Companies – Business Blog

Talking Raising Capital with Roscoe Price Moor, Roady

November 29, 2022 Linda

Dragon’s Den.
Shark Tank.

Many readers will be familiar with these reality television shows in which fledgling entrepreneurs pitch their business start-up idea to experienced business people, seeking their investment.

In 2020 Roscoe Price-Moor stood in front of a group of potential investors and pitched his idea for an app, Roady.

Roady began in 2017 as bespoke itinerary planning business for independent international travellers.

Roscoe worked with clients to design a self-drive road trip taking in aspects of Aotearoa that appealed to independent travellers.

It was though, a labour intensive process. Taking inspiration from Pokemon Go Roscoe began thinking about a similar app style that could be used by tourists, whereby they could use the app to devise their own itinerary while adding a game element to a road trip.

Originally trained as a Physical Education teacher, Roscoe worked on his business and kept thinking about potential app development whilst continuing to work as a relief PE teacher.

Then in early 2020 along came Covid and no one was road-tripping anywhere. Two years on Roscoe says, with hindsight, that Covid was a good thing because it forced him to consider his options and “Put the old model to bed”.

With his travel app idea still very much a concept, Roscoe signed up for a Creative HQ incubator course.

The Incubator is a 6-month hybrid programme open to startups based in Te Whanganui-a-Tara, Wellington.

The Creative HQ programme allows participants time to concentrate exclusively on the development of their idea, whilst providing them with the information required to start a business alongside mentoring from experienced business people.

An invitation followed to participate in a development accelerator programme specifically for tourism at the end of which Roscoe’s idea was refined and he then pitched the concept to a group of Angel HQ investors.

“Raising capital was completely new to me. It was certainly something Creative HQ and the mentors in the programme helped with … making me aware of the options out there …

… you really need to be confident and have a clear plan. You really need to be able to articulate to these investors what their money is going to get them as a result of the funding…”

The resulting funding allowed Roscoe to get Roady off the ground, employ a staffer and formally launch the business in August this year. Free to download, Roady is now tracking at 18, 000+ downloads with more expected as the summer holiday period approaches and inbound tourism numbers increase.

Following the successful uptake in New Zealand the company is now planning expanding into the Australian market.

Learn more about the Roady journey and development plans in Wellington City Libraries’ interview with Roscoe.

If you want to know more about how to successfully seek investor funding we’ve collated some resources for you.

Online resources and articles

Callaghan Innovation has created and made available, “Capital education resources to help businesses understand the equity capital raising process in New Zealand. No matter what age or stage your company or innovation is at, these resources offer expert advice on how to raise the capital needed to build a thriving business – even in a COVID-19 impacted environment. You can find them here

Late last year the University of Auckland published research “documenting the experiences women entrepreneurs have had when trying to raise capital has revealed the challenges they face navigating entrepreneurial ecosystems”.

Dr Janine Swail’s research Raising Capital in Aotearoa New Zealand: Insights From Women Entrepreneurs provides insights from 26 female entrepreneurs.

Business.govt.nz outlines what lenders look for if you are Applying for a Loan
“Lenders want to see good financial habits, a clear vision for the future, and a funding proposal supported by processes and a strong team. See what else they look for and how you can improve your chances of getting finance”.

Samantha Novak’s article 7 Creative Financing Options for New Businesses and Startups looks at some of the alternative, less traditional routes to raising investment to help develop your fledgling business.

Jason Yeh, Adamant Ventures, shares some of the lessons learned from over 15 years in business in How to Avoid Your Biggest Fundraising Mistake and Successfully Raise Capital

8 Things to Know Before Raising Startup Capital offers advice from business owners and lending experts to those seeking startup capital for new ventures.

