Xero relaunches Beautiful Business Fund for 2024 with NZD $750k

Xero has announced the return of its Beautiful Business Fund for 2024, providing a total of more than NZD $750,000 in funding to small businesses and nonprofits globally.

The initiative aims to support their growth and future success. In Aotearoa New Zealand, at least NZD $80,000 will be allocated, with NZD $20,000 awarded to winners in each of four categories: Innovating for Environmental Sustainability, Trailblazing in Technology, Strengthening Community Connections, and Upskilling for the Future. Global winners in each category will receive an additional NZD $50,000.

Tony Burrows, owner of Buzz Burrows near Wānaka, was one of last year's global winners in the Trailblazing with Technology category. He was awarded NZD $70,000, which he used to invest in new technology for 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," Burrows explained. "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."

Burrows highlighted the benefits of receiving the funding, noting, "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." He also mentioned that the positive exposure from being a winner generated an increase in sales, which the funds allowed them to meet. "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," Burrows added.

For Kiwi small business owners interested in entering, the process involves completing an online form and submitting a 90-second pitch video on the competition website. Participants can enter as many categories as they like. The categories include Innovating for Environmental Sustainability, aimed at businesses looking to minimise environmental impact or develop sustainable products; Trailblazing with Technology, for those focusing on innovative new technologies; Strengthening Community Connections, for businesses committed to making a positive community impact; and Upskilling for the Future, for entities aiming to overcome skills gaps through training and professional development.

Entries are open to Xero small business customers in several countries, including Australia, Canada (excluding Quebec), New Zealand, Singapore, South Africa, the United Kingdom and the United States. The entry period closes on 27 August 2024 NZT, with winners to be announced in late October 2024.

Xero CEO, Sukhinder Singh Cassidy, expressed enthusiasm about the fund’s return, stating, "We're thrilled to offer the Xero Beautiful Business Fund again in 2024. As a global judge last year, getting to hear firsthand 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."

The Xero Beautiful Business Fund was initially launched on 6 July 2023 to coincide with Xero Day, marking the company's anniversary. This year, Xero celebrates its 18th anniversary, and the fund serves as part of its efforts to support small businesses and help them achieve their aspirations.

In total, the prize pool of more than NZD $750,000 will be distributed among 28 winners. Each country will have four winners, one from each category, who will receive NZD $20,000 each. Additionally, four global winners will be selected and awarded an extra NZD $50,000.