Entries for The New Zealand Focus on Health Challenge closed this week, and judging is now in progress. The Challenge is NZTE run, and is just the sort of initiative New Zealand needs to help specific high potential industries to penetrate lucrative export markets. Ten points to NZTE for this one! The Health industry was chosen due to the global need for innovative solutions 0- and New Zealand’s strong capabilities in the sector. NZTE reports that the US already spends over US$2 trillion every year on healthcare – and has plans to spend an additional US$135 billion over the next few years. This is a massive opportunity for kiwi health entrepreneurs!
Entries include software, hardware, medical devices and bioactive or pharmaceutical products and services.
It will be interesting to see which kiwi innovations are chosen to participate in the second round. An announcement will be made by the judges later this month, where 20 entrepreneurial teams will be announced. These 20 teams will be whittled down to 10 finalists after they have pitched their innovations to the judging panel.
NZTE will work intensively with the 10 teams over the next few months, and all 10 will be given the opportunity to participate in a US roadshow where they will be introduced to potential partners, buyers and investors in the US.
We’ll keep you up to date on the progress of this Challenge, as this is a great model. If successful, we hope that NZTE will replicate this initiative for other high potential industries where New Zealand has world class capabilities.
More info is at www.nzfocusonhealth.com
Fraser Hurrell is one of three directors of Elevate CA Limited, Chartered Accountants & Business Advisors in Whangarei, New Zealand.
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