Our economic future lies in technology

Why? Because we have it, we’re good at it and the world knows about us,

News released earlier this week that technology giant Apple has bought kiwi tech firm PowerbyProxi is very exciting for several reasons.

The United States’ most valuable company said on Wednesday that it had bought the wireless charging company for an undisclosed sum, and confirmed plans to keep the business in New Zealand.

Auckland entrepreneur Fady Mishriki set up PowerbyProxi in 2007, as a spin-out from Auckland University, with the goal of helping people charge everyday devices such as mobile phones and tablets without having to plug them in.

The company now employs about 55 staff and holds more than 300 patents relating to wireless charging technology.

As I said, the deal is very exciting.

Not just for the clever people behind the business, but as proof that our tech firms are worldleading.

While some, notably the chief executive of technology industry body NZTech Graeme Muller, doubt the firm will remain a Kiwi company for long, we need to find ways to make sure Apple sticks to its word.

With a new Government keen on policies to boost the tech sector, many people will be watching closely to see what they follow through with.

Labour’s pre-election Jobs and Innovation document promised, among other things, to establish a chief technology officer, reporting direct to the prime minister and the Cabinet and to make ICT the second largest contributor to GDP by 2025.

Auckland Tourism, Events and Economic Development (Ateed) released its inaugural economic monitor of the country’s largest city this week, the aptly named Auckland Growth Monitor, an snapshot into Auckland’s economy and place on the world stage.

Among the data it includes is that Auckland’s gross domestic product last year was $84.8 billion, or 38 per cent of the country’s GDP.

Technology, food and beverage and commercial services industries were Auckland’s most competitive sectors.

It showed workers in the city are becoming more skilled – in 2000 28 per cent of the city’s population was categorised as ‘‘highly skilled’’ and 44 per cent low-skilled.

Now, 36 per cent are highly skilled and only 37 per cent are low-skilled.

Seaking about the future of technology, Ateed general manager of business innovation and skills Patrick McVeigh explained that we must look to growth in the tech sector itself and growth in its role as a disrupter to other businesses and industries.

‘‘There is a distinction between technology as a sector and technology as a way we improve the performance and productivity of all of our industries,’’ he said.

This may come in very handy sooner rather than later if, as ANZ chief economist Cameron Bagrie says, we have reached peak agriculture, tourism, housing and rebuild.

You know, all those thing that have been dutifully fuelling our economy.

‘‘The economy is going through a bit of a delicate transition,’’ Bagrie said recently.

‘‘We’re moving from the four peaks [and] we’re looking for the next big economic engine to take us along for the ride’’.

Well, Mr Bagrie, may I introduce New Zealand’s technology sector?

We have it, we’re good at it and the world knows it.

Here’s hoping the catchphrase of our new Prime Minister, Jacinda Ardern, rings true: let’s do this.

Thanks to my colleagues Susan Edmunds and Tom Pullar-Strecker whose reporting I have used in this column for the factual bits.