Business plan competition shortlists 23 businesses

Media Release
20 August 2007

Business plan competition shortlists 23 businesses from over 360 entries

Twenty-three of the Wellington region's newest start-up companies and would-be entrepreneurs have been selected to move forward to the second stage of the inaugural Cable Car Challenge business plan competition.

With over 360 entries the competition surpassed all expectations and these shortlisted entrants will now further develop their plans in the hope of becoming the $50,000 prize winner.

Business ideas selected by the judges were extremely diverse and ranged from the utilisation of technologies such as smart chips, internet rendering and nanotechnology through to more traditional businesses such as recruitment, clothing and hospitality.

Over the next few weeks these shortlisted entrants will receive specialist advice from competition partners such as Deloitte, Bank of New Zealand, Escalator, Ellis Verboeket and Terry, Foundation for Research Science and Technology, Rogen SI, The Business Centre and the Regional Economic Development Agency.

After receiving all this high value business coaching, twelve businesses will be selected to pitch their idea to some of the Wellington region's most successful entrepreneurs on the iconic cable car. These entrepreneurs will select a grand prize winner who 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.

Initiated by the Wellington Innovation Network (WIN), a collaborative association of organisations that promote and facilitate innovation in the region, the project was designed to fuel the development of high-growth companies in the Wellington region and promote a climate of entrepreneurship. It has been backed by a wide range of partners including Positively Wellington Business (now Regional EDA Ltd), Plan HQ, Clemenger BBDO, Massey University, Victoria University, Wellington Institute of Technology (WelTec), Whitireia Community Polytechnic, Foundation for Research Science and Technology and Industrial Research Limited.

Wellington Innovation Network Chairperson, and convenor of the judging panel, Rob Acton was amazed at the volume of entries.

"Over 360 new business ideas have now seen the light of day. We must comnmercialise our innovations if we are to grow our economy and this competition has shown that it can inspire people to start doing this," he says.

"We've had an exceptional first year thanks to the way the competition has plugged into the corporate and tertiary networks. When you look at international business plan competitions they get bigger and better every year, so I already can't wait to see what next year brings."

According to Rob Acton special thanks were due to the members of the judging panel for the first stage. The panel included Melissa Yiannoutsos, Commercialisation Manager of Industrial Research Limited; Tim Robertson, Manager of the Government-funded Escalator programme; and US-based technology entrepreneur Peter Bryant from Transtech Colorado.

ENDS

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