Category Archives: Start-Ups

Genius ReFi Relaunch

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Following a recent reorganisation of New Zealand’s science research institution structure, the government announced a mandated new pathway for commercialisation of publicly funded science and technology research, starting in 2026. Core funding for research has not increased however. So now is the perfect time to re-launch Genius ReFi our collaborative platform for researchers, investors, entrepreneurs and industry players. Genius ReFi is a new way to meet co-founders, test ideas, seek advice and secure investment for early stage science research based projects with commercial potential.

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Although proudly New Zealand based, we are also open to working with researchers, funders and partners in a catchment spanning Europe – Middle East – Indo-Pacific. These regions are particularly exciting thanks to notable research clusters in renewable energy, life sciences, agritech, fintech, as well as developing AI infrastructure to support all of the above. We also find some of our inspiration in the tales of explorers from the 18th Century who pioneered trade across the region of the world.

New Zealand science and technology Minister, Dr Shane Reti says that a more consistent national approach to intellectual property management is needed in order to reward scientist inventors directly and open up new opportunities for commercialisation. For a small, cash-strapped economy that currently achieves about half the average OECD investment rate into research, science and technology (RS&T), this move can only be beneficial.

The new policy is partially, modelled on the University of Waterloo, Canada approach to commercialisation. Key aspects include that university researchers will have the first right to commercialise their inventions with the option of operating independently or working with their institution for support. University equity in spin-outs will be capped at around 5-10%, so inventors retain the majority of benefits, whilst incentivizing external capital investments. However, public research organisations outside of universities will retain first rights to market discoveries. If they choose not to pursue, researcher inventors may then proceed in their own capacity. The policy marks a substantial change in New Zealand government expectations around achieving a better economic return on publicly funded science.

There are one or two other fish hooks. Unlike the “Waterloo model”, New Zealand’s (new) model gives researchers a first right to commercialise, but not automatic ownership. This is open to negotiation of course. Also, where research or inventions draw upon multiple grants, different parts of the same project may sit under different IP regimes. Ownership can only transfer after disclosure, negotiation and classification. Additional complexity such as this will require careful thinking through by researchers. Would this give typically slow moving research institutions and universities an opportunity to hinder progress? In which case, nothing has really changed.

In a highly dynamic global economy, New Zealand cannot continue to rely on earning a living predominantly from exporting largely unprocessed primary commodities. To secure our future, we must move up the value chain and convert more of our research ideas into global enterprises. Innovation cycles are increasingly shorter so research organisations must act quickly on new knowledge, With geopolitical tensions, climate change and a pending energy crisis – this is more important than ever.

Join the Genius ReFi community

Paul Spence is a commentator, researcher and a part-time university assistant lecturer in commerce and management. A previous co-founder of a successful New Zealand based global technology venture, co-founder and director of Creative Forest, principal at GeniusNet Research & GeniusReFi and a startup advisor. You can follow Paul on BlueSky @GeniusReFi or Twitter/X @GeniusNet

It’s Alive!

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Alps1My apologies for the radio silence lately. It has been a huge year personally and professionally with a lot of change, many challenges and some big plans finally starting to coalesce. One aspect of this has been our efforts bringing Genius ReFi to life.

Genius Refi is a global collaboration space and news site for researchers, entrepreneurs, investors and industry, with a focus on new ventures deploying regenerative science.

Only around 20-30% of initial science research proposals in universities worldwide actually get funded and only a small proportion of this gets commercialised. Here in New Zealand, compared to other OECD nations, we are doing about half the typical public investment in research science and technology (RS&T) within our underfunded universities. A lot of research is not making it out of the lab at a time when we need to be delivering a great many more solutions for emissions reduction, food sufficiency, environmental regeneration, renewable energy, disease and much more.

