Entries into the 2011 University of Auckland Business School Entrepreneurs’ Challenge are now open, but there’ s more than just a share of $1m up for grabs in this unique competition.
As well as the chance to attract funding to catapult their promising businesses onto the global stage, entrants also have the opportunity to map out their particular business plans and impress the judges with their long-term potential.
“Even if you aren’t triumphant, you will still have a solid action plan that you’ve pitched to the selection committee and can take away and work on in the future,” Business School Dean Professor Greg Whittred says.
“That is a very valuable process to go through, as it forces people to think about their businesses, where they want to go, who their competition is and what they are aiming to achieve.”
The Challenge, which officially launches on July 5 has been made possible by a $3 million foundation gift from expat businessman Charles Bidwill and offers winners the chance to secure the funds necessary to go global. Winners of the 2009 and 2010 competitions include coffee-roasters, IT entrepreneurs and medical technologists.
Once received, the entries are vetted by teams of bankers, lawyers and accountants tasked with ensuring due diligence to make sure these businesses are viable enough to expand internationally.
“There are often uncertainties within high growth companies, particularly those expanding rapidly or moving overseas,” Professor Whittred says. “The vetting process helps the Challenge Investment Committee to identify and understand qualities within businesses that make them the best opportunities to invest in.”
The finalists identified through the screening process will then undergo due diligence from our four Challenge partners the BNZ Ernst & Young AJ Park and Simpson Grierson and are supported by the ICEHOUSE Professor Whittred says.
Finalists are then invited to present to the Investment Committee at the Business School.
“As you can see, this process is thorough and imposing, and entrants must know their business and its potential inside and out,” Professor Whittred says. “Aided by world-class due diligence, the Investment Committee then selects the winners.”
Winners are given a share of the $1 million funding for three years, along with mentoring from experienced entrepreneurs and business executives. They also enjoy access to the Business School’s networks and entrepreneurial ecosystem and priority consideration in its internship, consulting and experiential learning programmes.