…but not sure what

Are you:

- Entrepreneurial

- A big picture thinker & visionary

- Driven

- Resourceful

- Success oriented

- Coachable

Expressions of interest are now invited to join the Upstart Entrepreneur Development Programme part time or full time. Let us help you to build your skills, talents and networks; and start the business just right for YOU!

For more information visit

http://www.upstart.org.nz/internship/

The winner of the Emerging Company category is recognised as an emerging hi-tech business that has successfully made the transition from a start-up with a good idea, to one that has a sound financial position and strong growth prospects.

The award, which this year attracted 130 entries, was judged by a panel of six international luminaries including Michael Dell, founder of Dell Computers, as well as 35 high profile local industry experts.

TracMaps success has been founded on the initial development of a GPS-based system to allow fertiliser and spray trucks to apply product to the land more effectively and profitably, while at the same time recording where, when and what applications had been applied. It is now exporting to North America, Russia, South Africa and Australia.

TracMap was the 8th fastest growing company in New Zealand last year listed through the 2009 Deloitte fast 50 awards.

Rob Spray, CEO of TIG said that the “…judging panel were highly impressed with the solutions-based focus of both LifeTime Health Diary and the Speech School TV” who won the two top spots. “LifeTime Health Diary is a big idea that has the potential to develop into a huge global business, while answering a critical social need. With such a credible, committed owner and with substantial time and money already invested in the business, we have no doubt that LifeTime Health Diary will succeed”.

Hamish MacDonald of LifeTime Health Diary says the win has only been possible with the help of his committed team including Upstart Business Incubator. The prize is $10,000 which will be invested wisely to get the product into market by June 2010.

The six companies will have five minutes to pitch their ideas to a panel of judges at Launch Pad, which will be held live on-stage at Sky City Auckland at 12.30pm on March 13.

The winning pitch will receive $70,000 worth of IT, marketing, legal and accounting services, as well as three 5102 Hewlett Packard Netbooks and 12 months’ account management support from four of the competition’s sponsors, WorldxChange, Republik, Hudson Gavin Martin and MYOB.

The second and third place-getters will receive prizes of $10,000 and $5000 sponsored by the Ministry of Economic Development and a HP 5102 Netbook.

The judges had this to say about the shortlisted candidates:

Dazzle Tickets, a new ticketing solution which will make it possible to manage event ticketing from start to finish, “Sometimes the simplest ideas are really the best” Simon Martin, Partner Hudson Gavin Martin.

Fun2bFit which is aimed at reducing childhood obesity. “A Bold and Unique Concept” Julian Smith, General Manager MYOB.

Speech School TV, a subscription-based internet television channel “could have huge potential if this model takes off globally” Paul Clarkin, CTO WorldxChange.

Big Little Bang, which recognizes the synergy between online gaming and social play  “Huge new territory fantastic to see a kiwi business step up like this” Craig Abbott, Director Republik.

Livelink, which makes it easy for people to “pick and send” branded, multi-media e-marketing, “Has the potential to be as important to email as the stamp was to the postal service” Rob Spray CEO Telecommunications Industry Group.

Lifetime Health Diary, which provides a single and complete lifetime health and medical record “Timely solution to a massive issue of multiple health records” Rob Spray CEO Telecommunications Industry Group.

A Nelson schoolboy has also been awarded a special prize of one year’s free broadband for his entry, a proposal to expand his business, Acronum Industries, which sells electronic components online. The judges commended him for the strength of his business model, his detailed financial statements, and his general business acumen.

“At 15 he is already running his own business, and it’s working.” Paul Clarkin CTO WorldxChange.

Launch Pad is being held as part of Planet 2010, a two-day conference taking place in Auckland on March 12 and 13 to showcase the future and value of communications technology to New Zealand. The keynote speaker at the conference is former American astronaut Buzz Aldrin.

Planet 2010 is being organised by the Telecommunications Industry Group. TIG Chief Executive Officer Rob Spray says his organisation is committed to helping innovative New Zealanders achieve their goals.

“We see Launch Pad as a way for us to find and champion New Zealand’s best start-up companies, and help them grow their ideas into something spectacular.”

For more information contact Rob Spray (m) +64 21 648 715, (t) +64 9 475 0207, robspray@tig.org.nz

ABOUT PLANET 2010

The Telecommunications Industry Group has created the Planet 2010 communications and technology conference to showcase, over two days, the latest innovations in communications technology from some of New Zealand’s smartest companies.

Planet 2010 is not so much about high-tech hardware (although there’ll be plenty of that). It’s the chance for everyone to discover the smarts and capabilities of a wide range of companies. And marvel at what they can do for business.

Day One will feature technology showcases, specific presentations and breakout sessions catering to a business audience. Day Two will cater to a general audience and feature interactive exhibitions and a showcase of the hottest end user products and innovations.

