Published on the 06/11/2025 | Written by Heather Wright
Fearless execution fuels global market gains…
“It’s no fear. That’s the difference. They have no fear.”
That’s how Syos Aerospace described the defining trait of New Zealand’s most ambitious technology companies.
As Kiwi companies scale into new markets, a culture of high trust, rapid iteration and fearless execution is emerging as a competitive advantage, says Greg Shanahan, TIN (The Technology Investment Network) founder and managing director.
“If we can master that it is nirvana, but the deliverables are high trust, a bias for action and leading rather than driving people.”
This year’s TIN Technology Industry Analysis report shows New Zealand’s top 200 technology export companies by revenue generated $20 billion in total revenue, up 9.9 percent or $1.8 billion, on 2024, in what Shanahan calls ‘a pretty significant feat’.
“It is increasingly difficult to get into the TIN200 or TIN100 [the top 200 or 100 companies respectively, by revenue],” he told iStart.
The latest report shows New Zealand has 40 tech companies with revenues over $100 million, just under 20 hitting $200 million and two – Xero and Fisher & Paykel Healthcare – have crossed the $2 billion mark for revenue – the first two TIN200 companies to do so.
“I can see a time in the not too distant future where every company in the TIN100 has revenues over $100 million,” Shanahan says.
High-tech manufacturing remained the largest contributor, expanding 11.5 percent to $9.8 billion in revenue reflecting solid performance by medical device and advanced engineering firms. ICT followed with 8.9 percent growth to $8.9 billion, driven by software, SaaS and fintech leaders such as Xero, Datacom and Windcave. Biotech was up 4.9 percent to $1.2 billion underscoring strength in health and life sciences. Fintech and healthtech have emerged as dual powerhouses, together contributing almost $6 billion in annual revenue, while new entrants in cleantech, aerospace and advanced manufacturing point to the next generation of high-growth exporters.
Exports for the TIN200 were up 12.4 percent to $15.3 billion, profitability rose and there was record R&D investment.
But the annual report doesn’t just show a sector in growth, it also shows a sector that’s diversifying across both new technologies and new geographic markets.
While traditionally companies have followed a well-worn path of starting in New Zealand, then heading to Australia and the United States, Shanahan says we’re now seeing much more activity in China, the rest of Asia, Europe and other markets – areas companies with the $100 million or $200 million revenues have the resources to tackle.
“It’s quite an exciting notion that we have geopolitical choices and aren’t reliant on not offending [a specific country],” he says, tactfully skirting the US issue.
“The tech export sector continues to defy the economic headwinds that have slowed other industries. We’re seeing a more diverse, globally connected ecosystem of Kiwi companies competing at scale – from advanced manufacturing and aerospace to AI and fintech.”
He says one of the more surprising things in the report is the trajectories companies are achieving both with and without venture capital. He cites the example of payment solutions provider WindCave whose revenue increased $100 million to $400 million in a single year, with the company growing strongly on the northeast coast of the United States – competing, and winning, in ‘what must surely be a saturated market’.
“That speaks to the evolution of business models and approaches to the market that are increasingly sophisticated and innovative.”
One of the long-standing debates in New Zealand’s tech scene has been whether local companies should stick to competing on the peripheries where they ‘should’ play without being squashed.
“Increasingly there is narrative about dropping into mainstream markets and companies are finding the funding support to compete there.”
No fear, just focus – and some good ole kiwi attitude
Shanahan believes the New Zealand culture helps local tech companies ‘do the product side well’ – though he’s keen not to be ‘too kumbaya about the whole thing’.
“We can develop products cost effectively because it’s a trusting and transparent society, so there is less friction.”
Highly egalitarian teams working efficiently without having to second guess everything everyone says enables faster product development and greater focus.
He points again to WindCave’s success.
“What’s being done that hasn’t already been done in payment solutions? From a tech perspective, they get in real close with major customers and rapidly iterate technology.”
By embedding themselves with clients and focusing on real-world problems and customer pain points – aided by strong Kiwi communication traits of directness, transparency and creating trust quickly – they’re outpacing competitors and gaining traction.
“Companies are often putting their tech people first at solving clients problems as quickly as possible, and that speeds up the sales process and brings revenue forward.”
(Shanahan also notes on WindCave that while $400 million is ‘amazing’ it’s just the tip of the iceberg for that market.)
The cultural edge isn’t limited to startups. Shanahan uses the same words to describe Scott Technology and Syos Aerospace as he does for WindCave, saying they too use ‘hit teams of tech guys rapidly turning things around to service the market’.
“The challenge is how to keep that fresh when you hit $2 billion in revenue. How do you layer in process whereby you still have that bias for action and absence of politics that might haunt larger entities.
“That’s a work in progress.”
Maintaining a culture where teams are willing to throw themselves at problems like their lives depend on it puts enormous pressure on leadership in terms of leadership by action, rather than title or authority.
“If we can master that, and people are working to master it, it is nirvana, but the deliverables for that are high trust, a bias for action and leading rather than driving people.”
Another standout Shanahan calls out is Basis, a company developing intelligent control panels for home energy management. With over $50 million raise and $15 million in forward orders for its first year, Basis is proving Kiwi innovation can scale quickly and meet demand.
The talent equation
The report shows employment increased to 61,369, reflecting continued high-value job creation and strong productivity gains. But offshore growth is outpacing domestic growth.
“We’re starting to see a bit of contraction within New Zealand but continuing to grow offshore.”
Shanahan expects the job market in pure digital and ICT to remain tight for a while with uncertainty around cost structures in terms of what businesses digitally are going to be relevant in future.
Strong growth, however, is being seen in companies with high value manufacturing and combinations such as WindCave.
“Well focused digital businesses have still got big opportunities, but hwat we are seeing is that certainly a lot of the manufacturing companies are having a resurgence and the digital ones are having to become more focused around where there markets are, who their customers are and their revenue models.”
Early stage investment is also an area of growth, with $467 million of early stage capital investment across 146 deals, up from $349 million across 144 deals last year.
“If you look across the Tasman, the size of the deals in Australia are so much larger, so there is still a lot of scope for that to grow.”
Companies, including Halter and Basis, are nonetheless raising tens of millions, and the growth isn’t just driven by venture capital supported companies, with the likes of Tait Electronics having a ‘fantastic’ year.
“This whole, re-energised, sophisticated understanding of how to grow internationally is not just for new companies – it’s affecting the mature and established ones as well.”
