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.

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