Books in the WCL collection

Pitch like Hollywood : what you can learn from the high-stakes film industry / Desberg, Peter
“A clinical psychologist and writer/producer share secrets to overcoming presentation anxiety and crafting the perfect “award-winning” pitch-no matter what industry you work in! From impromptu elevator pitches to full-board presentations, sales and marketing professionals face an “audience” daily-often with make-or-break consequences. No matter what business you’re in, you can up your game substantially by incorporating elements of a classic Hollywood pitch: driving emotion, piquing curiosity, and ultimately winning over decision makers with top-notch persuasion and performance. Pitch Like Hollywood, clinical psychologist Peter Desberg and writer/producer Jeffrey Davis take you on an insiders’ tour of the entire process, from defining the fundamentals to smart strategies for overcoming stage fright (pitch panic). They also include a step-by-step guide so that you can adapt the Hollywood Pitch for your next board meeting or sales call…”– Provided by publisher.” (Adapted from Catalogue)

Backable : the surprising truth behind what makes people take a chance on you / Gupta, Suneel
“No one makes it alone. But there’s a reason why some people can get investors or bosses to believe in them while others cannot. And that reason has little to do with experience, pedigree or a polished business plan. Backable people seem to have a hidden quality that inspires others to take action. We often chalk this up to natural talent or charisma…either you have “it” or you don’t. After getting rejected by every investor he pitched, Suneel Gupta had a burning question: could “it” be learned? Drawing lessons from hundreds of the world’s biggest thinkers, Suneel discovered how to pitch new ideas in a way that has raised millions of dollars, influenced large-scale change inside massive corporations, and even convinced his 8-year old daughter to clean her room. Inside are long-held secrets from producers of Oscar-winning films, members of Congress, military leaders, culinary stars, venture capitalists, founders of unicorn-status startups, and executives at iconic companies like Lego, Method, and Pixar. Backable reveals how the key to success is not charisma, connections, or even your resume, but rather your ability to persuade others to take a chance on you. This groundbreaking book will show you how.” — Goodreads.” (Catalogue)

The entrepreneur’s guide to raising capital / Nour, David
“Ask any established business owner to identify his or her toughest challenge when just starting out, and you’ll likely get this answer: raising capital. Most aspiring entrepreneurs know far too little about the sources of money that can help start a business or fuel its growth. Where do you get capital? What are investors looking for? How do you ask for money in a way that gets results? This book answers these and many other critical questions… The Entrepreneur’s Guide to Raising Capital, designed to help entrepreneurs navigate the money-raising maze, shows how to attract financing to fund the start-up and growth phases any business moves through. It answers the most common_and the most perplexing_questions entrepreneurs have about financing a business: How do I put together a credible request for funds? How do I choose wisely from among the plethora of financial and strategic investors, consultants, investment bankers, and other intermediaries? How do I identify and avoid the risks associated with various sources of capital? How do I plan for the right kind, amount, and source of smart capital as the business evolves? How do I get the highest return on invested capital? How do I avoid the biggest mistakes entrepreneurs make when raising capital? This book provides real-life, pragmatic advice from entrepreneurs who have raised money from friends, family, angel investors, and banks, as well as institutional investors such as venture capitalists and private equity firms. It details the process from start to finish while spotlighting the danger spots and ways to avoid them. It will be especially useful to those who are uncomfortable making important financial decisions, and to those who are confused by all the conflicting opinions offered by advisors_both well meaning and otherwise. By showing readers the financing ropes, Nour removes a major source of stress for budding entrepreneurs and moves them closer to their dream come true: a successful business.” (Catalogue)

Funded : the entrepreneur’s guide to raising your first round / Hague, Katherine
“The venture capital world is often intimidating and hard to navigate, even for the most seasoned entrepreneurs. But it doesn’t have to be. Entrepreneurs who run effective fundraising processes don’t do it by accident. With this book, you’ll learn what it takes to successfully raise a round of funding for your company. Author Katherine Hague explains how the venture capital industry works, and walks you through each step necessary to plan, execute, and optimize your own fundraising round. Packed full of exercises, checklists, and templates, this book guides you through the process from start to finish. It’s ideal for entrepreneurs raising later rounds of capital, as well as those just starting out.
Gain an understanding of core venture capital concepts and standards
Learn how to develop and hone an investor pitch
Come away with a plan to hit the fundraising trail for your company
Develop the confidence you need to negotiate key terms in a funding deal
Understand best practices in fundraising, and learn how to avoid the top 10 fundraising mistakes” (Catalogue)

