WELLINGTON - New Zealand Post has earmarked $20 million in development capital to be invested in e-business startups and technology companies.
The fund, which was approved by the board in February, has already invested more than $3 million in three companies chosen in the hope that they may ultimatelycome up with solutions for NZ Post's own business.
A 30 per cent stake in Wellington software developer Silent One in November followed the 50 per cent buy into technology company The Electronic Commerce Network the previous March.
Business development leader Paul Robinson said the fund's main aim was to ensure NZ Post kept its options open as the e-world unfolded.
In addition to giving access to innovators and entrepreneurs, it was hoped the development fund would create clusters of expertise that would generate new revenue streams as traditional activities came under attack from e-commerce.
It was also hoped the approach might bring customers closer to NZ Post through the "richer conversations" that would ensue with information technology professionals.
The Electronic Commerce Network effectively had 200,000 customers, Mr Robinson said.
The network, which converts data from one format to any other during transmission between users, is used by Tranz Rail, Foodstuffs and other large retail organisations and customs freight forwarders.
