Photo credit; Images of Money on Flickr

While a lot of tech companies get into the flashy world of social media applications to try and break into a global market, New Zealand tech startups are relying on taking on more mundane tasks, namely accounting.

Wellington-based Xero Ltd. is leading the charge and now New Zealand’s cloud-based tech industry is the country’s third-largest export earner behind dairy and tourism.

Official data shows that technology services exports have doubled since 2005 to NZ$682 million in 2013 (although many firms have yet to make profits).

This rapid growth is thanks to the government’s push to promote high-growth startups, including incubation finance, like a NZ$160 million investment in the New Zealand Venture Investment Fund, a public-private venture.

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