Bright ideas are never enough

Invention is still the main strength of Kiwi entrepreneurs, and the emerging generation of bright young sparks has to come to grips with turning ideas into successful businesses, start-up investors say.

Introducing Global Entrepreneurship Week, which starts today, Prime Minister John Key called for the celebration of successful entrepreneurs like The Warehouse founder Stephen Tindall and Trade Me founder Sam Morgan.

But some investors said the environment and culture in which fledgling ideas could become great businesses was still difficult.

Start-up investor and adviser Marcel van den Assum said the number eight wire mentality did not naturally lead into commercial success. "There's certainly a gap between the initiatives and what it takes to go to the next level."

Investment company Movac director Phil McCaw said Global Entrepreneurship Week did well by raising the national awareness of the potential in start-up businesses.

"Historically, we've been better at inventing things than starting businesses, but it seems we are getting better."

New Zealand's traditional premise of "shovelling people through university" was limiting.

"We are great at producing accountants and lawyers but not innovators that go on and build their own businesses."

The entrepreneurial eco-system – the environment to generate ideas, cultivate them and invest in them – still needed improvement.

The United States was much better at it purely through having built an entrepreneur culture.

There were unique characteristics holding New Zealand's development back, such as reluctantance to look for help and build a team.

- © Fairfax NZ News