Entrepreneurs hone new venture concepts

12th July 2013

Entrepreneurs hone new venture concepts

Potential entrants in the Spark $100,000 Challenge received tips from industry leaders at a Spark Ideas to Business (I2B) workshop at The University of Auckland recently.

The intensive one-day workshop attracted more than 300 students and staff and provided them with an opportunity to dissect and build on their start-up ideas, as the competition deadline approaches in August.

"It was fantastic to feel the buzz in the room as we kicked off with a full house,” said Spark CEO, William Locke. “The diversity of the crowd made for great networking and attendees took full advantage of the team-building opportunities in preparation for the $100k Challenge.”

Spark is now in its 10th year and can lay claim to launching more than 100 new ventures, attracting $140 million of investment and creating more than 250 jobs. To be eligible to enter the $100k Challenge at least one significantly contributing team member needs to be a student or staff member from The University of Auckland.

Earlier this year, the programme received a surge in entries with 365 submissions for the Spark Ideas Challenge. There were 32 prizes awarded in May, and the winners and other entrants are now building on their ideas to compete in the $100k Challenge.

Entries close at 12 noon on 12 August and the winners will be announced at the grand prize giving on 23 October.

Speakers at the Spark workshop included; Duncan Ledwith from The OpShop which helps provide strategies for start-ups and SMEs; Mark Hardie from business incubator The ICEHOUSE; and Mark Gavin from intellectual property expert Hudson Gavin Martin.

Attendees also heard from University lecturers Dr Deb Shepherd, Dr Darl Kolb and Jamie Newth.

During his session on market validation, Duncan Ledwith stressed the importance of thorough planning and testing before investing time and money on business ideas. He told students he had started nine businesses, about half of which had failed because he hadn’t used market validation.

“I’ve met people who have spent hundreds of thousands of dollars because their family likes their product – don’t do that.”

He challenged students to carry out extensive market research, including contacting industry experts for advice.

The most inspirational parts of the programme were the industry break-out sessions where entrepreneurs – such as Alistair Sedcoe from Allpress Espresso, winner of the Entrepreneurs’ Challenge in 2009 – told their success stories and put the day’s learning into perspective, said Mr Locke.

This year’s I2B programme was in a new and improved format, and the Spark team look forward to it being the catalyst for the first-class entries in the $100k Challenge, he said.

ENDS

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