AI in Wellington’s Tech: A Major Player

Artificial intelligence is no longer a future concept; it’s now a vital tool in tech development. According to Van Dam, AI plays a significant role in most of the companies he works with. Many of these firms have built AI features into their products, enabling them to automate processes and make smarter decisions.

For example, Montu has integrated AI into its software for life insurers, making risk calculations faster and more efficient. This is just one example of how AI is being used to improve business operations. AI tools are not only enhancing productivity but also generating revenue. Companies are offering AI services on top of their existing products, creating additional income streams.

Van Dam himself is a heavy user of AI tools. He highlighted how AI, such as Microsoft’s CoPilot, helps him get tasks done quickly. He believes AI is already making a tangible difference in terms of reducing costs and improving efficiency, and its impact will only increase in the coming years. This trend is set to accelerate in 2024 as more companies adopt AI solutions.

Tech’s Role in Wellington’s Economy

Wellington’s economy is facing some significant challenges, particularly with a reduction in public sector jobs. However, Van Dam sees the tech sector as a key driver of future growth. He believes that the only way for Wellington to overcome these hurdles is by focusing on global expansion. Tech companies need to scale their operations internationally to create more jobs and bring in revenue.

In recent years, Wellington’s local government and organizations have made efforts to support tech startups. For instance, a tech hub has been opened at the local university, and events promoting innovation are being held. While these steps are encouraging, Van Dam feels that more needs to be done. A clear and well-understood strategy is crucial for Wellington to position itself as a leading tech city. Without it, the full potential of the local tech industry may not be realized.

 

Expanding Globally: The Path Forward

Van Dam is focused on helping his companies expand beyond New Zealand. He believes that global expansion is essential for Wellington’s tech firms to thrive. This is especially important given the city’s economic challenges. By scaling up internationally, these businesses can create jobs, attract investment, and contribute to the local economy.

However, expanding globally is no easy task. It requires significant investment, resources, and a long-term vision. Van Dam pointed out that tech investments often take seven to ten years to bear fruit. Patience and persistence are key to seeing returns in the tech sector. Despite these challenges, he remains confident that Wellington’s tech companies have what it takes to succeed globally.

AI: Shaping the Future of Tech

AI will continue to play a central role in the future of Wellington’s tech sector. Van Dam expects to see even more AI-driven products and features in the coming years. These innovations will not only improve business processes but also help local companies stay competitive on the global stage. AI’s ability to enhance productivity, reduce costs, and create new revenue streams makes it an invaluable asset for tech firms.

Looking ahead, Van Dam believes that Wellington’s tech companies are well-positioned to lead the way in AI innovation. The key to success, however, lies in the support from the community, local government, and investors. With the right backing, these companies can overcome the challenges they face and unlock new opportunities for growth.

The Role of the Local Community in Wellington’s tech

While government support is important, Van Dam believes that the community will play a critical role in driving Wellington’s tech sector forward. Collaboration between tech firms, universities, and local organizations is essential for fostering innovation. Initiatives like Creative HQ, which hosts events and supports startups, are a good start, but there is still room for improvement.

By working together, the local tech community can create an environment where startups can thrive and scale globally. The next step is to ensure that Wellington becomes known as a tech hub, both within New Zealand and internationally. This will attract more talent, investment, and opportunities to the region.