NZ Entrepreneur - 2016 December Vol 2

NEW ZEALAND’S E-MAG FOR ENTREPRENEURS AND BUSINESS OWNERS

December 2016 Vol 2

The Rise of the Seniorpreneur

Interview with Nick Jack from Heatsource NZ Trevor Dickinson named NZ Arch Angel at Angel Summit 2016

#ad Marketing with

Social Media Influencers (The laws you should know to protect your brand) www.nzentrepreneur.co.nz

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EDITORIAL

CONTENTS 4.

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Marketing with social media influencers Rise of the Seniorpreneur Necessity is mother of invention Lack of sales skills holding back economic growth in New Zealand and Australia - survey Trevor Dickinson named NZ Arch Angel at Angel Summit 2016 Nelson students are 2016 teen business champions

CONTACT US ABOUT / Short and sharp, New Zealand Entrepreneur is a free e-magazine delivering thought provoking and enlightening articles, industry news and information to forward-thinking entrepreneurs.

EDITOR / Richard Liew ART DIRECTOR / Jodi Olsson GROUP EDITOR / Colin Kennedy CHIEF FINANCIAL OFFICER / Alastair Noble

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CONTENT ENQUIRIES / Phone Richard on 021 994 136 or email richardl@espiremedia.com ADVERTISING ENQUIRIES / Jennifer on 0274 398 100 or email jenniferl@espiremedia.com WEBSITE / nzentrepreneur.co.nz

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MARKETING

MARKETING

with SOCIAL MEDIA INFLUENCERS What you need to know to protect your brand

BY Gwendoline Keel

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Influence sells, especially on social media platforms.

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bservant followers of the Kardashian sisters may have noticed a recent addition to their promotional social media posts. #ad is now a permanent fixture on the celebrity figures’ promotional Instagram snaps following scrutiny of their online activities by American watchdog TruthinAdvertising.org.

Influence sells, especially on social media platforms. Online ad blocking, an increase in subscription services that promise minimal or no advertising, and the rise of the Instagram/ Snapchat/Twitter star make content marketing on social media a lucrative pursuit.

Marketing messages are now seamlessly built into existing content such as Instagram posts, feature articles, and user reviews in the face of user intolerance towards more interruptive advertising mechanisms such as television commercials or website pop-ups.

A key figure in this the social media influencer: an online personality with many followers who can post positive, hashtagable snaps or short reviews on their valuable social media real estate in return for cash, goods, or services. The result is an effective mode of advertising that blurs the lines between real life and a sales pitch, by presenting advertising content – or ‘advertorial’ – as independently produced editorial.

As a result, regulators worldwide are increasingly interested in how marketers are interacting with consumers via social media.

So what are the legal risks are associated with using an ‘influencer’ to promote a product?

How does the law restrict your use of social media as an advertising tool, and what can you do to ensure you’re complying with New Zealand law? w w w. n z e n t r e p r e n e u r. c o . n z

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EDITORIAL

What does the law say?

The Fair Trading Act 1986 (FTA) is the cornerstone of consumer law in New Zealand.

The FTA prohibits misleading and deceptive conduct in trade, as well as prohibiting false or misleading representations.

Not telling consumers that a social media influencer’s content has been paid for, solicited, or otherwise sponsored is likely to create issues under the FTA. Because consumers might mistakenly believe that the paid-for content they are reading is the independently produced or impartial copy of their favourite blogger, they can’t give the spot the weight and credence that it deserves.

To this end the Advertising Code of Ethics, administered by New Zealand’s Advertising Standards Authority (ASA), states that:

The Content You’re About to See May Be an Advertisement: How do I know if my content is editorial or advertorial?

There is no bright line under New Zealand law yet. But in helping to determine whether content is editorial or advertorial, the ASA has published a useful set of guidelines. In looking at whether something is an advertorial, it poses the following questions: • Is the content part of an editorial or advertising framework?

• Is the content independent of advertiser control?

• Is there any financial consideration affecting the editorial content or which has caused the appearance of the editorial?

• Is the presentation labelled or explicitly designated as an advertorial, advertising feature, “Advertisements should be clearly distinguishable promotion or supplement, or in some way as such, whatever their form and whatever described as being for the commercial promotion medium used; when an advertisement appears of an advertiser’s services or products? in a medium which contains news or editorial matter, it must be presented so that it is readily recognised as an advertisement.”