Building wealth through venture capital : a practical guide for investors and the entrepreneurs they fund / Batterson, Leonard A.
“Venture capital demystified, for both investors and entrepreneurs Building Wealth Through Venture Capital is a practical how-to guide for both sides of the table–investors and the entrepreneurs they fund.” (Catalogue)

Angel : how to invest in technology startups-timeless advice from an angel investor who turned $100,000 into $100,000,000 / Calacanis, Jason
“One of Silicon Valley’s most successful angel investors shares his rules for investing in startups. There are two ways to make money in startups: create something valuable-or invest in the people that are creating valuable things. Over the past twenty-five years, Jason Calacanis has made a fortune investing in creators, spotting and helping build and fund a number of successful technology startups-investments that have earned him tens of millions of dollars. Now, in this enlightening guide that is sure to become the bible for twenty-first century investors, Calacanis takes potential angels step-by-step through his proven method of creating massive wealth: startups… He guides you step by step through the process, revealing how leading investors evaluate new ventures, calculating the risks and rewards, and explains how the best startups leverage relationships with angel investors for the best results. Whether you’re an aspiring investor or a budding entrepreneur, Angel will inspire and educate you on all the ins of outs. Buckle up for a wild ride into the world of angel investing!” (Adapted from Catalogue)

Crowdfunding intelligence : the no-nonsense guide to raising investment funds on the Internet / Buckingham, Chris
“Crowdfunding’s time has arrived! Through the power of the Internet, it represents one of the most exhilarating ways to raise investment funds for your dream project. It enables you to get exposure in the public domain and can mean a seal of approval being given to your ideas by the masses. Developed from crowdsourcing – where people get together to generate ideas and solve problems – crowdfunding is an extension of this, only now the crowd add money (funding) to a project. It offers investment solutions to project needs in all sorts of fields, from apps to zoos. This book provides unrivalled explanations and frameworks to help any entrepreneur or business to prepare and execute a successful crowdfunding campaign and raise the capital they need. It contains expert insights and advice from the major players in the sector, including the leading crowdfunding sites, on how success can be achieved.”–Amazon website.” (Catalogue)

Last, but not least, if you are interested in tourism development this new publication from Bridget Williams Books may interest.

100% Pure Future: New Zealand Tourism Renewed
Sarah Bennett (ed). Contributors: Dave Bamford, Susanne Becken, Hugh Logan, Rod Oram, Raewyn Peart, David Simmons, Erna Spijkerbosch, Te Ngaehe Wanikau and Tony Wheeler.
Covid-19 has had a devastating effect on New Zealand tourism, but the industry was already troubled by unchecked growth and questionable governance that has put pressure on the environment, infrastructure and communities. In this urgent collection of essays, nine writers outline their vision for sustainable tourism, the barriers to achieving it and how they can be overcome. This BWB Text is a rallying call for a genuine tourism ‘reset’ that puts the environment first and creates more meaningful exchanges between visitors and their hosts.

If you need more information please contact the Prosearch team at the library. We can help you find information across a range of perspectives and resources. All enquiries are treated in confidence.

Becoming a B-corp

May 17, 2022 Linda

Sharp-eyed readers of the Dominion-Post or Stuff news website may have noticed a recent announcement that Stuff had been awarded B-corp status and in the process became the first New Zealand media outlet to achieve this.

