Hon Ayesha Verrall
Minister for Research,
Science & Innovation
Hon Barbara
Edmonds
Minister for Economic Development
The
Government has welcomed a report from the Startup Advisors
Council on steps to support a thriving startup sector in New
Zealand.
Research, Science and Innovation Minister
Ayesha Verrall and Economic Development Minister Barbara
Edmonds have thanked the Council members for their work,
which has been underway since 2022.
“We will take
time to carefully consider the Council’s report and their
valuable recommendations to support and strengthen the
environment for New Zealand startups,” Ayesha Verrall
said.
“The report has identified challenges and
opportunities facing many startup businesses across the
country.
“A thriving startup ecosystem will make a
significant contribution to the shift to a high-wage,
low-emissions economy and we are committed to continuing to
fostering growth, innovation and job creation,” Ayesha
Verrall said.
The report makes 25 recommendations
centred on four themes. These include fostering greater
connectivity, support for attracting and growing talent,
increasing access to capital and supporting a cultural shift
to encourage more entrepreneurialism.
“The Council
engaged widely in developing their recommendations. I want
to acknowledge their contribution and that of the wider
startup community in developing this report,” Barbara
Edmonds said.
“There is a role for all of us in
responding to these. The call to improve diversity of
startups is something we’re working on with New Zealand
Growth Capital Partners and there are actions the private
sector can also take to improve the representation of Māori
and women in the sector.
“Establishing the Council
was just one way we are supporting startups. We have
invested $300 million into the Elevate NZ Venture Fund,
including $40.5 million in Budget 2023. As a result, we’ve
seen a significant increase in capital and transactions in
the market since the Fund launched in 2020.
“We
value opportunities to work in partnership with businesses,
investors and communities. We will be considering how to
maintain a collaborative and open approach to the startup
sector now that the Council’s initial term has formally
ended.
“This report provides a solid foundation to
progress the Government’s activity in this space.
Officials will now carry out further work to support next
steps and we look forward to sharing more soon,” Barbara
Edmonds said.
The Council’s report is available on
the MBIE
website.
Notes for editors:
The Startup
Advisors Council was appointed in May 2022 for a 12-month
term to provide advice on supporting a thriving environment
for startups in New Zealand.
More information about
the Council and its members is available on the MBIE
website.
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