Entrepreneurs' Challenge sees quality field vying for share of funding

Businesses from Auckland, Wellington and Queenstown have been shortlisted for this year’s $1 million University of Auckland Business School Entrepreneurs’ Challenge.

In releasing the names of the 16 shortlisted entrants today, Investment Committee chair Dr Brian Hannan said it has been very encouraging to include three businesses based outside of Auckland on the list for a share of $1m in development money in 2012.

“This year we made an effort to reach into the regions to assure them that, whilst we are Auckland-based, the Business School is a national institution that’s within reach of all New Zealanders, particularly entrepreneurs wanting help to go global with their products and services,” Dr Hannan says.

“The core competencies of the qualifiers are very good, and there is also tremendous diversity in the technologies and aptitudes shown by the companies successful so far. It was wonderful to see an increased number of companies based outside of Auckland putting their names into the hat this year, and to see regional businesses compete in the challenge. We look forward to more next year.”

Ranging from travel drinks and sychronised movie-style soundtracks for eBooks to medical recruitment and nanofibre manufacturing, this year’s shortlisted companies will be whittled down to a handful via due diligence and other determinations, before the final announcement of winners on October 30.

The shortlisted companies are:

1Above (Auckland)
Launched via a dedicated kiosk at Auckland Airport 18 months ago, 1Above is a drink targeted at helping the well-travelled to fly well, arrive ready and return home safely. Combining six essential electrolytes that hydrate fast to fight fatigue and support defense and circulation, the drink contains daily vitamin needs, including polyphenol extract that 58 clinical studies have showed to both reduce the impact of jet lag and support the circulation.

Aura Redeye Security (Wellington)
Redeye will scan your websites and networks every day to hunt for security holes, and when they are found, an expert team will alert you what the security risk is and what actions to take. Moving one step further is the company’s offering RedShield, which provides web defenses to protect websites from attack as a fully managed service. Aura Redeye is New Zealand’s first and only home-grown approved company for the scanning of credit card payments and processing systems security.

Booktrack (Auckland)
Booktrack has developed technology for a new genre of entertainment digital content that provides synchronised movie-style soundtracks to eBooks. Sound effects, music audio and ambient sounds are automatically paced to an individual’s reading speed, and synchronised to match the storyline. The result is a new immersive reading experience that has demonstrated increased comprehension and retention rates, and could help solve the global problem of declining literacy rates.

Career Analysts (Auckland)
Developers of the world-leading Software as a Service Solution - which combines strategic consulting, training and coaching support to deliver a world-class career experience to organisations and staff - Career Analysts’ solutions attract, motivate, develop, accelerate and retain talent for improved business performance. With success in New Zealand and Australia, the company wants to take the product to the United States and Britain, with the first step exhibiting at the renowned Global HR Technology Expo in Chicago in October.

Cossiga (Auckland)
Producing and marketing a range of premium food display equipment, Cossiga targets cafes, convenience stores, bakeries and industrial cafes to offer display solutions for all types of food. In the past five years, the company has undergone a transformation from domestically focused to export-led, requiring a shift in virtually every aspect of the business. