What will be the major challenges and/or opportunities for your industry?
In the NZ tech industry, we are seeing massive wage inflation at present. I personally am not sure if this is being caused by monetary inflation, or more likely it's because we had no skilled migrants entering NZ for basically the last two years.
The tech industry is struggling to find good technical people to hire, and technical people are getting more and more expensive.
All tech companies I know are finding wage inflation and hiring very hard at the moment. We have had some salaries jump by 50 per cent in six months, and we have been trying to find staff to fill some vacant positions for more than nine months.
How do you think the Government has handled the Covid-19 crisis?
I think the last lockdown was just too long, and has savaged a lot of Auckland businesses that will never re-open. The Euro and Saxon+Parole restaurants, for example.
While I understand we had to lock down, I think once we knew Delta had escaped, we should have just opened up then and gotten on with it. In general though, the government has done a pretty good job compared to globally. But NZ businesses and our economy will be drowning in debt from these lockdowns for many years to come
What are two key things the Government should do for economic recovery?
In general, I don't believe in lockdowns and handouts. If businesses want to be open at the owners risk, I think they should have been allowed to. There are many business owners who are now bankrupt and some have even ended their lives from the stress of not being able to work or make a dollar.
Many business owners would have preferred to get Covid and take their chances than be bankrupted.
While handouts sound good, anything the government gives you for "free" always ends up costing more in the long run, because we are all going to have to pay the subsidy payments as taxpayers.
What was the most interesting non-Covid story of 2021?
Anything space-related. I liked all the space news of 2021, and it was a welcome distraction from Covid news saturation. It's crazy to think that humanity is going back to the moon and the planets and the stars soon - it seems anyway. It is a bit weird that all the billionaires are going to space while the planet burns though.
What are your predictions for 2022?
I'm hoping not, but I'm concerned that we are headed for an all-mighty economic collapse many times bigger than the 2008 GFC. I'm not sure when it will come, but hopefully it's not 2022. One thing is for sure, with global inflation running wild, interest rates going up (not down like the last GFC), global supply chain issues, and global warming, we are in for some potentially very choppy waters ahead
What's the worst mistake you've made in business?
I could have been a billionaire three times.
1) I almost put $10m into Apple shares in 2007 when I sold Orcon and wanted somewhere to park the money.
2) I was offered one-third of Xero by Rod Drury when it started.
3) I learnt about Bitcoin in 2008, but never invested as I thought it was going to be a fad. I got half-way through buying 10,000 bitcoins many years ago, and have regretted it every year since.
What would you rate as your greatest success in business?
The older I get, the more amazed I am that I made $25m before my 30th birthday starting and building Orcon. I was just a kid looking back, but it sure was fun.
What series will you be streaming over the holidays?
I don't watch a lot of TV, but if I do, it's usually just stand up comedy - Dave Chappelle is the man.
Where are you holidaying this summer?
I own a luxury lodge in Warkworth - Woodhouse Mountain Lodge - which is the closest luxury lodge to the Auckland CBD. I'll be up there relaxing and having a few cocktails!
