New Science, Innovation, and Technology Minister Shane Reti must embrace innovation to boost economy

THREE KEY FACTS

New year, new me seems to be the approach of our Government, with the Prime Minister shuffling Cabinet positions in the name of growth.

While the focus has rightly been on health and transport, it feels as though we’ve been quick to assume that Shane Reti has been “demoted” by taking on the science, innovation, and technology portfolio.

For a Government that prides itself on adopting a private sector philosophy, there has been a surprising lack of emphasis on the equivalent of a chief technology officer role, despite its value in driving long-term growth and innovation in most modern corporates.

It’s time for both the Government and New Zealand as a society to start seeing the technology portfolio as one of ever-growing importance, with the capability to drive the long-term growth we so desire. Here in Parnell, the value of innovation is clear, with Icehouse Ventures, Future House, Kami and Xero all located on St Georges Bay Rd, a former manufacturing hub turned innovation ecosystem.

Whether on a personal or company-wide basis, everyone working at these companies depends on having a government that takes technology seriously. Technology has underpinned every revolution, reshaping how we work, boosting GDP, and transforming societal interactions - from the rise of line-work to the expansion of the internet. Technology shapes our economy in ways interest rates and other levers cannot, but only with long-term, considered support.

This is not to say that the Government and society aren’t already paying attention.

The likes of Rocket Lab, LanzaTech and OpenStar Technologies have placed New Zealand at the centre of global attention, showing the world what we’re capable of. Now is the time for Reti to capitalise on a portfolio that influences every aspect of how we work and live.

In an ideal world where Reti maximises his portfolio, we’ll begin to see a shift in the conversation about our national identity.

Technology is key to improving export value, delivering better health outcomes, and building better housing. While regulations won’t explicitly outline these goals, strategic support can enable our start-ups to move into the next gear and established companies to stay put, allowing initial investments to come full circle.

Although technology often favours those with a higher risk appetite, it’s crucial to acknowledge that productivity improvements will hinge on technological progress, which the Government can support. There will of course be moments of failure, a natural outcome of investment, yet not a reason to shy away. We will only move as fast as our technology allows, and if we fail to expand the existing pockets of technological growth, the consequences will be felt far and wide.

Fortunately, there is still hope. It’s encouraging to have a minister with synergy across his portfolios, with the opportunity to progress work across technology, universities and Pacific peoples.

Once again, with two of the country’s largest universities nearby and innovation thriving just blocks away, there is real potential to transform Auckland - and by extension, New Zealand - into an international technology hub. By doing so, we can change the narrative for our best and brightest, allowing them to stay instead of heading overseas in search of investment.

For all of this to become a reality, we need a Technology Minister who embraces the boldness of innovation and brings the number 8 wire mentality to Parliament through policy and meaningful engagement.

Our enclave of companies is often seen as a smaller version of Silicon Valley, punching above its weight. Now is the time for our Government to demonstrate that comparison isn’t the goal; competition is.