$1 million on offer in sixth year of university business challenge

Expat NZ financier Charles Bidwill.

The University of Auckland Business School Entrepreneurs' Challenge has launched for a sixth year, with a $1 million funding pool on offer.

The challenge was set up with funding from expat New Zealand financier Charles Bidwill and is targeted at small-to-medium enterprises with turnover of at least $1m per annum looking for funding for a development project or opportunity that can drive growth.

Funding is provided in the form of a loan offered on terms more favourable than typically available.

Previous challenge winners include app maker Stqry and cloud-based video production agency 90 Seconds.

Stqry won substantial funding last year and provided interactive mobile storytelling platforms for tourists at the United States Golf Open in Washington last month.

Challenge chairman Greg Cross said applications would be accepted until August 27. In total 18 companies had benefited from the challenge in the past five years, he said.

"What we have found is that often the money has taken a back seat to the other opportunities opened up from winning the challenge.

"These can take the form of public exposure and media coverage, through to mentoring offered by the business school and networking with previous winners," he said.

Initial entrants will be whittled down to finalists announced on September 8, followed by submissions, investment committee site visits and presentations. The winners will be announced at an awards ceremony on November 17.

More information can be found at entrepreneurschallenge.co.nz

Brendan Manning