So Genius ReFi was born to validate whether or not we could build a (global) community of interest and collaboration space around these needs. Phase 1 is simply a collection of short but inspirational global news stories from me about science research being translated into regenerative products and services. Sitting on our little islands in the South West Pacific, we sometimes forget that 99.8% of business actually takes place outside our shores. So it is good to get insights into what other economies are doing with their RS&T settings whilst receiving inspiration from tech ventures that are out there doing it!

There is another element to this. Increasing the convergence of researchers, entrepreneurs, investors and industry. Because most published science is closed source and researchers are often not entrepreneurs themselves, we don’t know how many commercial opportunities have been missed in the past. In the future some areas of science research are likely to become more open and decentralised. Imagine if we could leverage this and deliver double the amount of science research in the form of scalable, viable businesses that have a regenerative effect on our world. There’s never been a more important task for humanity.

Please join the Genius ReFi Discord channel and collaboration forum.

Paul Spence is a commentator, researcher and a part-time university commerce and management lecturer. A previous co-founder of a successful New Zealand based global technology venture, co-founder and director of Creative Forest, principal at GeniusNet Research & GeniusReFi and a startup advisor. You can follow Paul on Twitter/X @GeniusNet or sign up for a free weekly digest of startup, tech and innovation related events co-curated by him through New Zealand Startup Digest.

Ghost In The Machine

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Polanyio Pitch

The author pitching at Lightning Lab Electric 2017

I first clapped my ears on Ghost In The Machine, the fourth album in the illustrious career of British rock band The Police, as a spotty faced teenager. The cover art for that album features images of three musicians depicted as a glitchy digital display, alluding to the concept of the human mind taking on a digital persona. Rather prescient when you consider that digital music required a stage full of computing power and miles of spaghetti wiring at the time and that this was almost 15 years before public internet arose. Artificial intelligence existed only in the fertile imaginations of authors such as Isaac Asimov and Arthur C. Clarke and their readers. So what does the future hold for digital ghosts and how do we get our timing right in what is today a rapidly evolving field?

Fast forward to 2017 and I was about to experience a brief rock star moment of my own as I spent the most terrifying five minutes of my life presenting to an audience of corporate bigwigs and various supporters. The kernel of that pitch was that machine based technologies would become integral to utilities services management. Nobody got the point and thanks to the conservative nature of the energy industry incumbents, who were sponsoring our accelerator, the project sank without a trace. We had many”learnings” along the way as a team however and I’m glad I participated.

Only six years later, AI is rapidly embedding in almost every sector and obscene sums are being invested in companies providing a vast array of offerings. For starters the venture capital industry itself is being disrupted by artificial intelligence. Deployment of capital into AI is growing faster than almost every other technology sector right now, according to industry monitor Carta. Notwithstanding some concerns over governance, AI looks set to play an increasing role in our lives.

Timing is a big part of building a successful venture. Sometimes timing is even the most significant factor, regardless of the quality of the team or the idea. I’ve got the timing wrong on more than a few occasions in my life. Ideas alone are worthless without good execution and a bit of good luck as well. In most cases, failing fast is the best possible outcome. If AI really is the ghost in the machine and the timing is right now, I wonder if it will help us be more effective entrepreneurs, govern more wisely and be better guardians of the planet?

Paul Spence is a commentator, researcher and serial entrepreneur, a previous co-founder of a successful New Zealand based global technology venture, co-founder and director of Creative Forest, principal at GeniusNet Research & Genius Refi and previously an advisor at ThincLab Canterbury You can follow Paul on Twitter/X @GeniusNet or sign up for a free weekly digest of startup, tech and innovation related events co-curated by him through New Zealand Startup Digest.

Bite Me!

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bite me I was in a community call today contributing to the good work of the NZ Startup Council. It wasn’t long before somebody popped the “diversity question” into the conversation, complaining that women, migrants and people of colour can’t get help with their startups and do not get a fair hearing from investors in New Zealand. If that is true, I want to do something about it!

