Velocity $100k Challenge

Take your ideas to the world.
Mentoring, workshops and $100k prize package.

Grand Final – 17th October 2018

 

About Velocity's $100k Challenge

You may have an idea to solve: a social issue, an environmental problem, exploit a market opportunity or even one based on university research.

Create an entry to show how your idea could become a venture. Judges will then decide the ideas displaying the potential to fly. Those entrants who make it through to the shortlist will win a place in the Velocity Launch Pad Programme. Here you will receive mentoring and workshops to discover how to translate your idea into reality.

The finalists additionally compete for the $100k Velocity Grand Final for seed-capital and support in growing their venture!

The Details

The Prizes

There’s a total prize pool of over $100,000, which includes mentoring and development!

First Place

$25,000

+ Entry to Venture Lab

 

Runner-Up

$15,000

+ Entry to Venture Lab

 

3 x Category Winners

$5,000

+Entry to Venture Lab

 

All teams selected for the Launch Pad programme receive $1,000 and a mentoring and development package valued at $5,000.
All $100k entrants receive feedback from leading New Zealand industry experts.

The Categories

New Ventures

This category is for ventures based on smart, innovative ideas which are not based on University research.

Social Entrepreneurship

For ideas that solve social and environmental problems, and provide social and environmental benefits.

University Research

For entries based, entirely or in-part, on research undertaken by staff and postgraduate students at the University of Auckland or other research institutes.

Resources

Another essential element of your $100k Challenge entry, this template provides the correct format to a successful entry.

An essential component of your $100k Challenge entry, the LEAN Canvas is an actionable and entrepreneur-focused business plan that focuses on problems, solutions, key metrics and competitive advantages. Entrants may submit Osterwalder’s Business Model Canvas in their entry as an alternative to the LEAN canvas.

Whilst not a compulsory component of your $100k Challenge entry, a profit and loss forecast is highly recommended as it demonstrates the financial viability of your venture to the judges.