Press Release

$50,000 Major Prize on offer in Wellington Region's Business Plan Competition

Wellingtonians who aspire to launch and run their own companies are being given a potential $50,000 boost with a new business plan competition named after an iconic Wellington feature.

Named the Cable Car Challenge, the business plan competition is designed to fuel the development of high-growth companies in the Wellington region and promote a climate of entrepreneurship.

Initiated by the Wellington Innovation Network (WIN), a collaborative association of organisations that promote and facilitate innovation in the region, the project has been supported by Positively Wellington Business, New Zealand Trade and Enterprise's Escalator programme, Clemenger BBDO, Foundation for Research Science and Technology, Massey University, Victoria University, Wellington Institute of Technology (WelTec), Whitireia Community Polytechnic, Deloitte, Plan HQ and Ellis Verboeket and Terry.

Wellington Innovation Network's Deputy Chair Melissa Yiannoutsos is excited about the impetus and motivation that the competition will give fledging start-ups and budding entrepreneurs.

"The Cable Car Challenge targets one of the biggest challenges for those with innovative ideas: the need for startup capital. It then backs this up with top-notch business planning advice to help set our new entrepreneurs on the path to success," she says.

"Ideas can be in any industry music, fashion, film, manufacturing, software, internet, retail anything. If you think you can create a great business, then that's what we're after."

Entrants start by completing a short two-page description of their business idea. From these submissions, a number of finalists will be selected to move forward with a more comprehensive business proposal. Each finalist receives access to a series of intensive business planning workshops and resources to get started.

According to Melissa Yiannoutsos, this is when the competition really gets interesting.

"We've taken a twist on the normal elevator pitch and created the Cable Car pitch as the final stage of judging. If they want to win, finalists will have just the few minutes it takes to travel up and down the cable car track to wow some of New Zealand's most experienced entrepreneurs and investors."

The grand prize winner will receive $30,000 in seed capital to launch their new enterprise and approximately $20,000 of in-kind professional support services. Five runner-up prizes of $2,000 will also be awarded.

Online applications and further information is available at www.cablecarchallenge.com with the deadline for entries being 31 July 2007.

For more information, contact:
Mark Copsey
Wellington Innovation Network
Ph: (04) 237 5590 or 0274212335

ENDS

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