For those of you who don’t know me, I’ve been active in the NZ tech community for around 20 years and I’ve seen a lot of bullshitters come and go. I’ve started three companies. One was a great success that we bootstrapped and exited in 2019, another tanked during acceleration and another one ticks along and generates a bit of cash here and there. So I’ve been around the block a few times – as they say.

BITE ME! – Building In The Ecosystem for Migrant Entrepreneurs!

At present I’m a part-time advisor at University of Canterbury incubator ThincLab. I’ve worked with a huge diversity of founders. Young students, women founders, Maori. Founders from all over the world. Germany, Iran, Pakistan, India, Japan, Ukraine, China, United States, France… the list goes on. I’ve especially enjoyed working with founders who identify as neuro-diverse. We certainly have an amazingly diverse group of founders here in Canterbury. Perhaps it is not the case elsewhere?

In startup land it’s important to look beyond our tiny isolated little islands from the outset. A lot of Kiwi founders don’t get this. So diverse founders and especially skilled migrant entrepreneurs bring huge value to our ecosystem. I’ve even started companies with a few of them. So it grinds my gears when I hear people complaining about the “lack of diversity” in our startup ecosystem.

Supporting our skilled migrant entrepreneurs is the fastest way to grow an even more diverse ecosystem, whilst building high value, scalable startups that contribute tangible economic value.

Take a look at We Love Local for example, a corporate gift box provider founded by my friends from Mauritius and Germany. They’ve been growing fast and have received multi-award recognition for their business which was started from scratch only a few years ago. How about Swallowing Technologies. Migrant female founder from academia commercialising her research globally. Caterway, my friends from Japan and Ukraine serving the corporate catering market.

So I’m putting my money where my mouth is by offering a free advisory session.

If you are a New Zealand based e-commerce, cleantech, foodtech, edtech or fintech (especially fintech) migrant founder struggling to make connections, recently arrived or just need some objective feedback on your project. Pitch me! I don’t care if you have lizard skin and shoot purple streamers from your arse. I’ve seen it all, trust me! What I do care about is your ability to execute, sharp intelligence, that you have technical skills and have some kind of workable business model. Oh and a sense of humour and a willingness to listen would definitely be useful.

Let’s talk and see where it leads. Reach me on Twitter or LinkedIn.

If I can’t help – I will probably know someone else who can.

Paul Spence is a commentator and serial entrepreneur, a previous co-founder of a successful New Zealand based global technology venture, co-founder and director of Creative Forest, principal at GeniusNet Research & Genius ReFi and previously an advisor at ThincLab Canterbury. You can follow Paul on Twitter @GeniusNet or sign up for a free weekly digest of startup, tech and innovation related events co-curated by him through New Zealand Startup Digest.

Our Tech Entrepreneurs Need A Breakthrough

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btvic_logo The state government of Victoria has announced the first investments from a $2 billion fund for the commercialisation of research, science and technology. Breakthrough Victoria will focus on life sciences, agri-food, cleantech and digital technologies in a push to reboot the state’s post-Covid economy. The package includes $100 million for co-funding platform services such as research facilities and commercialisation advisory.

It was with this in mind that I attended the Startup Council roadshow event in Christchurch recently with fire in my belly. For context, the New Zealand government invests a grand total of $2.5 million per annum to support incubation and acceleration across the entire country. In June 2022 the existing successful “founder incubators” were all de-funded by the Ministry of Business, Innovation and Employment (MBIE) and the funding was handed over to an elite collection of service providers outside of the universities. In 2020 funding for “deep tech incubation” was allocated to a group of foreign controlled entities. There is currently no central government funding for incubation within a New Zealand university.

The newly formed Startup Council sprung out of some policy initiatives developed collaboratively during the first lock-down through Global Entrepreneurship Network New Zealand, to which I actively contributed. The self-selected Council is comprised mostly of representatives from the investment community, but also includes a serial technology entrepreneur and an accelerator operator. The Council has direct communication with government Ministers.

