The competition has been created by Wellington Innovation Network (WIN) who are a network of agencies and bodies that work together to market and promote entrepreneurship, assist innovative companies reach sustainability, develop services for start-up companies and create a unique collaborative environment in the Wellington region.

Wellington Innovation Network’s members include Capital Innovations (T-Up), Victoria University, Creative HQ, NRG Trust, Grow Wellington, Industrial Research Limited, and Capital Development Agency Limited.

While having a great idea is often celebrated the Cable Car Challenge Business Plan Competition is about turning these ideas into something more substantial. It’s about recognising that good ideas are not enough and that there needs to be a number of elements present to transform an idea into a potential high growth business.

International experience has shown that business plan competitions are effective at achieving this. A huge number of similar international competitions are run every year, which is no surprise when you consider the benefits that have been realised by some of the more successful of these competitions. MIT’s competition is the world leader among university entrepreneurship competitions, with the competition having facilitated the birth of over 60 companies with an aggregate value of over $10.5 billion dollars. These companies have generated over 1800 jobs and received US$175 million dollars in Venture Capital funding. The proliferation of these competitions and their successes, particularly in the United States, is clear evidence of the potential this concept offers in the New Zealand context.

For Wellington Innovation Network the purpose of establishing the competition is to:

• Increase quality deal flow of suitably qualified new ventures.
• Encourage people to create, share and talk about new business ideas.
• Generate regional exposure for business incubation and commercialisation accelerators’ services and benefits.
• Encourage and facilitate the commercialisation of ideas in all Wellington tertiary institutions, research organisations, corporate organisations and small start-ups.
• Improve access to early stage seed funding for start-ups.
• Showcase the skills and talents of Wellington’s academic and business community, in a commercial context.
• Develop a culture of entrepreneurship in the greater Wellington area.
• Foster improved regional networks and relationships that can later support Tertiary and Corporate based entrepreneurship.
• Promote and present Wellington as stimulating and supporting ideas, creativity and innovation in business.

The Judges for Stage One are:

• Rob Acton – Chair, Wellington Innovation Network.
• Melissa Yiannoutsos - Commercialisation Manager, Industrial Research Limited.
• Joseph Stuart – Business Manager, Foundation for Research, Science and Technology
• Steve O’Connor – General Manager, Creative HQ.
• San Ng – Director, Optimal Usability.

We will advise the judges for Stage Two and Three of the competition at a later date so keep checking back.

Last year the Judges for Stage 3 included several of Wellington’s highest profile entrepreneurs and business people including:

• Gowan Pickering - Associate Commissioner of Commerce Commission and ex CEO of FRST and ex Managing Director of IBM New Zealand.
• Sam Morgan – Founder, Trade Me.
• Rod Drury – Co-Founder and Chief Executive, Xero Limited.
• Dion Mortenson –Director, Movac Limited.
• Mark Dosser – Endeavour Capital.

WHAT ARE THE JUDGES LOOKING FOR

Acceptable plans include those promoting products or services in high-tech, bio-tech, scalable low-tech or high-potential niche markets. Purely life-style plans with low potential for scalability are not preferred.

If you want to win then take note of what the judges will be looking for in your application. A great application will show that you have considered all the variables that are important if your idea/business is going to be a success.

The judges will be scoring you against criteria such as the:

1. Commercial potential and profitability of the business, with high-potential, growth oriented businesses likely to be viewed more favourably.
2. Innovative nature and technical feasibility of the idea.
3. Market potential and whether there is a sustainable national or global market.
4. Likelihood that the business described in the plan can achieve a sustainable, competitive advantage.
5. Point of difference and the uniqueness of the solution.
6. Credibility of the individuals behind the proposal.

Concepts or businesses that the judges consider have the greatest potential will win cash and assistance to help their ideas become a reality or to grow their business.

The major winner will receive a prize package of approximately $50,000 including $30,000 in seed capital and $20,000 of professional services which include:

• Legal.
• IP protection.
• Business development.
• Exporting.
• Managing your money.
• Accessing investment.
• Pitching your business.

One second prize of $10,000 plus $5,000 of in-kind professional support services will be won for a business idea. No already incorporated company may win second prize.

The Cable Car Challenge business plan competition offers the biggest prize pool available for a business plan competition in New Zealand!

The Cable Car Challenge business plan competition organisers will take all reasonable efforts to ensure that all applicants retain their rights to their business plan and intellectual property, but will not sign a non-disclosure or confidentiality agreement before accepting or reviewing plans submitted to the competition.

The protection of intellectual property and the rights to the ideas contained in business plan applications submitted are the ultimate responsibility of each applicant, and the organisers of the competition are not responsible for any proprietary information and/or intellectual property included in a business plan they submit to the Cable Car Challenge business plan competition.

Applicants are advised not to put any descriptions of technology in their business plans, which would enable the reader to duplicate the technology or invention described.

Note however that the only people that will have access to the information in your business proposal will be the competition organisers, their sub-contractors, and judges.

The winners of the 2007 Cable Car Challenge were:

Eyemagnet – an ICT company providing multi media systems that allows customised marketing messages to be delivered to screens via the web.1st prize

www.eyemagnet.com

Kapai - A fresh food franchise operating in the Wellington Region.Highly Commended
www.kapaisalads.co.nz

Medrecruit – An IT company that utilises website technology to connect doctors with hospitals in New Zealand and overseas. Runner-Up Prizes
www.medrecruit.com

Hushamok – Designers and manufacturers of an innovative baby hammock.
www.hushamok.com

Eureka – Designers, manufacturers and online retailer of boy’s clothing.

www.eurekaclothing.com

Hire Things - a new online space to promote goods, places, and services for hire or rent.
www.hirethings.co.nz

This is what several of the winners had to say about the benefits of entering the competition.

““Eyemagnet found the cable car challenge as an opportunity to examine and build on the company business plan and to narrow the proposition down to a clear succinct message.

The short format for the business plan and the presentation highlighted that preparation is critical to success in any competition or business.

Eyemagnet has taken large steps since the CCC and is now expanding internationally with advice from industry leaders and mentors met in the CCC.
The experience was invaluable and we thank the whole CCC challenge team and its sponsors for the opportunity.”
We wish all the contestants good luck for this years event and above all enjoy and learn from the experience.”

Paul Treacy
Founder and Director.

“Since the Cable Car Challenge in 2007 our business has grown exponentially. Our net profits have increased by 8600% and we now employ four staff members and we are in the process of hiring a fifth. The Cable Car Challenge was a great opportunity to take an objective look at the company to see our strengths and weaknesses, and the planning for the actual competition has been invaluable to use in growing the business. “
Dr Sam Hazeldine
Founder and Director