The article quoted Stuff Chief Executive, Sinead Boucher, as saying :

“We see the certification as a crucial tool to help guide us on this journey, to help us hold ourselves accountable for our actions, and to continue building trust with consumers, communities and suppliers, and to attracting and retaining employees.”

But what does that actually mean?

I first came across references to B-Corporation certification when a colleague recommended the newly published And now for the good news … by comedian-turned-author Ruby Wax. In one chapter Wax provides an outline of B-corp certification; what it is and investigates some of the international brand companies, such as Patagonia, who have achieved it.

Since then I’ve noted numerous New Zealand businesses issuing press releases celebrating their B-corporation certification.

According to the B Corporation website New Zealand has 125 (and rising) B-corp certified businesses. Some are the New Zealand arm of international brands, like Nespresso. Others are local businesses. Companies cover a diverse range of products including, but not limited to, IT solutions, skincare, food and beverage, financial services and hospitality industries. Amongst them are some well-known Wellington brands.

B-corp certification logo courtesy of Nespresso store, Lambton Quay

So what is a B-corporation?

B-corps are : “… businesses that meet high standards of social and environmental performance, accountability, and transparency.

Certified B Corporations, or B Corps, envision a better economic system where businesses can benefit people, communities, and the planet. They choose long-term investments over quick wins, and measure their success based on the positive impact they create.”

The certification process is a way of measuring the impact these companies have on five
areas of business; governance, workers, community, customers, environment.

It is awarded after a rigorous assessment and verification process by B-Lab representatives who conduct the overall audit as well as providing comprehensive guidance.

What’s B-Lab?

The US based B-Lab was set up in 2006 by a group of like-minded people who wanted to drive real environmental and social change to the accepted business model through implementing standards that held businesses accountable for their practices.

Companies apply to be assessed by B-Lab auditors on their performance and impact across the five areas of business mentioned above. The assessment process measures and grades on a points system. An impact score of 80 or more qualifies for B-corp certification.
According to the site “ordinary” businesses usually score around 50 on the same impact assessment scale.

The audit questions
“… dig into every part of a business, from your supply chain and charitable giving, to employee benefits and customer satisfaction.”

Those who have undergone the process, repeatedly use words like thorough, hard and rigorous.

Shortly after his restaurant businesses joined the B-corporation lists, UK celebrity chef, Jaime Oliver colourfully stated in an interview with the Guardian about the process :

“It’s f***king hard. It makes the Inland Revenue look like pussycats. They are properly in your laundry drawer, getting into your pants, having a good look.”

Nor is certification a one off, rubber stamp. A re-certification process must be undertaken every two years to retain the status and companies are encouraged, even expected, to keep striving to improve on their impact assessment scores.

Is becoming B-corp certified worth it, and what does it really mean to businesses, employees and consumers?

In order to learn more, I put a few questions to some Wellington B-corporations.

First stop Newtown where I sat down with Audrey Vidoni, Business Development Manager for Peoples Coffee.

Audrey walked me through the process and explained that for People’s Coffee B-corp certification provided a framework, or blueprint, off which to hang the rest of their business approach.

In 2017 Peoples Coffee was among the first companies in Wellington to become certified. Audrey says that B-corp certification is “More than just a logo for yet another certification, it is the company’s commitment to being part of the change and leading the movement”.

In July 2021 Peoples Coffee published its first Sustainability report. This is part of meeting their commitments to being not only sustainable but also to measuring their impact and providing accountability and transparency to consumers.

Meeting the assessment standards after some years as an established business, with international supply chains, was not an easy process and required changes to take place within the business. Audrey recommends that anyone beginning a business with a view to becoming a B-corp use the B-lab guides at the beginning, and to base the business on those principles rather than trying to retrospectively adapt some years down the track.

To sum up what I believe is so interesting about the B Corp movement, I would say [that while] it’s a holistic approach in terms of business impact assessment, its overall purpose [is] to change a system that needs updating to today’s world.”