That last point is important because for a long time our startup ecosystem did not have a voice in government. Over the years we have been reliant on pleading a case to gatekeepers at MBIE who seem to have little or no global context for decision making. Up until recently, the government focus has been upon kick-starting the venture investment sector. This ignores the issue of curating a pipeline of deal flow however. Translational research does not magically become investment ready without a lot of background support.

Not investing in our startup ecosystem is not just an existential problem for those of us that work with founders. It is also an impediment to progress in meeting our carbon zero commitments. In 2021 around US $1 Trillion in capital poured into funds targeting investment into environment, social and governance (ESG) focused projects and ventures, including cleantech, sustainable food and renewable energy. Areas in which we already have capability. Investment is expected to grow to $4 Trillion per annum, as the global economy decouples from carbon. If New Zealand is to have a chance to participate, we need to be building sound innovation infrastructure right now, especially within universities!

The cold, hard reality is that (up until now at least) the government has not seen the value in supporting a vibrant startup ecosystem. This is despite the fact that our neighbours across Asia-Pacific have literally invested hundreds of millions over decades. If nothing changes and with the world open for business again, it will be no surprise if some of our scientist entrepreneurs and tech startup founders start looking towards the West Island. Or perhaps even further afield.

Paul Spence is a commentator and serial entrepreneur, a previous co-founder of a successful New Zealand based global technology venture, co-founder and director of Creative Forest, principal at GeniusNet Research & Genius ReFi and previously an advisor at ThincLab Canterbury. You can follow Paul on Twitter @GeniusNet or sign up for a free weekly digest of startup, tech and innovation related events co-curated by him through New Zealand Startup Digest.

Frontier Firms Follow-On Funding Favoured

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frontier-firms

The recently published New Zealand Productivity Commission Report on the economic contribution of “frontier firms” predictably rated only a passing mention in local media. However recommendations in the publication could have far reaching impacts if implemented. But is the government listening?

Frontier firms are described as the most productive, profitable and innovative in an economy and generally have scale and global reach. But the report says that New Zealand’s frontier firms lag behind their global peers in terms of productivity. The OECD defines productivity as the ratio of economic output compared to inputs. Nations with highly productive frontier firms have greater competitiveness because of more efficient use of resources such as labour and capital. These nations also benefit from secondary “innovation and knowledge diffusion” within their economies.

Chairperson of the Commission Ganesh Nana, in an interview with Radio New Zealand says New Zealand is already well behind other small developed economies in the OECD in terms of productivity and the gap is growing every year. He says part of the reason is because we do not have many so-called frontier firms to which smaller innovation based companies can anchor. One of the key findings of the report is that the government must invest in developing a deeper innovation ecosystem, including supporting more commercialisation of research, science and technology.

But will the government take on board this message? Many of us currently working within the New Zealand innovation ecosystem have lobbied in the past for vastly increased resourcing and for setting greater aspirations as a nation. But such pleas have largely fallen upon deaf ears over the years. There are sadly also actors within our ecosystem that are philosophically opposed to any kind of government investment on the basis that only wealthy and well-connected players should be allowed in the game. This is despite the fact that our neighbours (and competitors) in places like Australia, South Korea and Singapore identified the value many years ago and have literally invested hundreds of millions of dollars into building out their own innovation ecosystems.

Developing more frontiers firms is not about growing more “unicorns” as some have mistakenly claimed. But it is about building a more interconnected economy that has research, science and technology at the heart of the beast. That’s a big ask for a small nation for which there are many competing priorities and challenges to face such as health, housing and climate change. But the key to motivating the decision-makers involves grasping the reality that having a powerful innovation ecosystem is actually part of the solution to those challenges.

