Government welcomes startup report

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.