By YOKE HAR LEE
The Institution of Professional Engineers is gathering some of New Zealand's best financial brains to discuss how to emulate Californian-style venture capitalism here and create more millionaires.
IPENZ chief executive Warwick Bishop says venture capitalism must be recognised as a good way to get rich, otherwise New Zealand's fledgling venture funds will not become part of the complete industry the country needs for growth.
At IPENZ Congress 2000, to be held in Christchurch on March 3 and 4, leading New Zealand business people, technology venture capitalists and bankers will examine the way America handles venture capitalism, seeking ways of duplicating it in New Zealand.
Sessions will be chaired by some of New Zealand's foremost techno-preneurs - including Sir Angus Tait and Sir Gil Simpson - venture capitalists from Caltech Capital Partners and Morel and Co, ASB Bank chief executive Ralph Norris, and the chief executive of the stock exchange, Bill Foster.
Says Mr Bishop: "The Californian investment model led to the start of many successful US companies, and by gathering some of the country's finest financial brains in one room, we hope to find ways local private firms can kick-start industry here.
"It may mean rethinking the way we do business, but it isn't about changing the basic rule of business, which must be to make a buck.
"Unless venture capitalism is seen as a good way to get rich - and in the process, help others to get rich - it isn't going to work."
A shortage of financiers with knowledge about technology business was also contributing to the country's problems.
"There are too few people with good overall experience of managing technological development, marketing and finance," says Mr Bishop.
New Zealand would not become wealthier until it had more investment going into "ideas."
The whole business community also needed to create an environment that could better encourage risk, innovation and entrepreneurial skills.
In a departure from its technical engineering focus of the past, the IPENZ conference this year will address national issues.
Main speakers include Professor Lester Thurow from the Sloan School of Management in Massachusetts - who will speak over a video link - deputy Prime Minister Jim Anderton and Finance Minister Dr Michael Cullen.
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