Businesses and marketers should exercise Content marketing risks breaching caution in this area. While a business may have this fundamental rule of transparency no apparent control over the final statement by its very nature. The key, then, is made by an influencer, simply providing goods or to ensure that if the content is an services for free is likely to render the influencer advertisement, it is identified as such. less than independent. w w w. n z e n t r e p r e n e u r. c o . n z

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My influencer’s social media post is advertising – what now?

When engaging with an influencer, you should think of their posts in the same way you would think of any advertising for your brand. This means: • Being accurate: any representations made about your products must be accurate and capable of being substantiated.

• Being transparent: the commercial connection between you and your influencer should be prominently disclosed. Influencers should acknowledge that they received the product from you, and you should require them to use tags such as ‘sponsored’ and/or ‘promoted’.

• Aside from the legal implications under the FTA and the ASA Codes of Practice, adverse media about a failure to comply and severely affect a brand and its reputation.

But I didn’t tell my social media influencer what to say – shouldn’t they be liable for their statements?

How can you ensure that your influencer marketing will be compliant?

As a starting point, consider: • requiring your influencer to prominently display the content’s paid or commercial nature; and • whether the influencer’s content needs a marketing compliance check before it is published; and • whether you need an agreement with the influencer, depending on the campaign’s complexity and relative risk.

Above all, you should ensure accuracy and transparency in all your marketing activities. While adding “#sponsored” to the front of a post may mean sacrificing some characters in your tweet, not doing so could result in serious damage to your brand.

Product sent to an influencer in return for his/ her laudatory comments might be a promising business activity, but influencers aren’t always going to get it right.

1 http://www.asa.co.nz/codes/codes/advertising-code-of-ethics

Under the FTA the actions of the influencer may be able to be attributed back to the business.

Businesses should therefore carefully consider how they can mitigate the potential risks and damage. This might include having an agreement in place with the influencer clearly setting out their role and responsibilities and including some appropriate indemnities.

Gwendoline Keel is a Senior Associate specialising in sales, marketing, venue and events law at Simpson Grierson.

2 http://www.asa.co.nz/resources/advertorial-or-editorial-when-isan-editorial-feature-advertising ○

www.simpsongrierson.com Gwendoline Keel

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EN D ITTROERPIRAEL N E U R S H I P

Why 55+ is an Advantage

BY David Trounce

RISE

OF THE

SENIOR PRENEUR

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hat do you see in the image above? A retiree out fishing? Probably a man who owns a caravan and spends his Saturdays polishing his Corolla?

These savvy ‘seniorpreneurs’ are armed with double the experience of their younger counterparts and are working an average of five hours less.

We live in a youth-obsessed culture from top to bottom. We want our heroes to be young, mean and keen and building empires online. Meanwhile, a steady movement is growing in online and business circles. The rise of the would-be retiree.

Combining research from these sources, These men and women have taken their time to come George Deeb from Red Rock Ventures, showed that those over 55 are twice as likely online. While the young-guns have charged into the as those under 35 to launch, and succeed in a world of business, throwing other investors money high-growth startup. about, creating a stir, going viral, and then sinking into oblivion, these seasoned entrepreneurs have The research compiled by Vivek Wadhwa moved in quietly and are taking back ground. went further and demonstrated that twice as many entrepreneurs experienced success after John Smith is the CEO of GroundCare, a lawn and the age of 60 as under 20. garden maintenance business experiencing rapid growth in Auckland. At age 67, John has just invested The research shows three significant factors; his money, as well as his experience, in re-branding these late-blooming entrepreneurs have an entire company and bringing it online. resources, experience and financial stability.

How likely is John’s GroundCare venture to succeed as he pitches himself against major brands like Jims Mowing and the fit, fast and energetic Millennials? Very likely, according to the research analysis of Vivek Wadwha, TechCrunch and the Kauffman Foundation.

The Kauffman Ewing Institute research also showed that the survival rate of these companies went up along with the age of the founder. In their findings, entrepreneurs over the age of 45 headed 64% of the surviving companies. w w w. n z e n t r e p r e n e u r. c o . n z

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EN D ITTROERPIRAEL N E U R S H I P

Research closer to home is confirming the trends we see in the United States. A 2015 University of Swinburne study in Queensland, Australia showed that 34% of all new start-ups in Australia are now headed by what they call, ‘Seniorpreneurs’ with an average age of 57.

Today, the company nets over $85 million in annual sales. At 80, Jeanne Dowell founded The Green Buddha clothing company, now a recognised brand worldwide. And let’s not forget, Benjamin Franklin, who, at age 76 invented the bifocal lens.

The Big Apple Greeter, a Tourism and Hospitality company for visitors to New York.

For many older entrepreneurs like Smith, these partnerships are a perfect match. They combine the seasoned wisdom of those who understand business with the tech and social-smart Millennial. ○

“Those of us over 55 have some clear advantages”, These savvy ‘seniorpreneurs’ are armed with says Smith. “We have autonomy, and we are double the experience of their younger counterparts flexible. We have industry and business experience and are working an average of five hours less. They as well as the intellectual and financial resources.” are investing around A$1.2 million above their younger competitors and reaping more than double Of course, all of this does not diminish the number of passionate young entrepreneurs. They are real, the profits. They are also more likely to invest in and they are hungry for success. Seniorpreneurs multiple innovative ventures. are aware of this and, rather than shunning the What Kauffman predicted in ‘The Coming young guns or competing with them, they are Entrepreneurship Boom’, we now see trending actively engaging the talent of their younger peers among new business online. There are plenty of in the process. Yet another example of the wisdom examples of the older-and-wiser entrepreneur to that comes with age. pick from. Lynne Brooks was 60 when she started

After 20 years in the dairy farming industry and at the age of 62, Wally Blume started Denali Flavors.

David is the Founder of Mallee Blue Media and a Business Consultant based in Australia. David has a background in small business management and marketing. www.malleeblue.com

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David Trounce

Mallee Blue

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ENTREPRENEURSHIP

NECESSITY IS THE MOTHER OF INVENTION Nicholas Jack of Heatsource NZ

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“Things don’t always work out the way you think they will always run a ‘pessimistic’ scenario analysis and be prepared for it.”

Nick, can you give us a brief overview of Heatsource and what you do?

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uccessful businesses must have one fundamental component locked down – the ability to deliver their product or service on time and to a high level of quality. Without this, the business will struggle to grow.

In mid-2015 #nzentrepreneur Nicholas (Nick) Jack, and his co-founder Nick Hewitt found themselves in exactly this situation with their business HeatSource NZ. After two years in the industry, they struggled with consistent supply of indoor and outdoor electric radiant heating solutions.

In a classic example of necessity being the mother of invention, Nick and Nick decided to design and manufacture their own New Zealand made heaters and take them to the world.

HeatSource NZ has been supplying electric outdoor heating to the hospitality, residential and other sectors since September 2013 primarily through our unique portables imported from the UK. Our rental and sale customers include some of Auckland’s leading hospitality locations including Cibo, Non Solo Pizza, Sails, Swashbucklers and Little & Friday and Ambrosia in Rotorua. We have also been the portable electric heating supplier to the Lewisham Hospitality Awards, NZ Fashion Week and Taste of Auckland since 2014.

Who and where are your target customers?

Our target customers are any environments needing to keep people warm during the colder months of the year. Initially, our focus was on hospitality, but we soon found enquiries coming in from other sectors including offices, warehouses, private residential, churches and others. w w w. n z e n t r e p r e n e u r. c o . n z

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EDITORIAL

How and when did you first come up with the idea for your business?

I saw the UK-made portable heaters on an investment website while living in London, and on returning to New Zealand mid-2013, I contacted the manufacturer and successfully pitched to be their exclusive New Zealand distributor.

However over 2014 and 2015 we experienced significant problems with consistent supply from the manufacturer and malfunctions of the heaters.

This was incredibly frustrating – to miss the opportunity to build our business in the portables division due to lack of supply and all while spending much too much time repairing the units we had out with rental customers. Then the penny dropped.

We realised, ‘Hey – we’ve been in the market two years, we know our product inside and out, and know our market intimately, and it dawned on us...

