A group of 10 investors is being brought together in a $1 million fund to find the next big New Zealand business.

The scout programme is part of the Hillfarrance venture capital fund with each investor putting in $100,000.

Los Angeles-based chief executive Rob Vickery told Mike Hosking Kiwi entrepreneurs have more substance and less of a sales approach than in Silicon Valley.

He's looking for the crazy and outlandish innovations which will become the next billion dollar business.

"They have got wonderful and innovative ideas, and a really key eye for building self sustaining businesses."