Virgin and Bank of NZ challenge Kiwi companies to go global

21 October, 2011

Virgin and Bank of New Zealand challenge Kiwi companies to go global

The Virgin Group and Bank of New Zealand today put out a challenge to New Zealand businesses to prove they have the “right stuff” to go global.

BNZ Presents: The Virgin Business Challenge will see clever Kiwi companies pitch to a top New Zealand business panel for a Virgin, BNZ and Air New Zealand prize package specially designed to connect them to the world.

Sir Richard Branson says, “We’re always looking for the next big thing and Virgin is looking to New Zealand as a great source of talent and ideas.

“We know that there are many New Zealand businesses with the potential to succeed at the highest level and through the Virgin Business Challenge we hope to be able to play a role in helping them overcome the challenge of going global.”

To be considered for this business lift off, Kiwi entrepreneurs must demonstrate creativity and innovation with the potential to go global, aspire to reach NZ$50m turnover within five years and live up to the Virgin values of being customer centric, challenging the status quo, being ethically driven and having a sense of fun.

BNZ CEO Andrew Thorburn says, “We know that New Zealand is brimming with entrepreneurial talent but what we need are the networks for offshore expansion – this is what this challenge is all about.

“Our innovative businesses must accelerate and really aspire to greater global success to achieve international standing and significantly increase their own success and therefore the prosperity of this country. Both Virgin and BNZ recognise this and together, we want to provide an opportunity for New Zealand businesses to realise their full potential.”

BNZ Presents: The Virgin Business Challenge will challenge Kiwi entrepreneurs to demonstrate why their business deserves shot at world markets and pitch for a prize pack that includes: time with Sir Richard Branson; a $100,000 cash prize from BNZ to support the internationalisation of the business; a BNZ business education scholarship; mentoring from Virgin and BNZ executives; and access to Virgin meeting rooms worldwide.

Air New Zealand and Virgin Australia will also provide the winning business with a world of opportunity via an exciting travel package which includes a choice of domestic and trans-Tasman destinations, as well as flights to the global business capitals of London, New York and Geneva.

To enter, entrepreneurs should go to the BNZ website at bnz.co.nz/virginchallenge.

About BNZ
Bank of New Zealand was founded in 1861 and has been an integral part of New Zealand life ever since. Today the bank employs over 5,000 people in New Zealand; works with Personal, Business, Agri and Private Wealth clients; and has 180 retail stores and Partners’ Centres across New Zealand.

Bank of New Zealand is a subsidiary of the National Australia Bank Group of companies; and is governed locally by a fully empowered New Zealand Board of Directors.

About Virgin Group
Virgin Group (‘Virgin’) is a leading international investment group and one of the world's most recognised and respected brands. Conceived in 1970 by Sir Richard Branson, Virgin has gone on to grow successful businesses in sectors ranging from transport, mobile telephony, financial services, leisure, music, renewables and health & wellness. Virgin has created more than 400 branded companies worldwide and employs approximately 43,000 people, in 29 countries. Global branded revenues in 2010 exceeded £13 billion ($21bn).

ENDS

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