All hail technology

It’s staggering to consider the impact that high-growth tech companies have had on this country’s economy. Remember when Navman was sold to US company Brunswick in 2003 for just over $100 million? It attracted a lot of negative comment at the time, around the loss of profits to overseas investors. 

But what people forgot back then, but appreciate much more nowadays, is the ongoing impact entrepreneurs and investors (both here and overseas) have on business growth and development over the long term. Profits from big sales like Navman or Sistema Plastics get ploughed back into other local ventures, creating additional jobs.

A recent report from Callaghan Innovation, Growing the Pie, revealed that Kiwi entrepreneurs have, since 2003, created at least nine businesses worth more than $1 billion each – companies such as A2 Milk, Xero, LanzaTech, and our August 2018 cover story, RocketLab.

Another eight technology companies are estimated to be worth more than $500 million each, while there are more than 20 worth in excess of $100 million each. There has been, what Callaghan CEO Vic Crone describes as “an explosion in entrepreneurialism in Aotearoa”.

And leading edge technologies have largely been responsible for that explosion.

You just can’t escape the fact that New Zealand punches way above its weight when it comes to developing new technology and growing tech-based businesses. And it’s no surprise that overseas investors can’t resist our tech companies – to the benefit of everyone.

In light of all this, we thought we’d pay tribute to business technology in general in our June issue, and predict what the next decade will deliver.

That’s reflected in our cover story on Wellington tech company Boost, which has demonstrated solid growth over many years, and our special technology feature
2029 Vision: Where technology is taking business. 

Business technology is a vast subject to cover and we’ve only just nipped the tip of the iceberg in this issue. However, you can guarantee that there will be many more inspirational stories to come.

Meantime, have you entered The David Awards yet? 

Don’t waste another minute – go to www.thedavidawards.co.nz 

And have a fruitful June!