New Zealand’s Callaghan Innovation has established that many startups in the country are seizing new opportunities brought about by the COVID-19 pandemic.
The current pandemic has brought with it a once in a generation opportunity for software and digital markets, with lots of firms upbeat about the future and what it has in store for their growth prospects. Bruce Jarvis, the group manager at Callaghan, noted that the word entered a COVID-19 era with a robust digital space that has been competing very well in the international arena.
Even then, COVID-19 has brought with it numerous challenges, particularly in terms of funding. On the other hand, the pandemic has supercharged the demand for online services, and several other innovative firms took up the challenge.
Alternative payment platform Centrapay is one such firm. The firm started this past April inside the first lockdown and grew to double its size in the last month. The company is heading to the $1 million revenue mark. It recently released a significantly disruptive tech with zero transaction costs for all electronic transactions – either between merchants or peer to peer working through EFTPOS terminals.
Its co-founder, Jerome Faury, noted that the lockdown compelled the firm to reassess its initial business model.
Transactions rank third on the list of the highest cost that retailers have tin incur. The firm tool those out, allowing the retailers they work with to shift value from one person to another quickly.
He also noted that the leading business intelligence model that businesses worldwide need is the AQ – adaptability quotient – particularly in this digital age. According to the Co-founder, this is an area that New Zealand is making significant strides.