A group of young entrepreneurs is set to get a head start in the business world with the launch of a million-dollar seed fund called He Kākano.
It’s the result of a partnership between The Prince’s Trust Aotearoa New Zealand, The Ministry of Youth Development, business and taiohi (young people).
To apply, young entrepreneurs must fill in an expression of interest form before the Prince’s Trust makes contact to set them up with a business mentor if they don’t have one.
“The mentor will help them write a business plan and a budget, kind of on a page, reasonably straightforward as well,” said Prince’s Trust Aotearoa New Zealand chief executive Rod Baxter.
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“Then they come to pitch to the panel, so there’s three people on the panel, a representative from the Prince’s Trust, the Ministry of Youth Development and some private donors or supporters.”
Following that, the panel decides which level of grant funding the young person will get, ranging from $5000 to $20,000.
He Kākano was a game changer, said Baxter, because it meant young people could take control of how they wanted to make a living, and decide what they were living for.
“It’s about people, and it’s about purpose more than it’s about profit.”
For young entrepreneur Ella Kirby, the funding would help to expand her business Tribe Fitness Kapiti, which she co-owned.
“We are a functional fitness gym, so our desire is to build a community of brave people who are challenging themselves every day and in a really safe, supported environment,” she said.
Katie Doyle/Stuff
Ella Kirby is the co-owner Tribe Fitness Kapiti and says the fund is huge for young entrepreneurs in New Zealand.
Kirby was able to secure $10,000 through He Kākano , a figure she described as “incredible”.
It would enable Tribe Fitness Kapiti to move into larger premises and buy more equipment to kit out the new gym.
Another young entrepreneur who secured funding through He Kākano was the co-founder of sustainable online fashion boutique By Maverix.
Ellie Richards received $5000 to get her business and digital marketing back into the swing of things post-Covid.
Richards said the mentor support she received through He Kākano had been invaluable.
“Going through that pitch process and really going back to the root of why we started it really made me reflect and think big and dream big about why we’re here and what our goal is as a business, and it’s to really have long term and systemic change,” she said.
“I think the feedback I’ve got and … the funding has been a really positive influence, not only for us to sort of try and get back on track and really sustain growth, but to have real backing and support from people that really believe in what we’re doing.”
ROBERT KITCHIN/Stuff
Priyanca Radhakrishnan is the Minister for Youth and said her goal was for young people in Aotearoa to thrive.
Also, at the launch was Minister for Youth Priyanca Radhakrishnan.
“I’ve always been super aware of the fact that our young people across the motu are incredibly intelligent, innovative, and they feel really deeply about some of those big, complex issues,” she said.
They also had amazing business ideas and just needed a little extra support to scale up or gain access to mentoring and network opportunities.
Ultimately, Radhakrishnan said her goal was to see rangatahi in Aotearoa thrive and get the support they need.
“And so for those who have a business idea and just need that little extra support to be able to see it to fruition or to scale it up, funding like this will go a long way.”
While he couldn’t be there, the founder and namesake for The Prince’s Trust recorded a short message for the launch.
“While I’m extremely sorry I cannot be with you in person for the launch of He Kākano, I am at least able to join you virtually today, and I am thrilled my trust in Aotearoa New Zealand is so involved in this innovative, important and exciting work,” said Charles, the Prince of Wales.
He Kākano is set to grant funds to more than 100 young entrepreneurs over two years.
