Venture Taranaki - Catalysing the future prosperity of Taranaki

Te Puna Umanga Venture Taranaki has renewed its purpose, vision and mission with support for the business community continuing, unwaveringly.

“We have reviewed our strategy and we are really getting down to business to support our regional economy,” says Jennifer Patterson, Venture Taranaki General Manager Economic Development. Its purpose is to be a catalyst for the future prosperity of Taranaki and the vision is to provide a thriving region for all.

The mission is: “Te Puna Umanga, he wai ora, he wai Herenga. Together, we inspire and nurture growth, connect communities, empower individuals, and ignite innovation to sustain and stabilise through lasting development, investment, and opportunity for our region.”

Like renewing marriage vows, Venture Taranaki (VT) now has a fresh focus that articulates its reason for being and aligns with regional aspirations; alongside that, it has strengthened its commitment to being a tangata Tiriti organisation, guided by Te Tiriti practices.

“That means involving our Māori partners in what we do at every level, right from our strategy and our purpose to how we engage with Māori business on the ground. We want everyone to have the opportunity to thrive in our economy, so we need to ensure our doors are open to everybody,” Jennifer says.

“Māori have always been entrepreneurs and traders, so that history of commerce in this area goes back before European times.”

VT’s strategic focus is to elevate the region through its four focus areas of energy transition, food and fibre, hi-tech innovation, and destination development.

“We firmly believe these areas are where we can make the most impact for a prosperous and thriving Taranaki.”

Practically, VT offers support to businesses, big or small, new or established, innovators or exporters.

“We’re also continuing to provide on-theground business support, which is a lot of what my team does.”

One popular offering is the business mentoring programme led by Enterprise Support Adviser Kayleen Schoeman, who finds the right business mentor for the right person. “She calls herself the matchmaker.”

There are between 40 and 50 matches per year between business people and the volunteer mentors.

Another service is the popular start-up clinics, which are held mostly in New Plymouth but also in Hāwera.

Each of the free one-on-one 45-minute sessions cover a wide range of topics. These include learning how to create a business plan and budget, different company structures, taxation and whether someone’s business has a market.

From those clinics, about 20% of people go ahead and start businesses. But just as important are those people who learn their business idea isn’t viable, so don’t go ahead.

“That’s actually a success marker as well because, at that point, you’ve accessed a free service and haven’t lost any money testing out that concept. That’s one of the reasons it’s a really valuable service,” she says.

Another initiative is PowerUp, now in its fourth year, which aims to foster and nurture entrepreneurship. It is a support network for enterprise and entrepreneurship for new businesses and those wanting to grow or do things differently.

On offer is a series of programmes and services designed to help, including PowerUp Business Ready.

“That’s a 10-week programme that takes a cohort of very early-stage businesses and takes them through intensive workshops to a point where they are business ready – they are ready to trade.”

The Business Ready programme is free, however people must apply and be selected to be part of it.

In addition, VT offers a series of podcasts where local trailblazers share their successful start-up stories.

At the next level, there are growth-phase programmes. The major one comes from the Regional Business Partner Network funding, VT delivers on behalf of the Ministry of Business, Innovation & Employment.

That provides a pool of money available for capability building, including training and business coaching for owners and senior managers needing to upskill in a certain area. They sit down with an adviser to do a Business Model Canvas assessment and are then helped to connect with a training provider. They must pay half of the cost of that study. “So, there’s some skin in the game for the businesses themselves,” says Jennifer.

The other side of this programme is research and development (R&D) support through Callaghan Innovation for innovative businesses looking to develop a novel product or service. VT has a team member dedicated to helping and connecting businesses to access a suite of funds and progammes to support R&D.

For local businesses navigating the entrepreneurship journey, VT is much more than business support. They are a reliable resource for business owners seeking to share concerns about the pressures they face.

“We know that running a business on your own can be isolating, and sometimes it’s more comfortable talking to someone outside your immediate circle who understands the challenges of being a business owner.

“While there are limitations to the financial support we can provide, VT strives to create a supportive environment where you can openly discuss the highs and lows of entrepreneurship. Our team is equipped to provide practical advice, interventions, and connections that frequently prove invaluable for these business owners," concludes Jennifer.