Paul Spence is a commentator and serial entrepreneur, a recently exited co-founder of a New Zealand based technology venture, a co-founder and director of Creative Forest, advisor at ThincLab within the University of Canterbury Centre for Entrepreneurship and principal at GeniusNet Research. You can follow Paul on Twitter @GeniusNet or sign up for a free weekly digest of startup, tech and innovation related events curated by him through New Zealand Startup Digest. Paul is a co-author of the Entrepreneurship Manifesto 2020.

The Commercialisation Imperative

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Oxford

Blue Skies Thinking Needed

Competing and surviving in a highly technological, fast changing and globalised economy increasingly dictates that universities and institutes step up and generate economic returns on their research. But although there have been a few notable exceptions at New Zealand universities, we continue to underperform in the commercialisation of new scientific knowledge into value generating products and services that drive economic growth. So if disruptive innovation lies at the core of economic development, how can we better reconcile commercialisation with the core purpose of our institutions?

Firstly, there are some valid arguments in favour of the separation of commerce from academia. Normative, collectivist elements of academic science as a social system, along with the autonomous nature of university culture, seem to sit uncomfortably with the motivations of profit seeking firms that wish to take ownership of intellectual property. Claims of IP ownership can lead to fears of diminishing the scientific commons, which would be detrimental to the collegial and collaborative nature of science and therefore hinder the very process that will drive future discoveries.

Furthermore, commercialising technology research is risky and accommodating new and developing fields of commercially focused science takes up resources that might be used for other teaching and research, impacting the core mission of universities. We have already witnessed closures and staff reductions within arts and humanities faculties where commercial outcomes are less of a focus. There’s also a danger that high tech institutes established in emergent fields become impenetrable and elitist silos of specialist knowledge open to only a few, at a time when we should be striving for greater equity. Are there other societal factors at play that dampen success?

Patent filings data is sometimes quoted as an indicator of “innovativeness” in the context of economic development. New Zealand sits at the lower end of the table, but not because it is a small economy. Countries with relatively small populations such as Finland, Switzerland and Israel lead the pack. In New Zealand total expenditure on research and development as a proportion of GDP has been increasing in recent years, but continues to lag behind other developed countries. Investment rose to 1.37% in 2018. This compares to an average research intensity figure of 2.38% across all OECD countries, ranking New Zealand 21st out of 34 nations [Statistics NZ — 2018]. So whilst the size of an economy does not fully explain the innovativeness of a nation, the level of commitment to research and development investment certainly plays a part.

Approximately half of that R&D investment originates from publicly funded sources. With government investment comes an expectation that tax payer funded academic research will provide a “return on science” or economic and social benefits to society. The challenge then is to generate meaningful commercial outcomes, that do not undermine the core missions of teaching and research. There are a great many reasons to do so, not the least of which is our ability to fund future health, education and welfare needs. As a nation heavily reliant upon commodity based income we must gravitate towards higher added value goods and services to ensure the future economic wellbeing of our society. Developing an ecosystem approach to cultivating innovation is a key part of this journey.

For example, benefits in cultivating university-industry ties become amplified due to network effects and serendipitous conversations around the humble water cooler (or perhaps kombucha fridge these days). This “innovation ecosystem” approach has benefitted a number of scientific fields. For example the emergence of biotechnology as both a science and business from MIT and other institutions clustered within the Boston area. Commercialisation of new knowledge can also speed up solving complex social, health and environmental problems that might not otherwise be addressed, attracting both government and private sector funding into academia.

The global pandemic has also accelerated the need for scientific innovation. Previous hard won gains against poverty and improvements in social equity have been wiped out by pandemic related economic carnage. In addition, because of growing urgency in relation to addressing environmental challenges, there is forecast to be a vast migration of capital away from polluting industries over the next two or three decades. This green transition will create enormous opportunities for scientific organisations operating at the leading edge of cleantech, renewable energy, low carbon construction and regenerative agriculture, for example.

