You’ve seen a problem — a social issue, an environmental concern, a market gap, or perhaps a research opportunity. What could you do to solve it?
If you’ve got an idea, Velocity wants to hear from you. The $100k Challenge is Velocity’s flagship competition, turning first-class ideas into world-class businesses.
How it works
Create an entry in the form of a business proposal to show how your idea could become a venture. You will receive mentoring and workshops to discover how to translate your idea into reality, and a panel of judges will then decide the ideas displaying the potential to fly.
Entrants will compete in the $100k Velocity Grand Final for seed-capital and support in growing their venture!
A full set of the Velocity Challenge rules can be downloaded below. It is very important that these are read and clearly understood.
Why enter?
Funding
- Win generous seed capital that could kickstart your venture (without losing equity)
- Get to know Aotearoa’s startup scene, investors, and other sources of funding
Experience
- Come together with friends or meet new people in your team
- Gain hands-on problem-solving experience and transferable skills
- Solve pressing issues and make an impact on our world
- Win a spot on the VentureLab incubator programme
Prizes
First
Place
$25,000
in seed capital
+ invitation to apply to VentureLab*
Runner
Up
$15,000
in seed capital
+ invitation to apply to VentureLab*
3x Third Place
Winners
$5,000
in seed capital
+ invitation to apply to VentureLab*
*Entry to VentureLab is valued at $15,000 per team. Each team receives $10,000 in milestone payments.
Getting started
How do I start?
Not sure where to start?
1. Download and read the Entry Template
2. Download and read our application resources document
- It will guide you on team-building, strategy, the Lean Business Model Canvas, and many other aspects necessary for a solid $100k Challenge entry.
3. Come learn from our events
Lean Canvas
The Lean Canvas is a one-page business model template to help you organise your ideas. Download a PDF version here. Please note that any business model canvas can be used.
Discord Channel
Velocity has set up a Discord Channel where teams looking for more members advertise for positions. We also recommend asking friends, classmates, and workmates if they would like to join your team.
Learn from events
$100k Challenge Workshop
Do you want advice from experts about your idea for the Velocity $100k Challenge? This is your opportunity!
Date: Wed 11 September 2024
Sign up here!
$100k Challenge Networking Night
Come meet potential team members to join you on your $100k Challenge journey! Whether you have an idea or are looking to join a team, come along to $100k Challenge Networking Night!
Date: Tue 13 August 2024
Sign up here!
$100k Challenge for Researchers
Learn how Velocity could help you create more impact with your research, whether it be commercial or social and hear from past researchers who participated in the $100k Challenge as they share their experiences starting a venture.
Date: Thur 15 August 2024
Sign up here!
Getting feedback
Drop-in Sessions
Have a question about the $100k Challenge? Need some feedback on your idea? We’ve introduced drop-in sessions where our friendly committee members will be there to help out!
We will host Drop-in Sessions in the weeks leading up to the submission date, so stay tuned for updates!
Frequently asked questions
Do I need 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 or staff members?
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 Discord Channel where teams looking for more members advertise for positions. We recommend asking friends, classmates, and workmates if they would like to join your team.
We will also be holding a $100k Challenge Networking Night where you can meet other potential teammates. 2024 dates will be announced soon.
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!
Will Velocity take equity in my venture?
No, Velocity does not take equity in any of our programmes, including the $100k Challenge. However, some teams will want to be connected to investors in the ecosystem, who may require an equity stake.
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. Then from there, just make sure you submit it before the deadline!
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 social innovation, or a piece of research that is ready to make money.
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?
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?
Five teams will be crowned winners in the $100k Challenge and will receive entry into the VentureLab incubator in the following year, plus seed money for their venture.
What is the challenge process?
Simply prepare your entry and submit it by the deadline. Development workshops will also be available leading up to the deadline. Teams attending the development workshops will be matched with a mentor, who will help you to craft your business plan and create a presentation for the judges. The five winners are announced at the $100k prizegiving ceremony in October.
What are the prize amounts?
1st place: $25,000 seed capital + VentureLab incubator programme, valued at $15,000
2nd place: $15,000 seed capital + VentureLab incubator programme, valued at $15,000
3x 3rd place Winners: $5,000 seed capital + VentureLab incubator programme, valued at $15,000
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, or email us with any queries at: admin@velocity.auckland.ac.nz
Does Velocity take any stake in the prize money?
No, the money is all yours to use on starting your venture.