Catapult co-founder Andrea Thompson, expressed similar views

At Catapult we provide leadership development and consulting services to New Zealand’s most trusted organisations. We see the purpose of business as being creating sustainable value – not only shareholder value. Catapult’s purpose is ‘Unleashing brilliance for a flourishing Aotearoa.’ We work with organisations who want people, society, and the environment to thrive. We were inspired to pursue B-corp certification both to be assessed against rigorous standards and to join a movement of business as a force for good.

Catapult was awarded certification in March 2022 and of the process Andrea said :

The certification process was a lot more involved than we expected and it took over a year because of an explosion of interest in B-corp certification. It was very worthwhile, prompting us to formalise some things we were already doing and fill in some gaps.

“Verification was really rigorous. They required evidence for every element. Thankfully, we’ve been measuring the impact of Catapult’s work for decades.

Another local B-corp company is Sharesies. They announced their B-corp certification in 2019, becoming the first financial services company in New Zealand to do so. Shortly after they were awarded the B-corp Best in the World for the way they treat staff.

Again the emphasis was on how thorough the process was :

To become B Corp Certified, we had to meet their rigorous standards of social and environmental performance. It was hard work, but it shows we’re serious about our goals and purpose. It keeps us accountable to you—in the way we work, and the way we believe every business should operate.

Now undergoing the reaccreditation process, earlier this year Sharesies published a blog outlining five ways they create impact.

Aside from B-corps being good places to work what message does being B-corp certified send to clients and potential clients?

Back to Andrea :

“Our team is really proud to be part of a role model organisation.

There are a few benefits to clients. First, we have even more empathy for what we put them through! Second, they will be reassured that we are a high integrity business. Third, it may help future clients in choosing who to work with.

Audrey echoed this, adding :

When I see B Corp associated with a company I trust they are committed to something bigger than just creating revenue for their shareholders, and to creating a ‘better’ economy, more inclusive and regenerative.

Whether you want to work for one or do business with a B-corp, you can find a listing here

If you are interested in beginning the B-corp journey you can find guidance here

With thanks to Audrey (People’s Coffee), Andrea (Catapult) and Brooke (Sharesies) for the time taken to answer questions and share their business journey to being B-corp certified.

Talking about : Customer Relationship Management

January 26, 2022January 31, 2022 Linda

“Everyone needs weather” says Emma Blades and she should know.

A trained meteorologist, Emma is a Customer Relationship Manager with Metservice New Zealand.

Her clients are New Zealand businesses and services who depend on MetService forecasts to schedule work and to know when to take appropriate precautions in order to mitigate risk if severe weather is pending.

New Zealand’s weather can be a challenge to many businesses and can often impact on supply chains. For instance for horticulturalists a late frost could mean damage to fruit destined for the overseas market. With strong winds electricity lines can be brought down causing power outages. An extended dry period and regional water supplies are impacted.

160 years ago a series of meteorological instruments were distributed throughout New Zealand in order to record weather.

From that first step the forecasting service developed. Over time it gradually evolved into the government run NZ Meteorological Service before transitioning into the State-Owned Enterprise we know as Metservice New Zealand.

Thirty years on it remains a business with a head office in Wellington and a team of over 300 staff based in offices across New Zealand as well as in Australia, Asia and Europe.

The MetService brand encompasses public weather information provided through numerous platforms and commercial services for a range of business clients.

In New Zealand this includes transport companies and airlines, regional councils, energy and lines companies and media outlets.

Metservice’s international brand, Metraweather, provides, among a number of services, weather visualisation and data services to all major Australasian news broadcasters as well as to Sky UK and Al Jazeera.

In this video I asked Emma about her role and some of the commercial aspects of the business. Emma discusses the importance of building trust and credibility with clients and the way Covid has changed client interactions.

If you are in a role managing relationships with clients you may find some of these resources available through Wellington City Libraries helpful.

