Xero, a global small business platform, has announced the return of the Xero Beautiful Business Fund for 2024 — an initiative offering more than $750,000 globally in funding to support small businesses and nonprofits with their growth plans and help drive future success.
At least $80,000 will go to small businesses across New Zealand, with $20,000 being awarded to the winner of each of the four categories; innovating for environmental sustainability, trailblazing in technology, strengthening community connections, upskilling for the future. The recipients are also eligible to become a global winner, receiving an additional $50,000.
Tony Burrows, owner of Buzz Burrows based near Wānaka, was one of the global winners in last year’s inaugural Xero Beautiful Business Fund in the ‘Trailblazing with technology’ category. He received $70,000 to support the purchase of cutting-edge technology in his lighting business.
“When we applied for the Beautiful Business Fund last year, we were essentially a startup, which meant a lot more costs than income,” says Burrows.
“It was perfect timing to invest in new technology – including a new laser cutter and sanding machine – and purchase materials to take Buzz Burrows to the next level.
“Being one of the big winners was a huge bonus. We were able to develop and expand our range of lights and fixtures, empowering us to service our customers appropriately at such a crucial, early stage of our business journey.
“Another advantage was the positive exposure we received for being a winner, which generated an increase in sales. Luckily the funds gave us the resources to respond to the additional demand.
“Starting a new business in a flat economy was always going to be a challenge. The Xero Beautiful Business Fund provided a perfectly timed and very helpful injection of cash to help us establish Buzz Burrows and position us for future growth.”
How can Kiwi small business owners enter?
Kiwi Xero small business customers will need to complete an online form and record and submit a 90-second pitch video to the competition website for as many categories as they would like to enter:
• Innovating for environmental sustainability — For a small business or non profit who wants to take the next step in their environmental sustainability journey by: minimising their own environmental impact; enhancing the sustainability of current products or services; or developing new environmentally friendly products or services.
• Trailblazing with technology — For a small business or non profit that has a ‘future focus’ mindset and is seeking to innovate. These organisations want to set the pace and lead the charge with new and emerging technologies.
• Strengthening community connection — For a small businesses or nonprofit that has a mission or purpose rooted in serving their communities and making a positive impact. It could be to make a difference in the community they serve, support underserved or marginalised groups or contribute to social good through innovative ideas or solutions.
• Upskilling for the future — For a small businesses or nonprofit that wants to overcome a skills gap, either through upskilling themselves or their employees. These organisations see a path forward with greater access to training and professional development..
Sukhinder Singh Cassidy, Xero CEO, says: “We’re thrilled to offer the Xero Beautiful Business Fund again in 2024. As a global judge last year, getting to hear first hand from our small business customers about their ideas and aspirations was a rewarding experience that reminded me of the resilience, drive and determination it takes to be a business owner. The fund is a chance to reflect on our purpose to make life better for small businesses, their advisors and communities around the world and provide meaningful support so our customers can fulfill their dreams or take that next big step with confidence.”
Regional and global prize winners
The total prize pool offering of more than $750,000 will be shared among 28 winners. There will be four winners from each country (one in each category), determined by local judging panels, and each winner will receive $20,000.
Of those winners, four will become global winners, determined by a global judging panel, and each global winner will receive an additional $50,000.
Entries will close on 27 August 2024 and winners will be announced at the end of October 2024. For full criteria, details on how to enter and 2023 winner profiles, visit http://www.xero.com/us/events/xero-beautiful-business-fund/.