New Zealand First supports first reading of Venture Capital Bill

Fletcher Tabuteau, Deputy Leader, Spokesperson for Finance and Revenue

Deputy Leader for New Zealand First and Spokesperson for Finance and Revenue, Fletcher Tabuteau, was pleased to speak to theVenture Capital Fund Bill that passed its first reading in Parliament yesterday.

“There has been a historical gap in investment funding in New Zealand. This Bill means greater and targeted support to assist New Zealand firms that expand beyond the early start-up phase, something the previous Government knew was a problem but did nothing about,” Fletcher Tabuteau said.

“This coalition Government heard the experts and businesses, and now this particular venture capital funding opportunity will be created for New Zealand businesses, hence Budget 2019 set aside $300m for it.

“The Kiwi can-do attitude means we’re great at start-ups, but businesses get to a certain point and either get snapped up at a cheap price by foreign speculators, or simply stagnate for want of venture capital.

“The exciting proposition is that the world is in the middle of a technological revolution so we can now make the most of real commercial opportunities on the global stage.  And we must stop the pressure on companies selling prematurely to overseas buyers.

“I am excited about all the opportunities the Venture Capital Fund will bring in helping Kiwi business progress from their early risky stages, into big global players, meaning greater capacity and knowledge, export growth and increased revenue that stays in New Zealand, and more Kiwis in higher paying jobs,” Mr Tabuteau said.

 

Fletcher.Tabuteau@parliament.govt.nz

 

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