All this, plus our very special keynote speaker, Buzz Aldrin, adds up to Planet 2010 being an experience that’s not to be missed. Planet2010. 12 -13 March, 2010. SKYCITY Convention Centre, Auckland.  www.planet2010.co.nz

The variety of inventions showcased was extensive including low tech products already in production and selling and with almost immediate international sales potential, to high tech business concepts which will take years to develop but have the potential to be worth tens of millions. Either way, successfully commercialising any innovation is good for the region and will create employment opportunities and generate funds flowing into the local economy. The event also demonstrated the potential to find business opportunities even when you have no money to invest.

Upstart Den was hailed as a success and received widespread praise from participants who were  vocal in their expression of gratitude for the opportunity to connect with likeminded people who now seek to stay in touch. Two views that echoed around the room were the surprise regarding the extent of inventiveness and value that is lying dormant in Dunedin and Otago, and the ease with which these ideas could be presented in a supportive and non threatening environment.

Upstart Den was created in an attempt to maximise the value created in the “back sheds” of New Zealand through matching inventors, and budding entrepreneurs with a business concept with the people with the resourcefulness, drive, personality and skills to turn them into businesses. Currently far too many inventors and innovators in New Zealand operate with a number 8 wire mentality trying to do everything themselves, with a significant opportunity cost to local and national economic growth.

Upstart has now been approached to repeat the exercise in Queenstown and Christchurch to address a gap in the market. Inventors and entrepreneurs from around the country are invited to register their interest with Upstart to be notified when and where the next Upstart Den will be held so they can be invited to participate.

The support of James and Wells Lawyers who were available on the evening to assist inventors with legal guidance around intellectual property such as patents and trademarking was tremendous, and Upstart appreciates their extremely valuable and knowledgable contribution.

Kiwis are notoriously bad at reaping the reward from our innovations. The reasons include:

• The inventor likes inventing, and has no or little interest in business, so the invention stagnates, never to see the light of day, or market.
• The inventor falls into the kiwi #8 wire trap believing they should do almost everything themselves, including building a business – when they are not the best people to do it. Inventors and technical specialists tend to be product driven rather than market focused, and this has been the source of failure for many promising innovations.
• Inventors often undervalue their inventions as they seem so obvious to them, and do nothing with them.

It’s time to turn the tables, and make sure that everyone benefits as much as they can from kiwi ingenuity – inventors, entrepreneurs, investors, customers, and the economy. To do this Upstart is facilitating matching inventions with an appropriate business driver right from the start. That’s what the “Upstart Den” is all about. It’s an opportunity for inventors to present their inventions in a safe environment to potential entrepreneurial partners or licensees who have the character and talent to drive the invention to commercialisation so everyone benefits.

We already have of a number of inventions and entrepreneurs, but there’s room for more.., so take action NOW and make sure you’re in the right place at the right time to benefit from your talents and skills…! Even if you aren’t sure what the commercial potential of your innovation or invention is, or don’t know what business to start if you’re an entrepreneur, don’t worry. We’ll work through that with you when you contact us.

Where: Upstart, Level 1, 333 Princes Street, Dunedin
When: Thursday 4th March, 2010, 7pm
Applications: close 18th Feb 2010, email info@upstart.org.nz or phone Lisa on 467 7013

New Zealanders are among the most creative, innovative and resourceful people in the world. However, these strengths rarely flow through to the economic benefit and personal wealth that is to be expected when compared with international statistics. According to research conducted by Tony Smale of eNZyme Intellect, New Zealand ranks highly on early stage entrepreneurism and adoption of innovations, but poorly on high growth businesses, GDP per capita and GDP per hour worked.

Explaining and reducing this gap could well provide solutions for the New Zealand government’s drive to reduce the productivity and standard of living disparity between Australia and New Zealand, with many of the answers likely to be found deeply ingrained in the kiwi psyche. Generally speaking, our individualistic nature, modesty, short term orientation, and fascination with the pursuit of discovery and leisure fuels a situation which is not conducive to large scale success. Kiwi entrepreneurs take pride in their ability to be self reliant, using their own resourcefulness and creativity to build a lifestyle business for themselves. This number 8 wire mentality creates opportunity and does provide solutions, but not to the extent that the country needs to remain competitive.

Dr Norman Evans, CEO at Upstart Business Incubator in Dunedin is frustrated by the extent to which business opportunities are lost, and startup businesses fail unnecessarily because founders, technical experts and inventors insist on trying to do everything themselves, including running the business long after the time is ripe to bring a professional CEO or skilled entrepreneur into the team.

Kiwis are prolific inventors, and yet it seems that fewer than 1% of patents are ever commercialised. Jason Rogers of James and Wells Lawyers in Christchurch has made it a policy to ask inventors to think about what their next steps would be to commercialise the invention once a patent application has been filed. Without an inventor making a commitment to understand what further time, effort and of course further costs are involved with development and marketing of a new commercial product, it’s likely that many great inventions never see the light of day or reach the shelves. Filing a patent application and obtaining a patent is just one step in a multifaceted process.