Embedded within entrepreneurship centres of research, university innovation labs such as ThincLab at the University of Canterbury are important intermediaries in the cycle of innovation and a key part of a vibrant ecosystem that engages with a wide array of supporting players to ensure the success of spin-off companies, whilst at the same time respecting the scholarship that underpins scientific discovery.

This article was first published on the ThincLab blog and formed the basis of my presentation to the Food, Fibre and Agritech Supernode Challenge 2021 cohort.

Paul Spence is a commentator and serial entrepreneur, a recently exited co-founder of a New Zealand based technology venture, a co-founder and director of Creative Forest, advisor at ThincLab within the University of Canterbury Centre for Entrepreneurship and principal at GeniusNet Research. You can follow Paul on Twitter @GeniusNet or sign up for a free weekly digest of startup, tech and innovation related events curated by him through New Zealand Startup Digest. Paul is a co-author of the Entrepreneurship Manifesto 2020.

Environmental Entrepreneurship Focus Needed

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fern5The pandemic induced economic crisis has raised awareness that economies remain fragile since the GFC and that we must urgently shift to more sustainable and environmentally sound forms of economic development if we are to survive as a species. As a nation in the spotlight right now, New Zealand has an opportunity to lead with change. But we need a vehicle to drive this process and we must shift the mindset of the nation towards environmental entrepreneurship.

Institutional leaders such as the World Economic Forum (WEF) and the European Investment Bank predict that the next two decades will see a vast migration of capital from traditional industrial verticals to green investments, “responsible” deep tech and “bio-impact” investment, as the “just transition” to a cleaner, low carbon economy takes hold. Some sources claim that this “green shift” could be worth as much as $6 Trillion[1] per annum as infrastructure replacement and the migration to cleaner industries proceeds. The global effects of the COVID 19 pandemic has only served to accentuate the very urgent need for deep structural reform. In fact the WEF argues further that the fiscal response to the resultant economic crisis absolutely must be tied to a greener economy.[2]

Along with this shift comes increasing recognition from global corporations that profit and social purpose are inextricably linked. Socially responsible companies and those that develop engaged, happy and productive learner employees, will capture a greater share of value within the transition economy. Consequently this will invoke greater delivery on environmental, social and governance objectives (ESG) as part of reporting to boards, shareholders and other stakeholders such as local communities. Indeed, the New Zealand government is a signatory to the UNDP Sustainable Development Goals (SDG) of which SDG 9 has a particular focus on “building resilient infrastructure, promoting inclusive and sustainable industrialization and fostering innovation”. At the same time, governments remain interested in endogenous approaches to economic development[3] that value development of human capital, since innovation through creating new knowledge is essential to sustainable growth and wealth creation.[4]

Problem

With rapidly shifting technologies, the reconfiguration of the global economy and consequent disruption of traditional industries, in what has been described as the “fourth industrial revolution”, there is an ongoing need for discovery, evolution and enrichment of entrepreneurial skills, from an early age and throughout life, supported by better connectivity, greater insight and structured exchange of knowledge. Many of the capability building mechanisms required for this journey already exist in their own silos within New Zealand. But there is no unifying framework or plan in place to fully capitalise on this energy.

Solution

As part of the response to our Entrepreneurship Manifesto 2020 document I am calling for the establishment of a New Zealand Centre for Environmental Entrepreneurship (CEE). This would provide a coordinating role in aligning innovation and entrepreneurship programmes nationwide towards delivering a pipeline of talent fit and ready to address the biggest and most important economic opportunity of our lifetimes – our living environment. Partnership with the CEE would be through an application process with successful programmes receiving additional government funding support. A lean and future focused advisory board would administer the CEE. The board would comprise an equal weighting of experienced founders, business academics and government representatives supported by an executive officer. The CEE could be a virtual organisation as well as rotating hosting among academic institutions with strengths in business and environment.

