Business ventures compete for cash

By PAULA OLIVER

One of the ideas emerging from an entrepreneurial competition is so good that no one will talk about it, while another dares to take people on a bobsleigh ride at a local ski resort.

The Great New Zealand Business Venture, which began in March, is a competition that appeals for innovative new business ideas, and offers cash for the best of them.

It reached phase three yesterday, when 10 talented entrepreneurs each received $10,000 to help develop their idea into a business reality.

They must now use that money to come up with a detailed business plan. The overall winner will receive $80,000 to start a business.

More than 1400 teams originally entered the competition. The final 10 ideas range from a gas turbine cooler to an internet-based travel booking system.

Several relate to software development.

Competition chief executive Bridget Wickham said three of the entrants had already attracted funding from venture capitalists, and seven other proposals were under consideration.

"We're hoping that by the end of the competition we will have many more successful businesses up and running, generating lots of jobs and creating wealth for the economy," she said.

"The overwhelming number of entries indicates that New Zealanders have a lot of enthusiasm for building businesses and giving it a go."

When appraising the 10 finalists, the judges will look for global potential, breakthrough innovation, and a strong indication of market acceptance.

The finalists come from Auckland, Hamilton, Ohakune, Palmerston North, Wellington, Nelson and Dunedin. Another came from Nelson, but did not wish to have any publicity attached to its bid.