We can do this ourselves!’

So in June 2015 we decided to start exploring the idea of developing our own portable electric radiant heater tower. We found New Zealand electronics designers Invision, and industrial designers Procreate, through trusted contacts and set to work on creating the best possible heater for our marketplace. From our combined efforts the HeatSource Infinity was created. w w w. n z e n t r e p r e n e u r. c o . n z

Nick Jack at launch of the Heatsource Infinity

What entrepreneurial experience had you had, if any, before this one?

In 1998 at age 24 I started Genesis Group Ltd, providing business migration consulting services, and grew to possibly the largest Long-Term Business Visa consultant by the end of 2002 when Labour govt effectively ended the policy.

From clients of this business, I also started and part-owned an English school and purchased a travel agency, with the common thread of providing services to visitors and short and long-term migrants. We sold the English school and travel agency within a year of the abovementioned business immigration law changes.

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What are three things about Heatsource that you are proud of?

1. Gained the New Zealand exclusive distributorship of the UK-made portable heaters, and introduced this new product to New Zealand.

2. Built up a highly satisfied recurring customer base of rental customers.

What’s the biggest entrepreneur lesson you would like to share with other Kiwis thinking of starting their own business?

3. Reacted to major supply and product quality problems of our imported product by venturing into our own design and manufacture project.

Things don’t always work out the way you think they This culminated in the unveiling of the Heatsource will - always run a ‘pessimistic’ scenario analysis and Infinity prototype in Auckland in November. be prepared for it. ○

Heatsource NZ www.heatsource.co.nz

www.facebook.com/heatsourcenz

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SPONSORED CONTENT

LACK OF SALES SKILLS Holding back economic growth in New Zealand and Australia - survey

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global evaluation involving more than a million salespeople has revealed that meaningful economic growth in New Zealand and Australia is being held back by a lack of sales and sales management skills.

CEO of Australasian sales consultancy SalesStar, Mr Grant Holland, said the Objective Management Group’s global sales effectiveness evaluation included hundreds of companies in Australasia, and found that less than half have the necessary skills for growth and half of the potential revenue is being left on the table.

“The results of the study were also reflected in recent seminars we conducted with more than 80 CEOs from Melbourne and Auckland, all of them turning over between $20 to $100 million dollars annually.

“One hundred percent of the CEOs were confident of growth in the next one to three years, compared to earlier in the year when they were more ‘ho hum’ in their expectations. However, almost all were less than 40% ready, and at least half of them conceded that they do not have the internal sales skills, leadership, systems and processes to make it happen.”

Mr Holland said that in SalesStar’s experience, companies that up-skilled in business development, and put in place the right systems and processes for growth, recorded growth percentages well above thirty percent within 12 months.

“We’re not talking about start-ups but about mature companies that just don’t know how to sell in the new environment. A worrying number of companies lack a sales strategy, good leadership and a well-planned and executed sales process.

“Part of the problem is promoting star performers to leadership positions. A common practice in Australasia is for companies to appoint the best sales person to a management position, with no experience, no training and probably no leadership ability.

“The result is that they’ve exchanged a star performer for an average manager,” he said.

Results from the sales effectiveness evaluation revealed that just 24% of sales people globally and only 25% of sales people in Australasia have effective sales closing skills.

In Australasia, 51% of salespeople can effectively qualify a customer, while globally that number is 53 %.

“As a result, only six percent of those in sales positions are presenting quotes and proposals at appropriate times. The result is wasted time, irritated customers and low conversions,” he said. w w w. n z e n t r e p r e n e u r. c o . n z

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EDITORIAL

“Significant growth won’t happen by accident. Expecting growth and achieving it, is the difference between leadership skills and the lack of them.”

Mr Holland suggested companies take the following steps to ensure they are geared up for growth and sales success: 1. Map out a step-by-step sales process – including key milestones – that mirror the activities and behaviours of your top-performers in the field.

This means you would be well advised to measure your sales person by the number of presentations that they do.”