Impact

Success would be measured thus:

  1. By a more coordinated national approach to entrepreneurship and innovation education in general, through supporting high performing enablers.
  2. By implementing micro-accreditation and NCEA credits for entrepreneurship and innovation courses.
  3. By delivering a talent pipeline with an environmental and social innovation mindset (including migrant entrepreneurs).
  4. By raising the status of entrepreneurs as champions of change and opportunity in the global transition economy.
  5. By a growing pipeline of new ventures that address both the SDGs and position New Zealand as a global leader in green transitional technologies.

Possible Focus Areas

  1. Technological responses to climate change.
  2. Alternative energy technologies.
  3. Social housing solutions.
  4. Management and improvement of flora and fauna ecosystems.
  5. Agritech and food security.
  6. Infotech and data security.
  7. Health Tech solutions for pandemic response.
  8. AI and Education.

References

  1. https://newclimateeconomy.report/2016/
  2. https://www.weforum.org/agenda/2020/05/the-european-green-deal-must-be-at-the-heart-of-the-covid-19-recovery/
  3. Isaac Ehrlich, Dunli Li, & Zhiqiang Liu (2017),The Role of Entrepreneurial Human Capital as a Driver of Endogenous Economic Growth, J Human Capital 11,3.
  4. Maradana, R.P., Pradhan, R.P., Dash, S. et al. Does innovation promote economic growth? Evidence from European countries. J Innov Entrep 6, 1 (2017).

Paul Spence is a commentator and serial entrepreneur, a recently exited co-founder of a New Zealand based technology venture, a co-founder and director of Creative Forest and principal at GeniusNet Research. You can follow Paul on Twitter @GeniusNet or sign up for a free weekly digest of startup, tech and innovation related events curated by him through New Zealand Startup Digest. Paul is a co-author of the Entrepreneurship Manifesto 2020.

Finnotec Triumphs Again

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finnotec2019After missing the previous two events due to timetable clashes, the planets aligned and I finally made it to this year’s Finnotec event. With some important partnerships now sorted and a bunch of thought-provoking speakers in hand, Binu Paul from Savvy Kiwi, the driving force behind the event, has ensured Finnotec will remain New Zealand’s prime conference for all things FinTech related.

With payments technology being an important aspect of my previous venture, I thought that I possessed at least a rudimentary knowledge of what goes on behind the scenes in traditional financial processing systems. But the high quality speakers at Finnotec soon made me realise that I had a lot more to learn. The annual one day conference has become an important “clearing house” for accessing regulatory knowledge, business networking and a nice showcase for emerging talent in a category that barely existed a decade ago.

I was especially impressed by speaker Cathryn Lyall, who clearly has a huge depth of experience across the FinTech space. A board member at Deutsche Bank UK and with 30 years in a variety of roles across capital markets, including as a market floor trader, ex-pat Aussie Lyall is undoubtedly well placed to be an investor and advisor in Fintech. The big takeaway from her talk was about the urgent need for Fintechs to “create real value” for customers in a crowded marketplace where users already get a lot of their services for free from the incumbents.

So courtesy of Rewired the new Xero co-working space, we enjoyed a number of presentations from some hot new startups that have been making waves in our local FinTech scene. Here’s a quick run-down from the showcase:-

MyCap Markets – A blockchain based private share management offering complete with a secondary market platform. Solving the problem of liquidity for shareholders of smaller, unlisted companies.

Kernel – A data driven approach to index investing with a digital tool kit that helps customers make informed decisions.

Transactional AI – Using AI to analyse consumer spending behaviour and better inform lenders. One of the shining stars of this year’s Kiwibank FinTech accelerator at CreativeHQ and a favourite with the Finnotec crowd.

Planolitix – A financial cashflow diagnostic Saas offering initially aimed at financial advisers. Anything that banishes spreadsheets has got to be good, right?

First AML – Simplifying dealing with the obligatory and burdensome administration around anti-money laundering legislation. Solving a real pain point.

Relay.AI – Back in the day it was called “factoring”, but this startup digitally reduces waiting times for businesses to receive invoice payments.

