Startup competition sets record cash prize pool

The Innes48 Business Startup Competition organising team has announced the largest cash prize on offer yet. 

SODA Inc CEO Dr Claire McGowan said teams will have a chance to win $25,000 cash, plus a large pool of in-kind prizes. 

“The team with the Most Viable Business idea will walk away with $15,000 cash, the Most Innovative team with $5,000 cash and the Best Pitch with $5,000 cash – one team could win it all,” says Dr. McGowan. 

McGowan says sponsors eagerly jumped on board to support the growth of entrepreneurship. Sponsors this year include ASB, Wintec, Gallagher, 2degrees, Stainless Design, Fieldays Innovation, The University of Waikato, Deloitte, Learning Works, Norris Ward McKinnon and Minter Ellison.  

Innes48 exposes participants to over 25 highly experienced mentors, high profile judges, inspirational speakers and a number of high-value workshops that enable teams to win cash, gain knowledge and grow networks needed to build a business. 

The competition model is different to the worldwide movement startupweekend.org as entrants are teams, they don’t necessary come with a pre-formed idea and have the ability to win cash rather than only in-kind prizes. 

“We have found this model to be very effective. The competition weekend is more about the learning experience, getting familiar with lean techniques, understanding the importance of a diverse team, opening doors and providing pathways for those willing to do the hard yards of building a business,” event manager Bianca Angel says. 

Another draw card this year is three high profile speakers that head up the opening ceremony on Friday 27 March; Mick Liubinskas, Melissa Clark-Reynolds & Robett Hollis. 

Joining from Sydney, Mick Liubinskas is a high-energy entrepreneur, advisor, investor and industry leader with many years experience, beginning at age 12.  His most successful company sold for $40m in just 13 months. His ambition is to create a global software business in Australia. 

While in New Zealand, Mick will also run a raising capital workshop during the morning of Friday 27 March. 

The Innes48 Hour Business Startup Competition, presented by ASB and organised by SODA Inc, will take place on 27-29 March at the Wintec Atrium in Hamilton.