The Dunedin city councillor has pledged to personally fund at least 10 Dunedin startups to the tune of $10,000-$20,000 each and is confident people will take him up on his offer.
‘‘I have full confidence in my own ability, and I have full confidence that our community members will outreach to me because they have full confidence in themselves.’’
Cr Ong said right now was the perfect time to invest in high-risk categories and his contribution would ‘‘highlight how much more that the council should be doing’’.
He announced his plans on social media this week, describing himself as an ‘‘angel investor’’.
The startups must be Dunedin-based and contribute directly to the local economy, but did not need to be established.
He confirmed he would be seeking a stake in the startups in exchange for his financial backing.
Angel investing was one of the highest categories of investment risk, Cr Ong said.
‘‘But I’m prepared to do that because I’m prepared to put my capital at risk for the future of our city and for someone’s great vision that they have for our city as an entrepreneur.
‘‘I don’t believe there is a high probability of failure. I think there is a tremendous probability and the highest chance to succeed for our city itself.’’
Cr Ong said the minimum per startup should be $10,000-$20,000, but he would definitely consider a ‘‘large multiple’’ of what some startups received through Startup Dunedin — possibly tenfold.
After a period of about 10 years, he hoped the personal capital he invested would be earning interest passively.
‘‘The ideal outcome is this is going to be a lifetime of work.
‘‘We know that funds that are just set aside to work for perpetuity will provide a lifetime of ongoing financial contribution — that’s what I hope will come about from this.
‘‘As long as you have that recurring talent and recurring capital that’s available in perpetuity, it will continue with that engine for lifetimes and generations to come.’’
Startup companies did not require a lot to get started but did need a support network, mentorship and expertise, Cr Ong said.
He believed he had the skillset to offer such mentorship, along with an international network and expertise, that he said he was already putting to use as a councillor.
Cr Ong said he was seeking startups that would contribute to environmental and climate sustainability, technology, innovation and provide solutions and an economic contribution to the city.
‘‘The only condition is any one of our community members that does this has the motivation and dedication to serve our city.’’
