Rocket Lab CEO Peter Beck is showing the next generation of Kiwi entrepreneurs they can create businesses that solve the world's biggest problems and attract huge capital investment.
The man named Innovator of the Year at the 2015 New Zealander of the Year Awards says Kiwis with global ambitions don't generally aim to build billion-dollar companies but they should "go big or go home".
The acclaimed scientist and high-tech engineer founded Rocket Lab in 2007 and is on track to create a billion-dollar aerospace industry in New Zealand. The company is developing a revolutionary rocket that will reduce the cost of sending satellites into space from $160 million to just $6 million. The venture has attracted investment from Silicon Valley-based Khosla Ventures and aerospace giant Lockheed Martin, as well as Sir Stephen Tindall's K1W1.
Beck spoke at the 2015 launch of Spark, the University of Auckland's entrepreneurial development programme and business planning competition that has helped to launch more than 110 start-up ventures, including wireless power technology firm PowerbyProxi, online retailer Fishpond and human body analysis company I Measure U.
Throughout the year business industry experts run workshops for staff and students on how to commercialise their ideas and create businesses based on their research and studies. Teams compete for a $100,000 prize pool that includes mentoring from industry experts, business workshops, a one-on-one IP session, seed capital and business incubation.
Nearly 600 students and staff from across the university attended Beck's talk at the Business School, where he shared his advice on how to pitch for investment from some of the world's venture capital firms.
1. Get on a plane
Travel to the global hubs of innovation and talk to your potential investors face-to-face, even if that means travelling to the Silicon Valley early on in your venture. "Go where the big money is and where big ideas happen."
2. Only talk to the deciders
A "good old Kiwi attitude" and a belief that anyone is accessible can help you get time with a company's senior executives. Navigate your way up until you are talking to the decision makers. "My approach is always to go straight to the top."
3. Take an object to leave behind
Always take something physical that you can give potential investors - something that could sit around on an executive desk and become a talking point long after you have left. If you're creating a software company, think creatively and make sure you take a tangible element.
4. Use deadlines
When scheduling meetings with investors overseas, let them know you're in the country for only a short time, and its vital you meet during that period. "People will move things around for you, because New Zealand is the furthest place on the planet."
5. Create a pitch that tells a story
You need to create a narrative that your audience can remember and share with others when they make the decision about whether to invest. This isn't necessarily built on the facts and figures of your business. "Craft a story that is sent out to other departments saying 'should we do this'?"