Listed companies, qualifying companies or special corporate entities will also be ineligible.
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“A lot of money is actually spent on software coding so limiting that is quite a major.”Īnd he said firms in the biotechnology sector would be particularly disadvantaged by clinical trial expenses being excluded from the changes. “In the start-up and tech space, a huge portion of the companies are software companies developing software to take international,” Johnson said. “They’re focusing on the right area – cashflow,” said Johnson.īut he said the fact that software coding was not considered research and development and was excluded from the proposed changes would have a detrimental impact on some firms. “The proposals to remove this distortion in the tax system are another part of the Government’s agenda of building a more productive and competitive economy that supports innovative Kiwi businesses, investment, jobs and growth.”ĭeloitte tax partner Darren Johnson said the proposed changes were mostly positive.
“Early-stage businesses often endure particularly long periods of tax loss meaning they cannot access the benefit of these loss deductions when they need it most,” Joyce said. Minister of Science and Innovation Steven Joyce said that under the current regime, tax losses must be carried forward and deducted against future taxable income. Proposed tax changes that aim to improve cashflow for start-ups include some fishhooks for software companies and firms that run clinical trials, a Deloitte partner says.Īn Inland Revenue Department policy paper proposes allowing 100 per cent of eligible tax losses arising from research and development expenditure to be immediately deductible. Produced in association with the Angel Association New Zealand.įirst published in the New Zealand Herald on Thursday July 25, 2013 The firm looks for proprietary technology, a substantial marketplace, and people with deep expertise and passion for their field who they can work with, says Ogilvie says.Īs an angel Ogilvie says he tries to focus his efforts on what he can he execute at the micro level helping to develop the D’Arcy Polychromes of our country, for example. Pacific Channel focuses on companies in the clean-tech and material and life sciences sectors. The company closed a second round of investment in May, bringing in more than $500,000. The company now has its first customer, Sto, a billion-euro turnover premium paint company, which is using D’Arcy’s “drikolor” system in Australasia. But changing the form in which colour comes – from liquid to dry – opens up a world of new possibilities, including the ability to buy colour separately from a base paint, to distribute it directly online, or develop whole unique colour palettes for high profile designers. The incumbent technology to tint paint involves dispersing a limited range of liquid colourants through a tinting wheel at your local paint shop. Pacific Channel was also impressed by overwhelming expressions of interest in the technology from the paint and concrete industries. “So when she said she had identified a niche you’re more likely to believe that and it’s easier to get the data to validate that.” “Her mother had a chain of upmarket paint stores in New Zealand and her father is an architect, so she literally grew up in that paint and decorative industry. “She has an enormous amount of energy, as well as experience in the paint industry,” Ogilvie explains. The startup – which has come up with a way to encapsulate and deliver colour through dry pigments to colour paint, concrete and plaster – has a disruptive technology, solid IP position and large and multiple potential markets on its hands.īut ask Brent Ogilvie, angel investor and director of science and technology investment firm Pacific Channel, what attracted him to back the Auckland-based company and he’ll tell you first and foremost it was the person behind the venture, founder Rachel Lacy. First published in the New Zealand Herald on Thursday August 22, 2013Īngel investor and promoter Brent Ogilvie is tickled pink about his latest investment, colour company D’Arcy Polychrome.
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