TIN report shows tech export sector in good heart
The annual Technology Investment Group (TIN) ranking of New Zealand's top tech exporters shows the sector is continuing to experience strong growth. Highlights from the TIN Report were provided during a special launch event tonight in Auckland. The headline figure is $12.1 billion in total revenue from the top 200 companies (TIN200) in 2019, which represents total revenue growth of $1.1 billion for 2019.
Also of note is that 51,569 staff are employed by TIN200 companies and R&D reached more than $1.1 billion for the first time, "pushing it above the 10% revenue mark, with TIN companies allocating 11.1% of revenue toward R&D activities".
The TIN Report provides several ways of ranking different organisations, not least of which is the top ten companies overall, as measured by revenue:
There is also the Absolute IT Supreme Scale-Up Companies list, which recognises the Next100 companies (ranked between 101-200 in the TIN200) with the highest dollar value increase in revenue in the past year. Included are companies that have provided revenue figures and achieved a minimum growth of 5%.
This is the 20th anniversary of the TIN Report, which was started by Greg Shanahan, who remains Managing Director of TIN. He has always been a great advocate for the tech sector and the report has become a key resource for Government and investors. Reflecting tonight on the financial results of more than 1000 companies that completed surveys for the report, Shanahan said "the tech sector has become the thing we dreamed of 20 years ago."
"Through an overwhelming number of key metrics, our tech export sector is sending a strong message that it has the potential to become our country's leading source of offshore income. We're very excited to see the potential that this long-term sustainable growth presents."
Shanahan also notes that the TIN Next100 list has outpaced the TIN100 in terms of growth rate, "a clear sign that the New Zealand tech sector is not only made up of a stable group of large companies driving the sector forward, but is also developing a strong pipeline of emerging new companies beneath them."
Minister for Trade and Export David Parker spoke of the opportunity technology presents in terms transforming the 'future of work' and he said it was the duty of Government to make sure we have the settings right. He referred to several initiatives including the R&D tax credits and the $300 million fund to help fill a "capital gap" for New Zealand firms, that was announced in the Budget in May.
For more stats and facts from the TIN Report 2019 visit the website here.
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