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The big news this week was Wynyard Group going into voluntary administration. As was expected by us tall poppy knocking kiwi’s, headlines and talkback all centred around the word “failure”. Suddenly, the general population is using phrases like “another pumped up New Zealand tech IPO” and “lesson learnt, avoid tech software firms investing in the sales curve”. To the many journalists I talked to this week my message was very clear. While this is bad news for Wynyard, staff and investors, it is actually a sign of a healthy, high growth market. The best tech markets in the world, like Silicon Valley and Israel, leverage experiences like this to go onto bigger and better things. Unfortunately, this isn’t as exciting as slamming the hard working managers and looking for scapegoats and not one journalist I spoke to, thought it worth a mention!
Also announced this week, was the continued growth of Angel investment in New Zealand. The estimated 600 to 800 angel investors in New Zealand shelled out a “solid” $23 million in the first half of the year, up from $20m for the same period last year. However, only $5m went into new businesses. There is still plenty of scope for growth in angel investment in New Zealand and I hope the Wynyard experience doesn’t discourage new individuals from joining this essential community that brings not just capital but also a wealth of experience.
On a completely different note, Paul Matthews, CEO of IT Professionals and I are spending some time this afternoon with the Minister of Education, Hekia Parata as we continue to strive to have the new digital technologies recognised as important as English and maths. Ultimately, we would like to see digital technologies separated as its own learning group. Or, at the very least, be assured that substantial investment and changes will be made to ensure digital technologies is taught to high levels, across all ages and all schools throughout New Zealand.
Have an excellent week.
All the best
COMING IN MAY 2017
NZTech Women can join the Fantail Network on 8 November in Wellington. Speakers include Lana West, Maisy Bentley and Carmen Vicelich.
The Point 2016 is being held 8-9 November in Auckland. Fintech Innovation Challenge winners will be announced at the gala dinner.
If you haven’t read the latest Market Measures report, uncovering the mechanics of scaling kiwi tech companies, save $490 and access it for free! Use the NZTech promo code: MMTI.
Join NZTech Board member Robett Hollis at The Leap – New Zealand’s Entrepreneurs Festival on 11 November in Auckland.
The NZTech Board has appointed board members Mitchell Pham as Chair and Rachel Kelly as Deputy Chair.
NZTech and the founding partners of the Digital Skills Forum launch the website, helping source, develop and deliver tech sector talent.
Following the recent New Zealand launch, check out the local edition of Careers with Code for game changing jobs of tomorrow.
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