| 3 REGIONAL DEVELOPMENT Venture Taranaki T T Karen Phelps Taranaki - the home of entrepreneurs Frey and Pam Livingston of Tokaora Diagnostics which won the PowerUp Kickstart Idea Competition in 2022. Taranaki is rapidly becoming known as a home for entrepreneurs, drawing people from all over New Zealand to take advantage of all the region has to offer in terms of supporting businesses, says Te Puna Umanga /Venture Taranaki CE Kelvin Wright. “With a strong entrepreneurial ecosystem, ideas and early-stage start-up are supported here. Thanks to a robust economy and population that’s big enough to sustain new business, many new arrivals make the most of the opportunity to start the venture they have been dreaming of,” he says. A key vehicle via which people set up a new business is Te Puna Umanga /Venture Taranaki’s PowerUp, an initiative that connects people with a range of new and existing services and opportunities. An important element is PowerUp Business Ready; delivered in partnership with SODA Inc, the programme takes entrepreneurs through a free six-week series of workshops, where they gain the tools and knowledge to validate their innovative idea or take their start-up to the next level. Kelvin says this type of initiative fits within a wider ecosystem and network of support in Taranaki. “No enterprise or entrepreneur should operate in isolation. In Taranaki we have interdependent systems, agencies, businesses, and networks available to entrepreneurs and enterprises to ensure they have every opportunity to flourish.” Tokaora Diagnostics, which went through the Te Puna Umanga /Venture Taranaki PowerUp Co Starters programme and won the PowerUp Kickstart Idea Competition in 2022, is a good example of how the initiatives are helping new businesses. Tokaora Diagnostics is developing a prototype of a commercial product (similar to a RAT test) that will enable facial eczema to be detected at low-cost and on-site by the farmer. This will allow the disease to be treated before it becomes a production issue and will also facilitate greater capacity for facial eczema resistance breeding in livestock increasing future herd resilience. Tokaora Diagnostics has now received funding from Ministry for Primary Industries’ Sustainable Food and Fibre Futures fund to progress its product. Te Puna Umanga/Venture Taranaki is the Regional Development Agency, for Taranaki. Kelvin says it has identified main areas of influence where intervention and a coordinated, intergenerational, and strategic approach is required to ensure positive regional outcomes, which include energy transition, food and fibre transition, visitor futures and destination development, and catalysing hitech innovation. Alongside its core enterprise support and enablement services Te Puna Umanga / Venture Taranaki promote Taranaki as a great place to invest, live, work, play, create, learn, and visit. Kelvin says Taranaki presents many compelling opportunities being home to energy and dairy sectors, engineering and primary production alongside its engrained entrepreneurial spirit. It is also leading New Zealand on its journey to a low-emissions economy utilising the potential of offshore renewable energy and offshore wind opportunity, as well as other alternative low-emissions energy options and innovations. “Collectively we’re committed to and progressing towards our transition to a low-emissions, high-value economy, harnessing our regional strengths, talent, and infrastructure to springboard our successes and continue to deliver on our strong national economic contribution,” he says. An example is Branching Out, a long-term strategic project for the region developed from Tapuae Roa and aligning to the Taranaki 2050 Roadmap, the region’s vision for a low-emissions future. The project aims to encourage food and fibre value chain diversification– not just looking at what can be grown in region, but also how it can add value through processing, manufacturing, and IP, explains Kelvin; as well as adding value to the economy by way of jobs, investment, and GDP, while building sectoral resilience through diversification. “Traditionally we have been a major player and leader in dairy, and this isn’t about a move away from this sector, it’s saying ‘let’s build others just like it’,” he says. Taranaki is also home to Ara Ake, New Zealand’s new energy development centre. “We’re investigating and attracting investment into offshore wind generation in Taranaki. This represents an important energy opportunity not only for the region, but Aotearoa New Zealand too, supporting our national net zero goals,” says Kelvin. Energy and food are supported by a rapidly growing tourism and events sectors, and Taranaki - Fast Facts • Population is 124,600 with around 80,000 people living in New Plymouth. • The region is split into three districts: New Plymouth to the north, Stratford in central Taranaki and South Taranaki, which includes the main centre, Hāwera. • The workforce in Taranaki has long enjoyed competitive wages and some of the highest rates of GDP in New Zealand, with the highest regional contribution to GDP outside of the main centres, currently sitting third behind Auckland and Wellington. “In Taranaki we have interdependent systems, agencies, businesses, and networks available to entrepreneurs and enterprises to ensure they have every opportunity to flourish.” Kelvin Wright Kelvin says visitors are increasingly becoming aware of Taranaki’s slice of paradise. “Year-round we promote our region to visitors, and increasingly we’re hearing that after visiting people are making plans to move here, with some bringing their existing businesses along with them. “With our affordable housing and work-life balance, thriving arts and events sector and natural landscapes and outdoors activities, there is something for everyone to enjoy in Taranaki.”
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