Board nurtures Cup spinoffs

By YOKE HAR LEE

The Trade Development Board hopes the world's super-rich descend on New Zealand again in 2003 to have a bit of fun racing as well as putting money into high-tech companies.

Deals are being hatched after Silicon Valley icons took time off from watching the America's Cup to catch a glimpse of New Zealand's high-tech sector.

From bloodstock and vineyards to high-tech companies, the Cup has been a catalyst in raising their profile among the world's rich.

Gary Langford, director of Invest New Zealand, the investment promotion arm of Trade NZ, said the America's Cup was an example of how New Zealand could use an event to promote local technology companies and investments.

Trade NZ organised an IT investment seminar on February 14 that drew on the expertise of Silicon Valley venture capital gurus Tom Perkins and John Sculley, former head of Apple Computers.

US businessman and 1992 America's Cup winner Bill Koch, here as a spectator, was roped in to share his views on investments in high-tech ventures.

Mr Langford said some deals were in train. He was also confident New Zealand would be able to re-attract some of the American mega-rich.

Mr Koch said he was looking at a few "very exciting" business proposals.

Trade NZ is looking to repeat its feat of bringing together a large collection of superyachts.

About 60 superyachts participated in the Trade NZ-Marex-organised Millennium Cup held over two days at Kawau Island. Netscape founder Jim Clark and Mr Perkins were among those who took part.

Dennis McConaghie, general manager of Trade NZ's client services, said: "From what we understand there were deals being done on the day. At the end of the event, Marex asked if they would participate again and the answer was a unanimous yes."