Velocity $100k Challenge

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

Entries due midday 30th July.

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

+ Potential Programme

 

Runner-Up

$15,000

+ Potential Programme

 

Three Category Winners

$5,000

+ Potential Programme

 

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 Process

1. Create a short description (2,000 words) on how your idea could be a venture AND a business model canvas.

2. Submit at www.velocity2018.startupcompete.co by 12pm midday, 30th July.

3. Judges select up to 15 teams to go through to the Finals, at least 3 teams from each category.

 

4. Finalists win a place in the intensive 6-week Launch Pad programme.

5. The teams develop a business plan and pitch their venture on Monday 15th October.

6. The Grand prize winner, runner-up, and 3 category winners are announced at the $100k Grand Prizegiving.

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.

Where can I get help with my entry?

No idea what a Velocity Clinic is? Find out through our latest blog post!

The $100k Workshop is a brief one-hour session where you can ask any final questions you have about submitting your idea and what judges look for when marking entries.

How will you be judged?

Resources

LEAN Canvas Template 

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.

Challenge Template 

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

Profit and Loss Forecast Template 

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.

$100K Workshop | 19th of July

The $100k Workshop is a brief one-hour session where you can ask any final questions you have about submitting your idea and what judges look for when marking entries.

Clinics | 12th, 13th & the 17th – 20th of July

Book at time to flesh out your idea in these one-on-one 25-minute sessions with an experienced industry expert to help go through your $100k entry at length. This is similar to the Judges Feedback Evening, except 3 times longer so you can get in-depth help specific to you.