Clockwise from top left: Mahesh Muralidhar, Danny Chan, Jason Wang and Vignesh Kumar Photo:
The promotion of Nikhil Ravishankar to Air New Zealand's top post has broken something of a glass ceiling for migrant communities seeking greater representation in senior corporate roles.
India-born Ravishankar formally replaced Greg Foran as the airline's chief executive in October.
Still, Ravishankar's rise to the national carrier's top job is a rarity in the New Zealand's world of business and one needs to look further afield to find other Asian faces involved in the upper echelons of the corporate world.
Veteran angel investor Danny Chan is a recognisable name working in the startup sector.
Now in his 70s, Chan has been investing in New Zealand startups for four decades, helping more than 30 companies grow and mature over this time.
Saying he was "happy" with the returns he had received from his investments, Chan remained hopeful about the startup ecosystem in the country.
"New Zealand is famous for always finding new ways of doing things," said Chan, who is of Chinese descent.
"In terms of per capita, we rank very high for being innovative. The oft-repeated phrase 'working from the garage' well and truly applies to this country."
Following in Chan's footsteps are several relatively young Asian venture capitalists who have expressed confidence in the country's startups in recent years.
These executives regularly support Asian and non-Asian founders grow their businesses in a bid to help New Zealand transform itself from a commodity-driven economy to one that is knowledge-based.
Danny Chan is a veteran angel investor. Photo: Supplied
Vignesh Kumar, co-managing partner at venture capital firm Global from Day One, echoed such sentiment.
"The tech sector is already one of the fastest growing sectors in New Zealand and poised to be the largest contributor to GDP over the next decade or so," said Kumar, who is of Indian origin.
"Wage rates in the tech sector are generally far higher, as are the competency expectations," he said.
"Opportunities are more plentiful, and the work is very fast-paced and stimulating."
Kumar expressed confidence that New Zealand's startup ecosystem was well placed to help the country improve its overall outlook in the longer term after battling a protracted economic slump.
"Economic downturns are also periods of intense distillation where the best entrepreneurs build the best 'battle-hardened' companies under difficult economic conditions," he said.
"I have no doubt that this acts as a forcing function in the long term helping to build companies that are more efficient, hungry to win and eager to grow on the global stage."
Mahesh Muralidhar, chief executive at Phase One Ventures, agreed.
"[Because] we're a small economy, the success of even a handful of companies like Halter, Auror, Mint Innovation, VXT and KiwiFibre Innovations can have a rapidly compounding effect," said Muralidhar, who also stood as a candidate for the National Party in the 2023 elections.
"Each one creates high-value jobs, exports intellectual property and attracts more global capital."
The former Canva employee - Muralidhar was with the online graphic design tool unicorn between 2015 and 2017 - wanted to see substantial growth in venture capital investment in the country.
"Right now, venture capital investment sits around 0.3 percent of our GDP, but over the next decade I would like to see that grow to 1-2 percent," he said.
"That level of investment would put New Zealand in line with other countries that use innovation as a true driver of productivity and export growth."
Mahesh Muralidhar is CEO of Phase One Ventures. Photo: Supplied
Jason Wang, who immigrated from China as an international student and is now a partner at Icehouse Ventures, called for greater investment in startups because "relying heavily on exporting commodities and property investment can create vulnerability".
"Investing in startups is a productive use of capital," Wang said.
"Technology is a high-value, high-margin product that can transform our economy today and over the long term. Just look to Xero, Rocket Lab or Halter to see the positive impact they've had on our economy.
"Startups can create new industries and disrupt existing ones. An example is the creation of an New Zealand fusion energy industry through OpenStar while fostering and attracting a highly skilled workforce at competitive salaries - all of which attracts investment in the New Zealand economy.
"Startups generate unparalleled value, creating new wealth opportunities that promote greater economic fairness.
"There are also less obvious benefits that startups can bring, such as creating meaningful and aspirational career paths for the next generation.
"Rather than looking overseas to find opportunity, young Kiwis can build great careers at early-stage companies. They'll gain cross-functional skills, exposure to complex challenges and experience competing internationally.
Wang said domestic venture capital funds had grown more than tenfold - from $250 million to $2.5 billion - over the past decade.
"Alongside these dedicated domestic funds, significant investment by international venture capitalist funds and other investors, including KiwiSavers and family offices, suggest the capital available to New Zealand startups has likely grown by 20 to 40 times in that period," Wang said.
