The cornerstones of New Zealand’s burgeoning tech scene
New Zealand has a thriving tech scene. With a value of $17bn NZD, it is one of the largest tech scenes globally. Was it always that way? Absolutely not. Certain things have contributed to the massive success. Read on to find out more.
Government support and initiatives
Strong backing from the New Zealand government has been one of the main factors in the growth of the technology industry.
The government has been proactive in creating an enabling environment for tech startups and businesses. Initiatives like the Digital Economy and Communications Portfolio aim to improve digital infrastructure, increase digital inclusion, and support the growth of technology-based brands.
And that’s exactly what it’s doing. It is arguably one of the most successful government schemes. But it doesn’t stop there. Grants and funding opportunities such as the Technology Development Grant by Callaghan Innovation allow research-oriented companies to access financial support.
Research and development activities are also given tax incentives to reduce the financial burden on startups so that they can focus on innovation and growth. For those interested in starting a tech company, New Zealand is the place to be.
Thriving startup ecosystem
Another foundation of New Zealand’s tech scene is its startup ecosystem –- most of it is thanks to the government schemes mentioned above. There are many incubators, accelerators, and co-working spaces across New Zealand, all necessary resources for young entrepreneurs. Organizations like Creative HQ, The Icehouse, or GridAKL offer mentoring, support, funds, and networking options for startup development.
With this support, the technology communities can innovate. They get together during different events, hackathons, and meetups to share ideas or work on projects jointly. This vibrant community plays an essential role in boosting startups’ success.
Fintech and cybersecurity
Financial technology (fintech) and cybersecurity are two massive subsections of the tech industry generating massive revenue. It’s estimated that the fintech sector generated $2.6bn NZD in revenue during 2023, and while the official figures for cybersecurity aren’t released, it is safe to assume that they are huge.
Financial technologies that fall under this category are changing the delivery and consumption of financial services. New Zealand fintech companies like Xero and Pushpay have gained worldwide acclaim for their innovative approaches, including accounting software and mobile payments respectively.
Cybersecurity firms in the country are developing advanced solutions to safeguard businesses and customers against attacks. The government has also realized this importance with initiatives now aimed at strengthening national security and promoting domestic cybersecurity expertise.
So, by focusing on fintech and cybersecurity, New Zealand keeps up with technological advancements and protects itself from the risks of an ever digital world.
Online gaming
The online gaming industry has been adding to the rapid expansion of the tech sector in New Zealand, making it popular globally. Some successful game development studios, such as Grinding Gear Games, the makers of Path of Exile, or PikPok, the creators of Into the Dead, are driving the growth of online games in New Zealand.
With increased participation and interest in eSports, this global trend has had an impact on local gaming culture too. Many tournaments take place in New Zealand, giving gamers the opportunity to display their abilities and participate in various international contests.
Online gaming has created jobs and opportunities, attracting global attention and investment in the tech industry. The growth of this industry demonstrates New Zealand’s ability to be innovative and successful in a fiercely competitive global gaming market.
New Zealand’s technology sector is one of the most exciting. The country is massively tech focused, and it shows in the industry’s growth. For prospective entrepreneurs, IT specialists, or investors, the country’s technology industry features limitless prospects for advancement and prosperity.
