The Velocity $100k Challenge has helped start-ups find success on a global stage. Six new ventures have recently been given a kick-start that could see creative ideas burgeon into successful businesses.
Construction and demolition waste, detection of plant diseases and gender challenges on trade sites were just a few of the real-world concerns tackled by innovators and entrepreneurs as part of the 2023 Velocity $100k Challenge.
The $100k Challenge is New Zealand’s leading university entrepreneurship competition, delivered in partnership between a student committee and the University of Auckland Business School’s Centre for Innovation and Entrepreneurship. Over the last 20 years, thousands of people have participated in the programme, developing their entrepreneurial mindset, innovative capability, and enterprising skills.
This year, the winning venture, WasteXpert, spearheaded by undergrad law student Jean-Luc Ellis and his friends Max Lawton and Logan Soole, scored $25,000 seed capital.
With approximately 50 percent of landfill in New Zealand coming from construction waste, WasteXpert aims to address this environmental challenge.
“Landfill waste is one of the biggest hurdles Aotearoa is facing on our mission to achieve net-zero emissions by 2050,” says Jean-Luc, who’s undertaking law and science degrees.
“I began planning out ways to combat the problem and came up with three key areas that lay the foundations for WasteXpert – industry education, proper onsite implementation and minimisation, and the utilisation of data and tracking through our software. All of this to drastically decrease embodied carbon in the construction industry.”
Jean-Luc says the WasteXpert team were over the moon to win the $100k Challenge. “This is a nationwide and industry-wide problem that requires an industry worth of support to tackle. Both financial and connection-wise, Velocity and Venture Lab’s assistance will be pivotal in bringing about this industry change.”
Five further teams took home a share of the $100k prize money to help kick-start their ventures.
The $15,000 runner-up award went to the team behind PlantPeepers, who created a monitoring tool to help greenhouse growers detect plant diseases and pests in their early stages. This will enable crop growers to proactively prevent outbreaks and reduce the need for pesticides, providing them with a more sustainable and efficient approach to managing their crops.
Meanwhile, four teams tied for third:
CycleMate, a start-up that aims to address gender challenges in the construction industry through self-managed sanitary disposal kits, will use the support to work towards setting an industry-standard in terms of providing appropriate sanitation facilities that are discreet and convenient.
$5,000 also went to team Glowguard to support their next-generation SPF50, which provides extended sun protection, is available in four flexible tints, and is housed in a first-to-market dissolvable refill system.
Team Resys was also awarded $5,000 for their tailored project management system for researchers that enhances collaboration, provides quick support access, ensures data security, and offers an intuitive experience with a feature-rich free plan that continuously adapts to their needs.
Smartbell received their award for their innovation in the field of fitness equipment and tracking. Their smart machine-learning-powered dumbbells automatically track weight, reps and growth, which can be shared via the companion app, and provide real-time feedback on form to prevent injury and muscle imbalances.
20 years of Velocity
Director of the University of Auckland Business School’s Centre for Innovation and Entrepreneurship (CIE) Darsel Keane says Velocity alumni use the knowledge and skills they acquire during the programme to build a wide array of careers across all industries.
“With the Velocity programme celebrating its 20th anniversary this year, I’m proud to count 276 ventures, which have created 3,260 jobs and raised over $1.39 billion in capital.
“The sheer size of this year’s competition is a testament to how deeply innovation and entrepreneurship is embedded within the university, spanning all disciplines. I’m glad to be able to watch so many promising future entrepreneurs thrive and carry their ideas out into the world.”
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