NZ Tech Week – Funding growth through technology and innovation
Tech Week NZ
This week, New Zealand will bring together some of our brightest technology and innovation talent to tackle global issues with local ingenuity. NZ tech week is a series of events run across the country to grow and encourage global thought leadership and progression, growing NZ into one of the tech and innovation hubs of the world.
Tech week features a variety of sessions run across the country in order to inspire and incite the great tech and innovation minds. It is a great opportunity for us to get excited about the future and forthcoming growth, however, the right support needs to be put in place for tech and innovation to reach its full potential.
Events such as tech week are enabling us to realise realise our potential to be a tech hub for innovation and growth in Asia Pacific, however, there are still many loopholes that businesses need to jump through and processes to enable SMEs… processes which are crucial for tech and innovation to continue as driving factors for the economy.
Funding growth can be a treacherous and difficult process, especially for small businesses. The banks require an abundance of paperwork and documentation to support an application, as well as years of financial statements that can take weeks to collate. Unfortunately, this isn’t how technology works and can often be reflected in our financials. With the rate of technological innovation, it is nearly impossible to have several years’ worth of cash flow statements for a product that hasn’t existed for very long. Some of the biggest tech companies in the world such as Instagram and Snapchat only started in 2010 and 2011 respectively. The banks’ backwards credit scoring systems make it much more difficult for a fast growing tech company to acquire funding in order to reach their full potential.
Whilst growth is important, it is crucial that SMEs have options available to grow their business and fund lucrative opportunities. Funding is often a vital element for businesses to achieve their growth and innovation goals. It can supply funding for working capital, equipment finance or to support shortfalls in cash flow. This is often the difficulty that a lot of SMEs face in funding expensive tech ideas in order to progress their business through the loopholes that too often exist in an industry that needs as much assistance as possible.
Exploring Future Growth
Spotcap NZ Partnership Manager, Alex Wong, is taking part in tech week in a panel discussion of industry experts at Hawke’s Bay Business Hub in Napier, to discuss a range of funding options for SMEs. New Zealand has produced a plethora of ideas, however countless have gone unnoticed, missed opportunities, or have remained untapped potential simply because they lack the finance and support needed to grow. The panel of tech experts will discuss the landscape of lending in this industry and the best ways to explore future growth through funding.
What Spotcap brings to the table in this environment is unsecured business loans from $10k to $250k. We offer lines of credit and our eligibility process is based on risk and current business performance. It is free for businesses to apply for a line of credit, and only takes as little as five minutes via a completely paperless process. Read more on how we can help your business access the funding it needs to grow.
You can RSVP and find out more about the event here.
Until next time,
The Spotcap team.