Drive to get Kiwi startup firms into Silicon Valley under way

Peter Wren-Hilton

Technology incubator Wharf42's Meteoroid programme, which aims to give New Zealand startup companies a chance to be embedded in Silicon Valley, is up and running, says chief executive Peter Wren-Hilton.

"The startup programme is going very well," he said in an interview from Silicon Valley, where he will be based until the end of September before returning to his base in Tauranga.

Mr Wren-Hilton said the first of five startups had arrived with the others to follow by the end of next month. One of the companies is from the Bay of Plenty, three are from Auckland and one is from Wellington. Details of the companies would be disclosed next month, he said.

Meteoroid is a partnership between Wharf42 and Plug and Play, a leading Silicon Valley technology startup accelerator, which accesses a global network of investors and 50 strategic corporate partners.

Programme participants pay $50,000, with Wharf42 taking a 4 per cent equity stake in the startup. The cost covers 12 months office space, and participation in Plug and Play's 10-week accelerator programme. The startups will be mentored and given access to potential investors and technology partners.

However, Mr Wren-Hilton said an unexpected development was that, while Meteoroid was focused on early stage companies, there had also been enquiries from established large corporates during the programme's road show through main centres this year.

The road show included presentations by Bill Reichert, chief executive of Garage Technology Ventures, and Adiba Barney, chief executive of the Silicon Valley Forum.

"The corporates weren't really interested in the startup game, but they were very interested in our activity in Silicon Valley," he said.

"I think that was driven partly by the visit of Bill Reichert and Adiba Barney, which was evidence that our US network was strong."

Wharf42 is one of the key partners in WNTVentures, the government-backed Bay of Plenty technology incubator, along with Newnham Park Technology Centre and the Titanium Industry Development Association. WNTVentures is also supported by Rotorua-based forest products research institute Scion and the Bay of Plenty Regional Council's investment arm Quayside Holdings.