From LinkedIn learning these courses may be helpful (Accessible with WCL library membership):

Client Management and Relationships
Client relationships are the foundation of your consulting business. Whether you work for a big firm or are going solo as an independent consultant, the principles of client management are the same. It’s all about building rapport, communicating effectively, and establishing trust. In this course, Lisa Earle McLeod and Elizabeth McLeod teach you how to position yourself for success, keep communication lines open during implementation of your project, and create connections that are the foundation for lasting relationships that lead to repeat business. Plus, get tips for leveraging client relationships to sell to the entire organization

Relationships with product managers
At a basic level, product marketing is about determining who your users are, what they need, and how to align your products with those needs. In this course, professor, speaker, and product marketing guru Jon Chang shares advanced techniques designed to help product marketers accomplish this central goal—ensuring that a product resonates with its intended audience—with finesse. Learn how to leverage different research methodologies to define your audience and match products to their needs, as well as how to create a go-to-market strategy. Plus, get tips for collaborating effectively with different stakeholders, including product managers, marketers, and other researchers.

From our book collection there are the following resources :

Think like your customer : a winning strategy to maximize sales by understanding how and why your customers buy / Stinnett, Bill
“In Think Like Your Customer Bill Stinnett draws upon more than two decades as a sales professional and consultant to the Fortune 500 to offer you a powerful new approach for connecting with clients and building enduring, highly profitable customer relationships.”–BOOK JACKET.” (Catalogue)

The virtual sales handbook : a hands-on approach to engaging customers / Kvedare, Mante
“The COVID-19 crisis has fundamentally changed the way B2B companies interact with customers, forcing companies to transition from face-to-face meetings to virtual customer interactions overnight. Even after the initial local and regional travel limitations are lifted, corporate travel is expected to be limited and it is uncertain that customers will be open to receive external partners on-site. This presents an urgent need for companies to transform towards a more virtual customer engagement model — where the first (and the most urgent) step is upskilling the commercial frontline by equipping them with the confidence, skillset and toolbox needed to effectively engage customers virtually — and hence secure existing and future revenue streams. The Virtual Sales Handbook will target Commercial Frontline people (customer-facing people such as sales representatives, commercial managers, customer relationship managers) and will have a very hands-on, concrete “how-to” approach — so the reader can apply the learnings and concepts in their customer interactions immediately. We will equip the reader with the confidence, skillset and toolbox needed to effectively engage customers virtually — making them more fit for how sales in the future will look like and hence drive their existing and future revenue streams”– Provided by publisher.” (Catalogue)

The customer rules : the 39 essential rules for delivering sensational service / Cockerell, Lee
“Today, consumers have more choice than ever before. It’s no longer enough to simply provide a service – companies who want to stay in business must also provide impeccable service with such consistency, integrity and creativity that people who experience it will not only keep coming back for more, but recommend your business to their friends, families, and colleagues.The Customer Rules is entirely focused on one ultimate goal: to help you, no matter what your position or job title, secure the most revenue-boosting asset you could wish for: a reputation for excellent service. Lee Cockerell, former Executive Vice President of Operations at Disney World – a company which has redefined what a business can do for their customers – shows you how: from why you should ‘Never say no – except No Problem’ to asking yourself ‘What Would Mum Do?’.His 39 easy-to-follow rules apply to any industry and any company, large, small, public, private, online or High Street. The principles revealed in this book, tried and tested in one of the world’s happiest environments, can give you everything you need to truly connect with your customers.” (Catalogue)
(Available in e-book and hard copy formats)

Finally, if you want to learn more about New Zealand’s weather and how it impacts on us all you can place a reserve for this new publication New Zealand’s Wild Weather. Copies will shortly be available through library branches.

Feedback on this post is welcome and can be submitted via the email link on the Prosearch page.

If you need more information contact the Prosearch team at the library. We can help you find information across a range of perspectives and resources. All enquiries are treated in confidence.

Wellington City Libraries

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Category: Companies