"As Icehouse Ventures chief executive Robbie Paul shared in his recent LinkedIn post, by our count, New Zealand venture funds have added $1.53 billion in funds under management over the last five years, and 20 new funds have been established in the same period, up to June 2025."
Kumar said such amounts were small by global standards.
"It does highlight that New Zealand's technology and venture capital ecosystem is starting to grow," he said.
"Ultimately, VC [venture capitalism] is a symptom of the technology ecosystem's successes, so we're heading in the right direction."
Chan said this was not always the case.
"We were creating world-class companies but due to a shortage of capital, these were either taken offshore or bought by overseas companies," he said.
But as things changed, with more capital available in New Zealand, Chan aimed to keep investing in innovative New Zealand-born ideas.
"I always look for exciting projects in education, healthcare and the wellness sector, and in environment and sustainability," Chan said.
Kumar's personal experiences in the health industry had inspired him to seek other options.
After working at Apple in the United States for some years, Kumar returned to New Zealand as he recovered from late-stage lymphoma blood cancer.
His first gig back in New Zealand was leading a startup that built software for cancer patients.
"While building this company, I began plugging in deeper into the burgeoning Kiwi startup ecosystem locally and was really drawn to the impact of helping New Zealand's economy move away from a commodity export-driven economy to a knowledge-based weightless export economy, with far higher enduring value to New Zealand," he said.
Jason Wang is a partner at Icehouse Ventures. Photo: Supplied
New Zealand advantages
While the small scale of New Zealand's startup scene was an obvious disadvantage, it had its own advantages, Wang said.
"The New Zealand venture capital scene is unique in many ways," Wang said.
"Comparing specifically to venture capital in Asian markets such as China, New Zealand venture capital firms are very collaborative. [Here] multiple VCs [venture capitalists] will typically back one company within a unique vertical - such as Aerospace - to complete globally," he said.
"[In addition] because there is a smaller number of deals coming through each year, we have better visibility of the investment opportunities available, as opposed to larger markets," he said.
"Kami, Halter, Crimson Education and Wukong Chinese are great examples of successful Kiwi companies and founders who have thought global-first and succeeded on the world stage," he said.
"Finally, the 'New Zealand Inc' mentality is real. There is a genuine desire to support the next generation of entrepreneurs while building economically viable businesses," he said.
"Here, there's a deeper commitment to building a strong ecosystem over the long term, supporting youth and giving back to society - all while benefiting economically."
Asian founders
Venture capitalists said it was hard to entice more Asian startup founders into the industry.
However, the payoffs for those who seized the opportunity were worth it.
"Sometimes, traditional family expectations around stability and 'safe' careers can hold us back," Muralidhar said.
"But in today's world, not taking early risks might be the biggest risk of all. We need more visibility, mentorship, community support and role models showing that entrepreneurship is a path to impact and contribution, not just personal risk."
Vignesh Kumar is a co-managing partner at venture capital firm Global from Day One. Photo: Supplied
Kumar saw diverse investment teams as being beneficial to venture capital firms.
"[Another] core thing that can be done is education around startups or entrepreneurial pursuits being provided earlier in the academic journey, as this touches people of many varied backgrounds," Kumar said.
"We're seeing a huge groundswell through things like university startup clubs, where the next generation of founders are getting great exposure to this career in technology innovation at a very early stage."
Wang wanted to help Asian entrepreneurs leverage their unique insights and advantages, naming Indus founder Jay Goradia as an example.
"[Goradia] understood that there are over 30 million Indian residents living abroad, many of whom would like to invest in the Indian stock markets," Wang said.
"So, he built a platform that enables this, leveraging tech development capacity in China," he said.
"The company was founded on a unique insight that might not otherwise be obvious to a local entrepreneur."
Wang also wanted to attract more Asian investors to New Zealand.
"In my experience, Asian investors are more likely to invest in Asian entrepreneurs as they understand the cultural nuances that drive their entrepreneurial approach, and what underpins their unique insight," he said.
Muralidhar wanted more US players and partners of global firms to become embedded in New Zealand's startup ecosystem.
"For the local risk profile to keep increasing, we need more big wins - more powerful founder success stories that inspire investors to take bolder bets," he said.
"Success breeds confidence and competition from offshore capital will only help push us further."
According to Chan, the change is already underway as more Asian startup founders approach him for investment these days.
"As the Asian community has grown and settled well in New Zealand, our conservative approach of looking for 'safety first' is changing," he said. "For the better, I would argue."
