John Gallagher nominates the Canterbury Development Corporation for this week’s Ladder Award (6 November 08) for its highly innovative brokering of a joint venture partnership between New Zealand’s Endeavour Capital and China’s Wuhan Huagong Venture Capital Company.
The two firms are combining to provide venture capital for New Zealand firms engaged in scientific and technological developments that can be made available to both New Zealand and China.
Why a Ladder?
If New Zealand is to have any place in the international economy other than that of a permanent debtor, it needs to be vastly more effective in earning an income to repay its debts and achieve surpluses.
In combining cutting edge innovation in science and technology with access to the huge Chinese market, this highly innovative kind of approach is the sort of thing that is needed to help turn New Zealand’s economy around.
Certainly it looks much better than gouging out more of New Zealand’s environment to become a “food basket for Asia.”
A report on this development quotes Endeavour Capital’s executive chairman, Neville Jordan, as identifying the benefits at both ends: “the overall aim was to make use of complementary science and technology from both countries” and “the deal would give New Zealand companies access to a much larger market and China access to expertise and technology at New Zealand’s universities, crown research institutes and private companies.” (The Press, 6 November 2008).
A very significant feature of this arrangement is that the Canterbury Development Corporation took on its brokering role because Wuhan is a sister city of Christchurch. The Chinese market is notoriously difficult to break into, and the Ladder Award is also for tapping into the potential of sister city supported networking opportunities.
Your comment or suggestions for a Ladder or Shovel Award?