Three of Wellington region’s newest start-up companies and would-be entrepreneurs were announced by Wellington Mayor Kerry Prendergast, as the winners of the 2008 Cable Car Challenge – Wellington region’s business plan competition.

The $50,000 major prize winner was awarded to BIMcache, a new company that intends to deliver a suite of unique industry and software-specific tools to assist the work-flow process and productivity of building industry professionals and CAD software users. Their first product, BIMcache Manager, is initially targeted at the world’s fastest growing and most popular CAD software package which has 320,000+ users and growth of 30% per annum. Orders have already been placed by seven large international architecture, engineering and design practices for this product even though the product is not scheduled for release until next month.

BIMcache will receive $30,000 in seed capital to grow their new enterprise, and approximately $20,000 of in-kind professional support services, while two runner-up prizes of $5,000 cash each were awarded to Life Incorporated and BONZ.

Life Inc, which produces environmentally friendly bottled water, was chosen for its environmental point of difference that is enabling it to take advantage of a market that is growing by 18% per annum. Their revolutionary bottles and labels - made from plant sugars - look and feel like traditional plastic but are compostable to soil in just 8 weeks. Bottled water is just the first of many consumer products in the pipeline for Life as it looks to fully utilise biopolymers.

BONZ is an idea to commercialise a new biomaterial based on significant research and IP developed by a team of scientists within Victoria University. This technology will address an unmet need: a manufactured bioceramic capable of replacing bone and teeth. In an industry like orthopaedics this will solve major problems such as bone grafts replying on human tissue donors, metals or plastics used in joint replacements not lasting long enough and needing to be replaced, and the fact that the human skeleton does not accept any of these materials as part of the skeleton. While still very early stage at this point the judges selected this as a runner-up due to its enormous global potential and potential applications across a wide range of industries.

The nine entrants, chosen from almost 200 entries, were selected to pitch their ideas to a judging panel of some of Wellington region’s most successful entrepreneurs and investors. These final nine applicants each had only twelve minutes, on the cable car’s climb to the top of the hill and back again, to convince the judges that their business idea should win the major prize.

This year’s judges included Sam Morgan of TradeMe fame, Sarah Gibbs of global skincare company Trilogy, Dion Mortenson from Movac, venture capitalist Mark Dossor and current MP and serial entrepreneur Mark Blumsky who chaired the judging panel.

Next week nine of the entrants who made the final shortlist will pitch their business ideas to the Judging panel on the Cable Car. This is the final phase of the 2008 Cable Car Challenge business plan competition which this year received nearly 200 entries.

The final nine shortlisted entrants each have only seven minutes, on the cable car’s climb to the top of the hill, to convince the judges that they should be the $50,000 major prize winner.

Business ideas selected by the judges for the final stage were extremely diverse and ranged from the utilisation of technologies such as GPS and mobile internet through to more traditional businesses such as clothing manufacture and beverages.

Over the past two months shortlisted entrants have received high value business coaching and specialist advice from competition partners such as Deloitte, Bank of New Zealand, Escalator, Ellis Verboeket and Terry, Foundation for Research Science and Technology, Rogen SI, The Business Centre and Grow Wellington.

After receiving all this, nine businesses have been selected to pitch their ideas to some of the Wellington region’s most successful entrepreneurs. Most of the Judges from last year have returned including Sam Morgan of TradeMe fame, Rod Drury from Xero, Dion Mortenson from Movac and venture capitalist Mark Dossor. Sarah Gibbs of Trilogy has joined the panel this year along with Mark Blumsky who will chair the judging panel.

The winners will be announced on Thursday night at a function hosted by Wellington Mayor Kerry Prendergast on behalf of the major sponsor Wellington City Council. The shortlist include:

BIMcache
BONZ
Instinct Entertainment
Knowhere.co.nz
Life Inc
Skinny malinky
ToBe
Unite and Prosper
Valuecruncher

Due to the large number of quality entries the judges and competition organisers have chosen 26 applicants to go through to Stage 2.