“Develop your coaching skills. Research and experience tell us that coaching is the single most important function for your sales managers and 96% of sales people are coachable. Despite this, sales managers across Australasia have just 44% of the 3. Stop worrying about what Customer skills to coach effectively and spend little or no time Relationship Management software you are doing it. As a result, they will continually struggle to using. CRM’s – like megaphones – are only as develop A-players in their team. good as the information you put through.

“Bear in mind, however, that coaching in the right 2. Detail your buyer’s decision-making journey and include this in your process so that you understand what their needs will be at any given time.

4. Pay attention to the data. Learn to interpret conversion ratios and leading indicators.

activity at the right time is nearly impossible without a process.

“Leading indicators are particularly important for accountability,” says Mr Holland. “For example, if you know it takes 20 presentations to achieve a sale, then your leading indicator is ‘presentations’.

“Ultimately what this means is that significant growth won’t happen by accident. Expecting growth and achieving it, is the difference between leadership skills and the lack of them,” he said. ○

SalesStar is a team of experienced sales people, business people, trainers and managers who are passionate about the profession of selling and raising the performance and results of sales organisations. www.salesstar.com w w w. n z e n t r e p r e n e u r. c o . n z

www.facebook.com/ SalesStar.community

sales_star

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IEN D V EI STTOMREINAT L

TREVOR DICKINSON NAMED NZ ARCH ANGEL AT ANGEL SUMMIT 2016

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ne of New Zealand’s most prolific angel investors, Trevor Dickinson, has been awarded the Angel Association of New Zealand’s (AANZ) prestigious Arch Angel Award at the 2016 NZ Angel Summit in Hawke’s Bay. The Arch Angel Award is the highest honour in New Zealand’s angel investment community and recognises individuals who have steadfastly championed the cause of angel investment and investors.

The award highlights the work of angel investors who give a significant amount of their time and money to help startups and earlystage companies – as well as their founders and teams – to reach their potential.

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Trevor has made more than 50 investments in early-stage and startup companies – the vast majority of which are angel-backed firms from throughout the country. He is on the board of Wellington-based angel investor network Angel HQ and received the organisation’s firstlifetime membership based on the value of his investments made through the group.

Angel HQ manager Dave Allison says there are few who have done more as an angel investor.

“Not only is he a prolific investor, his contribution to the angel investment community is marked.

The energy and enthusiasm he brings are extraordinary, whether it’s on the boards of companies, or advising entrepreneurs, or making deals happen by bringing people together.”

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“He’s invested in and supported probably more businesses than anyone else, and he’s done it with a fantastic sense of humour and a consistent smile on his face. All the companies he’s been involved with have benefited from having Trevor on board”

Dave also notes that as a founding investor in New Zealand’s first technology company accelerator, Lightning Lab, Dickinson has shown a commitment to growing the country’s startup ecosystem as well as individual companies.

Along similar lines, he also led a subset of Angel HQ members investing in Tauranga-based technology company incubator WNT Ventures.

Trevor received his award at the ninth NZ Angel Summit, held at Black Barn Winery in Hawke’s Bay and attended by 120 delegates. The annual event provides a hub for angels to learn and network and is recognised as one of the world’s top angel events.

Marcel van den Assum, AANZ chair and recipient of the Arch Angel Award in 2015, says while Dickinson contributes significantly as an angel investor, he is also open to learning from his investing An English-born former geologist, Trevor worked in the UK oil and gas industry for NEC Gas Analytic experiences and the founders he works with – an Services and Gearhart Industries MWD before attitude that embodies the best of angel investing. mortgaging his house to build a new company to “Alongside his passion he brings real capability, develop state-of-the-art measurement-while-drilling and he’s very generous with sharing his capability.

(MWD) technology. After some tough early years, Trevor really epitomises that balance between that company – GeoLink – was successful allowing investors and founders succeeding together.” him to retire to New Zealand with his wife in 2011.

Phil McCaw, a partner at technology investor He’s a founding investor in Lightning Lab, Wipster, Movac and another former Arch Angel HydroWorks, Nyriad, Cloud Cannon, 8i, Flick Award winner, notes Trevor is distinguished Electric, Times-7 and a host of other Kiwi startups. by his positivity and enthusiasm.

Former Arch Angel winners also include The “He’s invested in and supported probably more businesses than anyone else, and he’s done it with a fantastic sense of humour and a consistent smile on his face. All the companies he’s been involved with have benefited from having Trevor on board.”