Overall, a thoroughly informative and engaging day out with a diverse group of highly dedicated players and supporters in New Zealand Fintech. Harmoney, Westpac Ventures, Paymark, Xero and UK DIT deserve compliments for having the foresight to back this event. With a little more community curation and the continuing support of FinTechNZ, this event can only get bigger and better as the industry grows.

Paul Spence is a commentator and serial entrepreneur, formerly a co-founder of New Zealand based technology venture iwantmyname,  a co-founder and director of Creative Forest and principal at GeniusNet Research. You can follow Paul on Twitter @GeniusNet or sign up for a free weekly digest of startup, tech and innovation related events curated by him through New Zealand Startup Digest.

Creating An Education Nation

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This week I gave my young son a tearful hug and watched him cross through airport security to join the first leg of a long journey to Europe. I found myself, reviewing the previous eighteen years and wondering whether or not I had done enough for him. His mother and I have a solid friendship now, but we separated when he was just two. So co-parenting presented numerous challenges for us for many years. Not the least of those was that (despite his intelligence) my son sometimes struggled within the school system. At times it broke my heart and I often felt like I badly let him down. But what I have found out since we began researching our new project Creative Forest is that the education system is simply not serving our kids well enough in the 21st Century.

Let me state that this article is not about shifting blame or spotlighting shortcomings in  education, it’s about acknowledging that kids have different learning styles, society is changing rapidly and that we are not addressing this fast enough. Our current “modern” form of Western education has origins that date back two centuries. That system arose in the wake of the Industrial Revolution as economies transitioned away from being agrarian and when there was a need for a more literate workforce. Teachers stood at the front of the class imparting knowledge to students lined up in rows. Little has changed.

I don’t mind admitting that this old system served me well personally, because I actually enjoy absorbing facts and was good at sitting exams (one of my few talents). I ended up with three degrees including a post-graduate qualification and was the first person on my father’s side of the family to complete a university education. But now it’s becoming clear that many bright children are not suited to this model, yet there are so few alternatives. It’s time we became an education nation where teaching is properly resourced and we provide alternate pathways that motivate learners. Our future viability in the world depends on it!

Today we are faced with vastly different economic structures, increasing disparities in wealth and exponentially accelerating technological change. How do we equip our children with the skills to navigate these enormous problems? With Creative Forest we take some of the emergent thinking on project based learning and personalised learning and bring them together with a design based ecosystem approach that supports both students and teachers. The open source Creative Forest system delivers success in STEAM subjects, on the basis of personal inquiry, guided by teachers and external mentors. So we use a hybrid setup with the online platform supporting the classroom environment.

Critics of these new methodologies worriedly cite the dangers of eliminating knowledge from the curriculum, but this is a red herring. Learning is not a zero sum game and introducing new approaches does not need to be at the expense of curricula. Indeed bringing forward some new thinking has the potential to enhance how knowledge is passed on. It also opens doorways for kids that were previously excluded and conveys soft skills such as collaboration that they will need in the real world. Thankfully some teachers are already beginning to embrace these ideas and Creative Forest is making progress working with these early adopters.

Meanwhile, thirty hours later we receive a cheerful FaceTime call from my son. He has negotiated several major international airports, landed in Tokyo, Japan, found his hotel then flown on to Osaka the next day, where he interprets online maps to find his way safely across a huge, unfamiliar non-English speaking city, via trains and buses, to a tiny apartment where his buddy is staying. We also hear that he has a job offer awaiting his return to New Zealand. I guess I didn’t fail him entirely in his education.

Paul Spence is a commentator and serial entrepreneur, a co-founder of New Zealand based technology ventures iwantmyname and Creative Forest and a mentor with Startup Weekends and Lightning Lab. You can follow Paul on Twitter @GeniusNet or sign up for a free weekly digest of startup, tech and innovation related events curated by him through New Zealand Startup Digest.