Project Phoenix - Fast tracking a diversified local economy

by Peter Newport - Apr 03, 2020

More than ever our local economy is going to need to be re-invented, and fast.

It’s unlikely that mass market international tourism will be back any time soon and even domestic tourism is likely to be slow to recover.

So – we as a community need a plan.

Crux has decided to launch a major new initiative: Project Phoenix – Regrowth for our Region.

As you will all know, getting the money and resources organised for a new business project or idea can be very slow, difficult and painful. But now local and national Government recognise the need for urgent new strategies that will create income and jobs.

The need for urgency is that New Zealand could get on top of Covid-19 in just a matter of months. But the rest of the world may not be so fortunate, and we will need to keep our borders either closed or very tightly controlled.

Therefore, having new ideas ready to roll is vital. Companies like First Table and Shotover Camera Systems have shown that new local businesses can find domestic and global success.

This is no ordinary competition or project – this could be the future career and income for you and a lot of other people.

Here’s how it will work.

- To enter you can be an individual, a group or a company – it does not matter.
- You need to prepare a two A4 page pitch that includes your idea, the problem it solves, the market you want to reach, how much time and money it will take to achieve revenue and finally – what your idea could eventually deliver in terms of jobs and income. At the top of your pitch please include the clear identity and status (individual, group or company) of who is entering
- Email your pitch to [email protected] by Friday April 17^th and we will then collate the ideas into a community online vote. The vote will run between April 20^th and 24^th.
- Crux will take the community vote into consideration but will also consult with local business expert groups to assess the strength and viability of each idea.
- The top three ideas, as selected by the expert panel and the community, will then be developed into a full business proposal with you as the founder(s) being fully involved.
- Most importantly the Crux team, and our creative partners, will turn each of the top three ideas into a high-production value video that will become your key pitch tool, supported by the business case that our expert panel will help you develop and finalise. The market cost of each video is well in excess of $20,000.
- Those three proposals, with their accompanying video, will then be taken not only to the NZ investment community but to local and central Government for potential support and funding.
- It is worth noting that Economic Development Minister Phil Twyford made a commitment in Queenstown on Thursday March 19^th to actively support initiatives in this area to explore new ways to boost and diversify the local economy. Here's the video.

Please get started right now. Good ideas sound simple, but the devil is in the detail.

Put as much effort as you can into your two-page proposal. Think carefully about how your team is organised and, if you want to enter as an individual, how will you prove to an investor or partner that you have the resources to take your idea forwards?

If you form a team, make sure everyone is necessary and brings something solid to the table. If you are not sure whether to be a team or an individual, you can say that in your pitch and let our expert partners provide advice on future structure.

Crux will work to develop an agreement for the top three founders to enter into and we’ll publish those terms as soon as possible.

Register now - whether you plan to enter or just stay updated. Make sure to register so that you receive all Project Phoenix updates direct to your email address.