Start-ups that began through the University of Auckland’s Velocity programme have been named in the 2022 Deloitte Fast 50, an index of New Zealand’s fastest growing businesses. Deloitte says that their inclusion is evidence of the important role universities have to play in developing New Zealand’s economic potential.
The Deloitte Fast 50 index has been running for 22 years, created to celebrate fast growth and to recognise the challenges associated with that stage of a business’s lifecycle.
The 2 companies listed in this year’s index that began in the Velocity entrepreneurship development programme, run through the University of Auckland Business School’s Centre for Innovation and Entrepreneurship (CIE), are Kami and Auror. EdTech company Kami reported revenue growth of 1137% in the last year. Retail crime intelligence and loss prevention platform reported revenue growth of 237% in the last year.
Deloitte Partner Bill Hale says “There are plenty of examples of how IP is created within universities and commercialised – Kami placed first last year, and second this year. Universities and centres of entrepreneurship are a fundamental part of the growth ecosystem, and provide a platform for innovation and incubation of ideas.”
Hale notes that clever tactics and company values that align with societal shifts in priorities have been common trends amongst Aotearoa’s most high-growth companies. “We have seen businesses in consumer products, technology and services topping the Fast 50 index and rounding out the top five, highlighting some noteworthy shifts from last year. The key growth factors for Fast 50 and Master of Growth businesses remain sales growth and exploring new markets, but this year, increased marketing has also been emphasised by entrants as one of the leading growth factors. Smart marketing tactics, and in particular social media and influencer-based strategies are more evident, with many Fast 50 entrants now looking to individuals with large audiences to deliver and disseminate brand messages. Sustainability has been another prominent theme, as businesses start to build sustainable goals into their customer value propositions and become more purpose-led.”
Top of mind for the entrepreneurial ecosystem is concern around the slow in economic growth, which can be particularly challenging for start-ups. Hale says “Despite the challenges presented by the current market conditions, there have been some really positive stories coming through from our Fast 50 entrants – highlighted by the fact that this year the company that topped our Fast 50 index, Legend Story Studios, achieved a growth percentage unrivalled by any company in the programme to date.”
“Heading into next year, this challenge is likely to continue, and inflationary pressures and increasing wages will also have an impact. However, we expect to see an increase in export activity, as the global economy roars back to life and supply chains correct themselves. With the world open for business again, businesses will look to rekindle their offshore relationships and those with international operations such as our Master of Growth winner, Auckland Biosciences, will revert to in–person meetings across the globe, which will pave the way for establishing operations in offshore locations.”
Hale says “There is no doubt that we are experiencing challenging financial headwinds. However, the good news is that there will always be space for entrepreneurship, and difficult times can often breed creativity and innovation, as we have seen over the last couple of years. The key to success is working with an adviser who can assist you across all aspects of your business and help you at all stages of the business lifecycle. For example, if you are seeking success in offshore markets it helps to work with an adviser who can assist you internationally. If you get it right, the world is your oyster.”
Further reading:
Deloitte Fast 50 Index
Deloitte – Insights from Innovators
Deloitte – Master of Growth index
Recent Comments