I’ve written in the past about the good things that New Zealand Trade & Enterprise, the Government’s enterprise development body, does for New Zealand business. They have a large variety of programmes, all aimed at helping New Zealand business excel on an international level.
Things turned to custard however when Vortex, in a gesture of appreciation for the good work the developer had done for them, decided to award him some stock.
NZTE decided that this was a breach of their terms and conditions and duly asked for the grant money to be refunded.
I can see why NZTE has these sorts of rules – they don’t want to be seen as a gravy train that funds individuals investments in startups – but a degree of flexibility would be nice -to make matters worse it would seem that Vortex has been placed on a high risk register for any future application.
An unfortunate turn of events.