Time for a reset
Tech entrepreneurs at risk of burnout
A growing number of people around the world are working for technology entrepreneurs, some of whom have built their businesses up from the bootstraps to employ hundreds of thousands of people.
There are plenty of stereotypes of seemingly bulletproof tech company founders, but the line between a ‘‘quirky’’ boss and a struggling one can be a fine one.
NZTech chief executive Graeme Muller notes Stats NZ data shows 6 per cent of workers in Wellington are working for ‘‘digital’’ businesses, including the likes of Xero and firms such as Raygun.
Nationwide, the figure is 1.7 per cent.
The fast-changing nature of the tech industry means entrepreneurs can be catapulted into positions of significant responsibility and turbulence at a young age.
So how can we ensure that’s a positive experience for them and the rest of us, and that they keep rising to the challenges?
That is one of the questions NZTech hopes to address during Tech Week, a week-long series of more than 300 events taking place around the country and online that began yesterday and is expected to attract tens of thousands of participants.
Muller says a big focus of Tech Week will be on creating more opportunities and career pathways for people entering the industry, a task made more urgent by Covid border restrictions.
‘‘Over the five past years about 80 to 85 per cent of all the new jobs being filled have been through immigration.’’
New Zealand companies are plugging the gap by employing people overseas, for example to write code, which is a missed opportunity, he says.
But Covid-19 has increased awareness of the importance of the well-being of people already in the industry, including the mental well-being of tech company founders which often gets overlooked.
Muller says more people are talking about fatigue and burnout.
‘‘It is becoming more apparent that when you scale up companies, it is a lot of pressure on one or two individuals at the top of companies who often have a massive financial lock-in.
‘‘Often it can be a very lonely job as a founder,’’ he says.
Tech Week will be holding a number of events this year to encourage more peer support, he says.
These include an ‘‘agony aunt’’ session in Auckland tomorrow where leaders can seek advice on problems with their workplace, people or culture.
Such efforts are not entirely new.
In 2012, a ‘‘Flounders Club’’ was set-up in Auckland for tech business founders – its name a recognition that it can be tough at the top.
Miki Szikszai, chief executive of Wellington technology company Snapper, says tech entrepreneurs are often dealing with high degrees of uncertainty and that had increased, especially during the early stages of the pandemic.
‘‘The world throws lots of different things at you and some of these can be business challenges, some can be relationship challenges and some can be things outside what you remotely expect.
‘‘We often talk about resilience and that is not just about ‘taking the hits’. It is also about recognising there is an impact from all of these things.’’
The country is getting better at recognising the importance of mental health and well-being, he says.
‘‘If we talk about these things we can improve the situation.’’
Common issues for tech founders include wrestling with business decisions, Szikszai says.
‘‘There is always a stage in business where you are worried about whether the next step is going to work.’’
Despite the pressures and some overseas stereotypes, Szikszai says that in his experience, New Zealand hightech businesses such as Xero, Trade Me, Vend and Timely are good at promoting positive work cultures for employees.
‘‘In my experience in the New Zealand market, it is often the big corporates not in the entrepreneurial world that expect very large commitments.
‘‘I think people running startup businesses recognise that everyone has got their own mission and people can join for part of the journey – but that noone has to burn out on this.’’