Bill Payne BNZ University of Auckland Business School 2010 Entrepreneur in Residence Sharing Angel Experiences in New Zealand

Bill Payne Entrepreneur, Angel Investor, Educator Engineer/manager for Fortune 1000 – 10 years Built and sold a materials science company to E. I. DuPont Invested in >50 startup companies in 30 years Entrepreneur-in-Residence for Kauffman Foundation for 12 years Delivered over 100 workshops on angel investing in 35 states and 7 countries

Agenda 2010 Visit to New Zealand Introduction Sponsors Activities Outcomes Cost Summary

Introduction

“I APPLAUD THIS TYPE OF INITIATIVE. IT CREATES BRIDGES OF KNOWLEDGE AND TRUST – TWO CRITICAL CRITERIA FOR SUCCESSFUL ANGEL INVESTING BOTH FOR THE INVESTORS AND THE ENTREPRENEURS. I RECOMMEND WE USE THIS EXPERIENCE AS A GUIDE TO REPEAT IT AROUND THE WORLD.” Brigitte Baumann President EBAN

United KingdomNew Zealand Land Area242,900 km2270,464 km2 Coastline12,429 km15,134 km Population62 million4.4 million Length700 km1400 km Proximity to equator London 5700 km Auckland 4100 km

Building Relationships Met key players in 2004 in Sydney Strengthened relationships at international angel meetings Was invited to NZ to deliver seminars in 2006 and 2008 Was invited to return to NZ in 2010 with my wife for five months of work and play Returned to NZ in 2011 for five weeks

Objectives Assess the Kiwi entrepreneurial landscape Broaden awareness of angel investing and the importance of entrepreneurship in NZ Provide investor-readiness education Deliver investor education to new angels Mentor Kiwi angel groups on best practices – deal flow management – group operations

Overview 28February through 2July 2010 Visited 12 towns and cities in 5 months Mentored startup entrepreneurs Delivered public lectures Interviewed by the press Lead best practice meetings of angels Delivered angel/entrepreneur seminars

Sponsors A Public-Private Partnership

Lead Sponsors Andy Hamilton – CEO, ICEHOUSE Principal Organizer Bank of New Zealand Andrew Thorburn, CEO Principal Sponsor

Public Sector Sponsors University of Auckland Major university of NZ NZ Venture Investment Fund Govt. Co-investment Modeled after LINC Public R&D Funding Agency Supported two interns Link Kiwi companies to International investors

Private Sector Sponsors Very supportive of entrepreneurial support system in New Zealand Private sector airline Significantly reduced fares New rental car company Graduate of ICEHOUSE incubator

Activities

Activities in New Zealand

Kiwi Media Coverage

New Zealand Landscape 9 business incubators – 6 with affiliated angel groups 17 angel groups – 7 angel funds – 10 angel networks New Zealand Venture Investment Funds – Invest in NZ venture capital funds – Co-invest with angel groups

Angel Deals

Outcomes

Franceska Banga, CEO New Zealand Venture Investment Fund “The New Zealand entrepreneurial ecosystem, including Universities, Incubators, Seed Funds, Angel Networks and the entrepreneurs are five years ahead of where they would have been after Bill’s visit.” July 2010

Andy Hamilton, Chairman Angel Association of New Zealand and the ICE Angels “We don’t yet have such great angels in NZ, so we asked Bill and Ann come and live with us for a while. The rest is history; His openness, friendliness and willingness to contribute, Bill has taken our industry forward, a long way forward.” July 2010

Phil McCaw, Incoming Chairman Angel Association of New Zealand Presenting Bill with the 2010 NZ ArchAngel Award "Bill has been helping the development of the NZ Angel scene extensively. During his five month stay he had a dramatic impact on raising the profile of angel investment, assisting angels groups and providing one- on-one mentoring to a huge number of NZ entrepreneurs.“ November 2010

Costs

Costs (90 working days) Business travel to New Zealand Business and travel expenses within NZ Living expenses for five months Modest one-time honorarium to cover ongoing costs in the US No consulting or speaking fees

Summary Valuable outcomes for New Zealand Extraordinary experience for us Would go again in a heartbeat (returned for five weeks in 2011)