Frequently Asked Questions
General Questions
What is Velocity?
We are the University of Auckland’s student-led programme for entrepreneurship. We’re based in the Unleash Space and are here to help you develop and launch your ideas!
Do I need an idea to join?
Definitely not! From our innovation seminars to our workshops, we have lots of events to help you learn something or find an idea.
Is Velocity just for business students?
No, Velocity is for everyone! Regardless of what field you are involved in, Velocity has something to offer you.
What sort of events do you run?
Where can I find Velocity?
Velocity is based in the Unleash Space, which is accessible through level 4 of the Engineering Building. Come check us out!
How can I talk to someone about Velocity?
We’re based at the Unleash Space, so come visit us if you have any questions. You can also reach us via social media at: velocityuoa, or email us at: admin@velocity.auckland.ac.nz
How can I stay updated with all of Velocity's events?
Sign up to our newsletter to stay up to date with our events, discover new opportunities, hear from successful entrepreneurs, and more.
You can sign up here!
You can also follow us on social media at: velocityuoa
Challenges
Why should I enter the challenges?
The challenges are the perfect way to test any (and we stress, ANY) ideas you might have, and either win funding towards that idea or get valuable feedback from our top-tier judges. For both challenges, you don’t need a business, product or service up and running; just an idea and an amazing team if you don’t want to go it alone. They are free to enter and relatively easy to craft entries for, so there is basically no reason not to join the competition.
What happens to the winners of the challenges?
In both challenges, winners receive a cash price to accelerate and fund their innovative idea. Moreover, winners of the $100k Challenge will receive further mentorship and support in the form of the VentureLab Incubator program.
Do all team members have to be University of Auckland students to enter your challenges?
To enter our challenges, only one person needs to be from our University, so feel free to reach out to others around you too!
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.
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.
How many people from my team need to submit the entry?
Only a single entry is required, so just one person needs to submit.
Other than clinics or workshops, can I get any additional help?
In light of COVID-19 the Velocity team is working hard to bring you interactive workshops and drop-in sessions online. More information to come!
What sort of ongoing support is there for Velocity participants?
Velocity winners have the opportunity for a free place in the VentureLab incubator. Participating in Velocity and having support to develop your business idea could set you up to apply for a share of the $20 million evergreen University of Auckland Inventors’ Fund.
Can judges and other teams steal my idea?
No. We make all judges and participants sign a Non- Disclosure Agreement (NDA) that is legally binding. Your IP belongs to you, so rest assured that your hard work is safe with us!
If you’re using university research for your entry, then we’ll encourage a conversation with UniServices to discuss IP; we can assist you with this.
How are the prizes paid?
We will deposit the winnings into the bank account of the team lead. To do this, we will ask you for your bank account details the day after the Awards Ceremony. It will typically take about 4 weeks to get the funds into your account.
Does Velocity take any stake in the prize money?
Nope, the money is all yours!