Warehouse founder and long-time angel investor Stephen Tindall; Andy Hamilton, chief executive of the Auckland-based incubator and business educator The Icehouse; US super angel Bill Payne; and veteran angel investor Dr Ray Thomson. ○ w w w. n z e n t r e p r e n e u r. c o . n z

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ECOSYSTEM

NELSON STUDENTS ARE 2016 TEEN BUSINESS CHAMPIONS

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group of students from Nelson College have won The Lion Foundation Young Enterprise Company of the Year title. The award was announced Wednesday 7 December at the Young Enterprise National Awards in Wellington. Where’s Woolly beat more than 600 companies from around the country to claim the title.

The Lion Foundation Young Enterprise Scheme this year helped 3,400 secondary students create and run a small business. Where’s Woolly created a themed children’s book and sold over 1100 copies throughout 25 countries. To win the national title, Where’s Woolly pitched their business to the national judging panel, which included leading CEO’s, company directors and venture capitalists.

“We spent so many hours on this business, and it’s all paid off,” said Alistair King, CEO of Where’s Woolly. “We couldn’t be prouder.”

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Young Enterprise CEO Terry Shubkin said Where’s Woolly were worthy winners. “Today the judging panel heard from 23 YES companies from throughout New Zealand. The products and services being pitched varied from cycle safety gear and chocolate flavoured coconut milk to beehives and children’s’ storybooks. Where’s Woolly stood out because they were stars in sales and marketing, and were not happy with just creating a single product. They have looked for multiple ways to extend their product including diversifying in the digital space. They are already taking their business to the world in 25 different countries.”

Where’s Woolly received a $3000 cash prize and each member of the team also received a $5000 scholarship from Massey Business School. Young Enterprise students won 18 awards tonight, with over $20,000 in cash prizes and $30,000 in scholarships announced as well.

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THE FULL LIST OF WINNERS INCLUDES: Overall title: The Lion Foundation Young Enterprise Scheme Company of the Year: Where’s Woolly, Nelson College Todd Corporation Award for 2nd Place: Olelei, Henderson High School Todd Corporation Award for 3rd Place: Ruff Tucker, Iona College

Category Awards: Arts and Culture Award: Te Kāhui Kanorau, Te Kura Māori o Ngā Tapuwae BP Award for Social Enterprise: Small Talk, St Mary’s College Chartered Accountants Australia and New Zealand CEO of the Year Award: Andrew Tang, Scots College Callaghan Innovation Award for the Best Digital Technology Company: Trident App Design, Takapuna Grammar School He Kai Kei Aku Ringa Award for Rangatahi Entrepreneurs: Four Foodies, Motueka High School HSBC Award for Sales & Marketing: Where’s Woolly, Nelson College

Ministry of Youth Development Award for Business Commitment: Be Somebody, Fraser High School Movac Award for High Growth Potential: Ed.Life, Macleans College NZ Aid Programme Award for International Development: Tribal, St Thomas of Canterbury College Unitec Award for Enterprising Technology: Ed.Life, Macleans College XERO Award for Thinking Big: BrightLife, ACG Parnell College

Special Awards:

Outstanding Individual Award: Te Riaki Williams, Opotiki College

Innovation Award: Crankworks, St Paul’s Collegiate School

Massey Business School Young Entrepreneur Scholar Award: Nadia Paine, Kaikorai Valley College Ministry for Pacific Peoples Award for Excellence in Pasifika Business: OLelei, Henderson High School

Sir James Fletcher Award for Outstanding Contribution to Enterprise: Jarrod Aberhart, Nelson College Emerging Alumni Award: Nathalie Whitaker, founder of Givealittle

Distinguished Alumni Award: Ministry of Business, Innovation and Employment Award Stefan Lepionka, founder of Stefans and for Operations: Kaika BeeCo, Kaikorai Valley College co-founder of Charlies ○ w w w. n z e n t r e p r e n e u r. c o . n z

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EDITORIAL

“People who really change the world, who change the way we live and the way we think are the people who were met with initial, often violent rejection.”

Jia Jiang, Ted Talk ‘What I learned from 100 Days of Rejection’

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