Successful applicants are

Baby Angel
Beyound the Grid
BIMcache
BONZ
Create-Ed
Deluxe Industries
Final Furniture
Gabrielle Sorenson
Getsmart
Instinct Entertainment
Katalyst Lighting
Kathleen Ferrier
Konrad Hickson
Knowhere.co.nz
Life Inc
LittleBell Productions
Miki Szikszai
Ooortnews
Skinny malinky
The Boyd Method
Tinker Doodle
ToBe
Unite and Prosper
Valuecruncher
Webstruxure
Webstuffdone

Congratulations if you have been shortlisted for Stage 2.

Stage 1 has now closed and we are pleased to say that we received 172 entries to this years competition. We’re also pleased to see that the quality of entries has improved from last year,we wanted to see more quality than quantity and are happy with the result achieved.
Our judges are busy reviewing the entries and we will advise everone who entered their status by 5.00pm 23rd September.
We’ll also be posting information on where to go for further help or advice for your business or business idea so watch this space.

Because of a technical problem Stage 1 is staying open until September 12th. If you`ve already submitted your entry and have`nt had a response please phone 4940975 or e mail clare@cdanz.com

Good luck

Stage 1 of the competition has been extended to September 12th. If you have already submitted an entry please phone 04 4940975 or e mail clare@cdanz.com to confirm receipt of your entry.
Stage 1 winners will be notified by 23rd September if they have made it to Stage 2.

Throughout the 2008 Cable Car Challenge business plan competition a number of free events will be held to help give you the best chance to win.

Stage One

How to Write a Winning Business Plan Summary

July 22nd – 5.30pm – 7.30pm & July 29th – 5.30pm- 7.30 pm

90-minute workshop on how to organise and develop your business plan summary so it communicates clearly your proposition and persuades investors to invest. It will also talk about IP issues to consider at this stage of the process. This event is open to anyone interested in, or considering applying to, the 2008 Cable Car Challenge but you’ll need to reserve a place now.

Venue- The Business Centre ?Ground Floor?Radio New Zealand House?155 The Terrace?Wellington

E mail info@cablecarchallenge.com to reserve your place.

Stage Two (Venue information provided later)

Show the Value of your Market
90-minute workshop with Q&A session that will have you thinking about your potential market, customers and marketing approach. This will enable you to show judges or investors the value in your idea. Only shortlisted finalists will be able to attend.

How to Develop Financial Projections
90-minute workshop with Q&A session on how to develop financial projections for your business. This will help give you answers to fundamental questions about profitability and cash requirements. Only shortlisted finalists will be able to attend.

How to protect your Intellectual Property
90-minute presentation with Q&A session that will identify and prevent some typical legal headaches of early-stage ventures. This session will cover IP law basics for the entrepreneur and key legal issues for new ventures. Only shortlisted finalists will be able to attend.

How to Present Your Plan
90-minute presentation with Q&A session on what investors listen and look for when entrepreneurs tell their story, and tips on how you can make your best impression. Only shortlisted finalists will be able to attend.

Stage Three
How to Pitch
Specialists in helping small and medium enterprises access capital, the NZTE Escalator specialists will tell you how to improve your chances of making a winning pitch. This is a closed session and finalists will be invited to attend.

The Cable Car Pitch
October 29th - Closed session on the Wellington Cable Car.
You’ll be given up to nine minutes on the Cable Car to make your pitch and sell the judges on your winning idea. This is a closed session and only finalists will be invited to attend.

Prizegiving
October 30th – 5.30pm
Celebratory event featuring 2 minute presentations from the shortlist of the 2008 Competition and announcement of winners. Invited guests only.

The competiton has opened but we are still experiencing a few teething problems so more information will be available on this site later in the week. We will have the two page business plan template available with in the next day or two so check back to download it.

Stage One of the competition is open until August 16th so there is plenty of time to write that winning business summary.

Project Manager 9th July

We will be launching the 2008 Cable Car Challenge Business Plan competition on the 8th of July.Your business or idea could win you $50,000. Enter your business or business idea into the Cable Car Challenge - Wellington business plan competition and you could win $30,000 of seed capital and $20,000 of business services. Second prize is $10,000 seed capital and $5000 for business services.

So check out www.cablecarchallenge.com on July 8th to find out about the competition and how to enter.