The inability to date to realise the economic benefit which is possible from capitalising on our kiwi ingenuity has prompted Upstart to play a new role in the business community. The incubator has partnered with James and Wells, and the Otago Polytechnic’s Evolver Design Innovation Programme to source opportunities and create new intellectual property around commercial solutions that would otherwise remain as a concept or be destined to sit dormant in an invention wasteland. This developed and proven intellectual property is then made available to entrepreneurs willing to build businesses around them so the entrepreneur, the inventor and the economy all win. Support and resources are available to entrepreneurs through the Upstart Entrepreneur Development Programme, and also through business incubation.

The initiative has now been expanded with an inaugural “Upstart Den” to be launched on March 4^th in Upstart’s Dunedin premises, where inventors will have the opportunity to woo the people with the talent, entrepreneurial spirit and big aspirations to turn their inventions and ideas into profit. While the event represents an opportunity for inventors to showcase their inventions in a safe environment, it also provides entrepreneurs with an opportunity to access a business opportunity (potentially with no initial monetary outlay as sweat equity, licensing, royalties or partnership arrangements may be agreed).

The project to match inventors with entrepreneurs is an initiative of Lisa McCarthy from Upstart, who has also played a pivotal role in shaping a collaboration with the Dunedin City Council, Economic Development Unit to facilitate company ‘bootstrapping’ as a means to boost the number and success of startups in the city.

NAFC (National Aerial Firefighting Centre), the Australian organization charged with the coordination of firefighting aircraft across Australia, including a DC10 tanker, Erickson “Elvis” aircranes and a variety of helicopters and fixed wing aircraft, issued a global request for proposals in April 2008 to establish a national standard for aviation tracking in real time.

Richard Alder, General Manager of NAFC said “We chose TracPlus because it not only allows our contracted aircraft operators to choose tracking equipment and service providers that meet their specific needs, but also provides the flexibility necessary for the many different fire agencies involved to get the data when they want it and in the form they need it. We know well the benefits of real-time tracking, having previously had various systems in place, but the adoption of a fully integrated national approach represents a great leap forward. The improvements in communication and coordination that will result will also greatly help sharing of aircraft between Australian agencies to help deal with the sort of disastrous fire events that we have faced in recent years.”

Stuart Campbell, CEO of TracPlus Global said, “This announcement is further validation of TracPlus as a global leader in the provision of interoperable tracking services for complex and mission critical applications. While it was a little daunting to know that we were competing against every tracking company in the world, we were always confident that NAFC would immediately see and understand the unique value of TracPlus interoperable offer – and this announcement confirms that. It also means that NAFC has the opportunity to include ground assets such as fire trucks and personnel should they so wish.”

“The importance of having been selected for a nationwide deployment in such a crucial emergency sector cannot be understated. To our knowledge, this is the first time that a commercial company has provided such a national undertaking in aerial firefighting anywhere in the world, and we are extremely confident in our ability to demonstrate that Australia has made the right decision.” said Campbell.

TracPlus is already in discussions with firefighting authorities in some of the world’s largest aerial firefighting markets such as California and Canada.

If you’re thinking of raising funds for your business it’s important to know what investors are looking for – below are the 7 categories that describe what they’re most interested in. If you have all of these taken care of to a high standard your chances for funding will look very promising.

1. The people/promoters

· Who are the promoters and how experienced are they?

· What motivates the promoters – success, the idea, profits?

· How exposed are the promoters to failure?

2. What is the business proposition?

· Is this a credible business opportunity where there is an unmet need, defined customers, and little threat from competition?

· What is the business model?

· Is there a clear business plan?

· What drives revenue and profitability?

· What is the exit strategy?

3. Governance

· Who are the members of the Board?

· Will the company have sufficient funds to deliver on the business plan?

· Are the risks to the business defined and understood?

· Will the Board be able to ensure that risks are manageable?

4. The market and the realities of execution

· Is the timescale of revenues credible?

· Are the people involved likely to deliver at the operational level?

· Do they know the market and have experience in the market?

· What will drive profitability – the product itself, technology, sales exposure?

· Who will actually do the work in the market?

5. Financials

· Do the financials make sense?

· What structures or strategies are proposed to limit the downside?

· What happens when the first tranch of funds runs out?

6. Intellectual property

· How will the company protect it’s IP position?

7. Minor Shareholders

· Is there a shareholder agreement?

· Does the deal balance the inputs of the founders and the providers of the cash?

· Are the interests of minor shareholders protected?

· How will minor shareholders benefit from the company’s success.

As part of the scope of the project a “matchmaking” component will facilitate the bringing together of entrepreneurs, technologies and business concepts, specialist skills and expertise, resources and investment to enable start up businesses to be established and to facilitate bootstrapping.

As an example, a person may come up with a great idea for a business that requires technical development, but they don’t have the money to invest to make that happen. Through this project they can be introduced to an IT developer who is happy to work for a share of the business (sweat equity), and a mentor who is willing to donate their time and expertise to point them in the right direction. A local print company may recognise that by providing some business cards now for free, they are likely to win a long term loyal customer as the business grows and thrives – and it is a very low cost of acquisition for them.

If you feel you have something to contribute to starting a business, or would like to be involved in this project we invite you to communicate your interest by email to info@upstart.org.nz.