Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Snowball Effect gains momentum as competitor joins its ranks

19 March 2014

Snowball Effect gains momentum as competitor joins its ranks

Snowball Effect today announced it has signed a partnership agreement with the founders of Backable, which will see Backable referring all its members to New Zealand’s leading equity crowdfunding platform.

Backable co-founder, J’aime Laurenson said his team were excited to now be working alongside Snowball Effect, which is due to launch next month when the relevant provisions in the Financial Markets Conduct Act come into effect.

Equity crowdfunding allows entrepreneurs and companies seeking new capital to access up to $2 million in funding in exchange for equity by pitching business and growth plans to the public via an online portal. It is simpler and cheaper than a regulated Initial Public Offering, and allows mum and dad investors to access this high-growth sector in New Zealand.

“Both Backable and Snowball Effect share the same vision and it makes commercial sense to work together as partners,” Laurenson says. “Snowball Effect’s vision is of a New Zealand economy, fuelled by emerging businesses, and backed by everyday Kiwi investors – we want to help make that happen.”

Tom Batterbury, another co-founder of Backable, said that there had been significant interest in equity crowdfunding in New Zealand. “We had great support from investors and businesses wanting to use equity crowdfunding to grow the economy, expand opportunities for small businesses and entrepreneurs, and provide investment opportunities for everyday Kiwis,” says Batterbury. “We’re hoping that they will now throw their support behind Snowball Effect ahead of its launch.”

Snowball Effect co-founder and director Simeon Burnett says the partnership arrangement is great news, and would help the equity crowdfunding platform accelerate its momentum and achieve critical mass.

“We’re really pleased to welcome on board the Backable team as we build towards launch,” Burnett says. “Equity crowdfunding will change the way small businesses and entrepreneurs access funding, and will democratise access to exciting investment opportunities for everyday Kiwis.”

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Ground Rules: Government Moves To Protect Best Growing Land

“Continuing to grow food in the volumes and quality we have come to expect depends on the availability of land and the quality of the soil. Once productive land is built on, we can’t use it for food production, which is why we need to act now.” More>>

ALSO:

Royal Society: Calls For Overhaul Of Gene-Technology Regulations

An expert panel considering the implications of new technologies that allow much more controlled and precise ‘editing’ of genes, has concluded it’s time for an overhaul of the regulations and that there’s an urgent need for wide discussion and debate about gene editing... More>>

ALSO:

Retail: Card Spending Dips In July

Seasonally-adjusted electronic card spending dipped in July by 0.1 percent after being flat in June, according to Stats NZ. Economists had expected a 0.5 percent lift, according to the median in a Bloomberg poll. More>>

ALSO:

Product Stewardship: Govt Takes More Action To Reduce Waste

The Government is proposing a new way to deal with environmentally harmful products before they become waste, including plastic packing and bottles, as part of a wider plan to reduce the amount of rubbish ending up in landfills. More>>

ALSO:

Earnings Update: Fonterra Sees Up To $675m Loss On Writedowns

“While the Co-op’s FY19 underlying earnings range is within the current guidance of 10-15 cents per share, when you take into consideration these likely write-downs, we expect to make a reported loss of $590-675 million this year, which is a 37 to 42 cent loss per share." More>>

ALSO: