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.

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.

The launch event was attended by 14 people who were introduced to the concept of Wealth Dynamics with the guest speaker John Owens who is a Wealth Dynamics Master Practitioner. The concept behind Wealth Dynamics is that each of us has particular thinking and behavioural dynamics and we should build our business with that in mind. Understanding wealth dynamics provides entrepreneurs with an understanding of the cycle of business, who’s needed on the team, and how to create wealth from their business.

The next meeting will be in September when we’ll be exploring some usually misunderstood dimensions of leadership. Budding entrepreneurs are able to join the network at any stage by emailing lisam@upstart.org.nz and requesting an application form.

As part of the challenge a qualified group of participants will be invited to take part in the (six-month) programme of support and direction to become investment ready. With committed investment advisers and fund providers engaged in the initiative, the likelihood of securing funding is much higher than going it alone.

• The challenge is open to start-up, high-growth, and enterprise businesses

• Investment amounts could range from $100K to $5million, sourced from a mix of investors

• Funds will come from early stage investors and/or angel investors

• Challenge partners are: James & Wells; NZ Trade & Enterprise Escalator

Those wanting to participate in this challenge, or explore other ways to get their business investment ready, and expand into new markets should contact info@upstart.org.nz