$100k Challenge FAQ's
Can I enter the 100k by myself / do I need a team / how many people are required in a team?
It is recommended that you have at least two people in a team. The $100K Challenge is more fun with friends!
Do all team members have to be University of Auckland students?
To enter the challenge, only one person needs to be from our University, so feel free to reach out to others around you too!
Does Velocity assign people for a team?
We do have a Team Builder board in the Velocity Office where teams looking for more members advertise for positions. We recommend asking friends, classmates, and workmates if they would like to join your team.
Can a team comprising of the same number of people enter an idea twice?
Yes they can. We had people with multiple entries in Launchpad, so you can continue with multiple ideas.
Entering the $100k Challenge can be a confusing process, but we’re here to help you along the way. This document contains the answers to some of the most frequently asked questions. Don’t hesitate to contact us if you’ve got any more questions!
Visit velocity.auckland.ac.nz for more information.
Can judges / other teams steal my idea?
No, they cannot. We make all judges and participants sign a Non- Disclosure Agreement (NDA) that is legally binding. Rest assured, your hard work is safe with us!
Does our topic need to relate to business/innovation?
No, your idea can be about absolutely anything. It could be a new business idea, a charity, or a piece of research that is ready to make money.
What do we need to do to enter?
It’s pretty simple really – follow the link on our website to check out all the guidelines about the challenge and create a 2000 word business proposal. Then from there, just make sure you submit it before 12 pm on August 12th!
At what stage in a start-up do we need to be to enter?
Anything that is not already earning revenue or was entered in previous $100k Challenges is fair game.
Is there a guideline that can I can use while preparing my entry?
Yes, we have a template here (link: https://cpb-ap- se2.wpmucdn.com/blogs.auckland.ac.nz/dist/b/344/files/2019/07/Velocity- 2019-100k-Challenge-Venture-Summary-Template-and-Guide-FINAL.pdf)
How many people from my team need to submit the entry?
Only a single entry is required, so just one person needs to submit.
How many people win?
The best 5 qualifying entries decided by our judges win a share of the prize money.
What is the challenge process?
Prepare your entry and submit it on Monday 12th August before 12PM. If you qualify to go on to the next round (Qualifier’s Ceremony- 21st August, Wednesday), then you go on to enter LaunchPad, a series of workshops of 6 sessions set over 6 weeks that provides you the mentorship, skills and seed money you need to develop your prototype further in time for a pitch before the judges (21st October, Monday ). Both those that qualified and those that didn’t get a chance to talk to the judges at the judges feedback night (28th August, Wednesday) for why their idea worked/didn’t work. You also get a chance to polish your business plan one last time, submitting it before 12PM, 19th October, Monday, submitted before the pitch. The prize-giving then takes place on 23rd October, Wednesday.
What are the prize amounts?
1st place: $25,000 + VentureLab incubator programme
2nd place: $15,000 + VentureLab incubator programme
3x Category Winners: $5,000 + VentureLab incubator programme
How many teams qualify?
15 teams qualifiers are chosen.
Do we get money on qualifying?
Yes! All qualifying teams receive $1,000 in seed funding. Use it however you wish!
Is the Challenge a full-time commitment if you qualify?
This is a tricky one. Teams shouldn’t worry about this unless they qualify, which we have a conversation with them. Ultimately, the teams will get as much out of the programme as they put in. There is not a formal time requirement, but their mentors will get quite pissy if the team doesn’t give it a good solid go.
Who are the judges?
Your entry will be read by at least two experts from the entrepreneurial ecosystem who form a judging group. We also have an experienced moderating panel to read every entry so we can ensure rating consistency across the judging groups.
Other than clinics and workshops, can I get any additional help?
Yes you can. You can drop into the Velocity office anytime.
Does Velocity take any stake in the prize money?
No. The money is all yours.