v England semi-final
26 Oct 2019 Rugby
The two most convincing quarterfinals winners are set to square off in a semifinal showdown for the ages when the All Blacks meet old... more
Columns
Gordon Campbell on the Gareth Morgan crusade
11 Nov 2016 Opinion
Gordon Campbell on the Gareth Morgan crusade
First published on Werewolf
The ghastly likes of Marine Le Pen in France and Geert ... more
Gordon Campbell on the US election outcome
10 Nov 2016 Opinion
Column - Gordon Campbell
Gordon Campbell on the US election outcome
Well um.. on the bright side, there (probably)... more
Kiwi Success
Congratulations to Loder Cup winner
26 Sep 2018 People
25 SEPTEMBER 2018
The Loder Cup, one of New Zealand’s oldest conservation awards, has been awarded to Robert McGowan for 2018... more
Appointments to New Zealand National Commission for UNESCO
16 Aug 2018 Appointments
16 AUGUST 2018Appointments to New Zealand National Commission for UNESCO
HON JENNY SALESA
Associate Education Minister Jenny Salesa is... more
Recruitment
Historic pay equity settlement for education support workers
14 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more
Historic pay equity settlement for education support workers
22 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more