One of last year’s new entrants to the NBR Rich List, Rod Drury, continues to drive the growth of online accounting software provider Xero as well as putting his entrepreneurial flair behind moves to build a new trans-Pacific data highway. 

Exporting, he said, is the key to building New Zealand wealth – and increasing exports is something we should all aspire to and feel part of. “If we want the benefits of living in New Zealand, that is the sort of mindshift we have to achieve.”

Concerned that New Zealand is dropping to the wrong side of the digital divide, he is one of a group (including fellow NBR Rich Listers Sam Morgan and Sir Stephen Tindall) behind Pacific Fibre, founded last year and already putting its plans for a $400 million submarine cable linking Australia, New Zealand and the US out to formal tender. All going well, the company expects to be carrying data from mid-2013 and has already scored its first customer.

Mr Drury has more than proved his ability to turn ideas into commercial success stories. After pioneering one of this country’s first Microsoft development companies, Glazier Systems (acquired by Advantage Group in 1999), he established award-winning email archiving software company Aftermail (sold to Quest Software in 2006) before co-founding Xero with Hamish Edwards and taking it to public listing within a year. He retains a 27% shareholding. He also co-founded Boston-based Contex Connect, which holds several mobile directory patents.

A regular offshore traveller, he says all business people need to get overseas at least every six months to check out the opportunities. “The way the world is working and the way we are doing trade is very different to what it was five years ago. There are some great opportunities we can link in to through KEA (Kiwi Expats Association) or our Kiwi mafia – you need to keep reminding yourself of that.”

His advice on financial success is “preparation that allows you to take advantage of opportunity.” Xero is now benefiting from four years’ hard work building the platform that is now gaining market traction. “Show it overseas and they find it amazing because they haven’t seen us grow up – they just see we are very well dressed four years on – and opportunities come from that.”

Xero’s paying customers have this year doubled to more than 36,000 across 100 countries and the company has now processed over $35 billion of customer transactions. Revenue has nearly tripled to $9.34 million over the past year but with $18 million invested in growth, profit remains elusive, with Xero notching up a net loss after tax of $7.5 million.