Scion crucial partner with Angels

Bill Murphy says Enterprise Angels aim to be funders of innovation coming out of Scion.

Bay of Plenty startup funding group Enterprise Angels held its first meeting in the offices of Rotorua's Scion forest research institute this week, underpinning an increasing drive to commercialise locally generated innovation.

The meeting attracted angel members from Tauranga and Taupo as well as Rotorua, and was open to local businesspeople and Scion staff.

The attendees heard from a mix of companies across the early stage investment field that have received angel funding, and saw a presentation on Scion-generated nanofibre technology.

Murray Denyer outlined the success story of North Havelock Fruit Company.

Enterprise Angels executive director Bill Murphy said the group had formed the Rotorua chapter two years ago and had held a number of local meetings.

"But we were keen to meet at Scion, which is one of our corporate members," he said.

"Scion is our only crown research institute in the Bay so it's really important that we have a close relationship. We really want to be funders of innovation coming out of Scion."

Mr Murphy noted that Scion was working with Tauranga-based technology incubator WNTVentures in developing a company to commercialise nanofibre research.

Scion biomaterials engineering scientist Kirk Torr presented to the meeting on the technology, which converts lignin, a waste byproduct of the pulp industry, into a carbon nanofibre that can be used in batteries and other applications.

WNTVentures was a crucial element in the funding process because it could take very early stage innovations, incubate them, and get ideas to the stage where angel investors could invest in them, he said.

Steve Sopora, Scion's general manager business development & commercialisation, said the meeting would help strengthen the relationship with the funding group. Mr Sopora joined the institute three years ago with a brief to create a more structured approach to commercialising research.

"Historically Scion has done a great job in generating new research," he said.

"Since I came on board there's been a greater focus on turning R&D into products. We've been focusing on being more deliberate in deciding where you apply a commercial discipline, create a product and spin out a company."

The meeting heard presentations from Bruce Bartley, a key investor in Spider Tracks, a New Zealand-developed real-time flight tracking service for light aircraft and helicopters now used all over the world.

Murray Denyer outlined the success story of North Havelock Fruit Company, which has attracted almost $4 million in angel investment for its export success, the Rockit "snack apple". And startup Balex Marine pitched as part of its second round of fundraising as it gets ready to take its award-winning remote-controlled Automatic Boat Launcher to market next month.

Elspeth MacRae, Scion's general manager, manufacturing & bioproducts, said the meeting had been very positive for the institute and had helped expose staff to how investors viewed startup companies and the way they were shaped.