BILL REICHERT on what it takes for start-ups to be successful

Silicon Valley venture capitalist Bill Reichert

Bill Reichert says NZ can't afford to sit back and rest on it's laurels when it comes to launching a start-up

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Silicon Valley venture capitalist Bill Reichert is this week's featured guest on NBR Sunday Business with Andrew Patterson.

Mr Reichert is a venture capitalist based in Silicon Valley. The managing director of Garage Technology Ventures has a deep understanding of what it takes for start-ups to be successful in navigating what he calls "the valley of death."

Following a recent extended visit to this country, he discusses the next steps for developing New Zealand’s start-up eco-system.

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The issue in NZ is the early stage innovation sector is being driven by government and government funded consulting firms that have little or no accountability for delivering meaningful results. The system is driven by number of companies, amount of capital raised etc.

To create a sustainable system the system needs to support the development of sustainable businesses that are growing and competing on a global scale. Plus delivering exits for investors that generate acceptable returns.

Any realistic analysis shows that these results have not been delivered.

Powerhouse Ventures is a classic example of what is wrong with our system. 15 years being backed by government - no meanigful exit or even business created. The ASX share price has fallen 70% in 12 months reflecting that the market believes they will destroy value. Excessive management remuneration not linked to actual value. No money to invest in new businesses but still taking $500k from Callaghan.

If NZ wants to see the ecosystem grow it needs to cut corporate welfare for consultants - or at least demand real results and focus resources on supportibg entrepreneurs / companies that have a realistic opportunity to make an impact.

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Well said.
Can there be any other experts who havent been to NZ to deliver the same message about the need for an eco-system ?

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If the wheel was invented in New Zealand it never would have gone anywhere, because the "eco-system" would have needed to see an app or some other sort of tech before supporting it.

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