Despite economic challenges, New Zealand businesses are demonstrating remarkable resilience and innovation, successfully competing on the global stage.
A recent survey from New Zealand and Australian payments provider Pin Payments revealed that 65 percent of NZ businesses are concerned about the economy, while 75 percent say their business has been negatively impacted by inflation. These figures underscore the tenacity and adaptability of Kiwi businesses.
Chris Dahl, CEO of Pin Payments, noted, “New Zealand businesses are showing incredible grit and resourcefulness. They are not just surviving but thriving, proving that the NZ entrepreneurial spirit is alive and well.”
This spirit is exemplified by companies like Flicket, a New Zealand ticketing company who has expanded operations outside of New Zealand to the likes of Australia and the United States, after becoming the largest independent ticketing company in NZ.
Ben Calvert of Flicket said, “We expanded to the US six months ago and have been working with music venues throughout LA and Texas, festivals in Florida and Nashville as well as one of the US’s most established PBR (rodeo) events in Big Sky, Montana. A large portion of our business now comes from the U.S., highlighting the global demand for our services.”
While some startups have chosen to move their headquarters to access larger markets and more support, many others are steadfastly committed to succeeding in New Zealand. Local businesses are finding innovative solutions to overcome challenges, benefiting from the country’s unique support networks.
The success stories of New Zealand companies like Xero, Rocket Lab, and Vend, which have gained international acclaim, inspire the next generation of entrepreneurs. These companies demonstrate that with the right mindset and support, Kiwi businesses can compete and excel globally.
The survey also highlighted that 73 percent of business owners have no plans to hire in 2024, and 61 percent are not planning to expand. However, these statistics reflect a cautious approach amid current economic conditions, not a lack of ambition.
There is a growing recognition of the need for more support from both the public and private sectors to help businesses reach their full potential.
“We see a future where New Zealand’s startup ecosystem continues to grow and innovate,” said Dahl.
“With more accessible funding options, mentorship programs, and a greater focus on fostering innovation, we can reignite New Zealand’s entrepreneurial spirit and ensure our businesses continue to thrive on the global stage,” said Dahl.
New Zealand’s small businesses are the lifeblood of the nation, and their success is crucial for the economy.
With continued support and recognition, these businesses will not only overcome current challenges but will also set new standards for excellence and innovation.
Insights from the team at Pin Payments
