Business Venture Competition: Bright sparks get their fuel

More than 100 leading business experts from around the country devoted their time for free to the Great New Zealand Business Venture, mentoring and providing advice to more than 1450 wannabe entrepreneurs.

Each participant was entitled to help from a business mentor in whatever sector was required. Offers of assistance came from some of New Zealand's leading businesses, including Fletcher Challenge, Russell McVeagh, Deloitte, Microsoft, Design Works, Carter Holt Harvey and WestpacTrust.



Mentors such as Jane Pritchard, of Oracle, gained an insight into the level of Kiwi ingenuity.

"There were many amazing and fascinating ideas put forward. The whole level of thinking was so diverse," she said.

"Some entrants were there because they needed direction and others just needed a second sounding board."

Nigel Swinn, of Design Works in Wellington, came across many "off the wall" ideas while mentoring six entrants in the competition.

"Seeing the passion they had for their business ideas was the greatest thing about being part of this competition. Being able to meet people at the ground floor of setting up business was a fantastic experience.

"Currently there's talk about the brain drain and that all our talented New Zealanders are leaving the country, but through the Great New Zealand Business Venture I have met a number of talented Kiwis who are staying here to build their businesses."

The competition has encouraged a generation of new business ideas in this country, something which venture capitalist Gavin Walker said was vital.

"This competition has done much more than any Government policy in ensuring that entrepreneurs are encouraged to create new businesses.

"The competition gave entrants the opportunity to access some of the best business advisers in New Zealand free of charge - that's absolutely remarkable. The advice they received helped to fine-tune and progress their ideas."

Finalists Paul and Angelina Ashcroft visited more than 10 mentors for advice on their business plan and found the information they received invaluable.

"We learned an enormous amount," said Angelina Ashcroft. "A lot goes into creating a business plan and it was great to get advice on all the different aspects that make up a plan. We had help with marketing, human resources, branding, international law, patenting and operations."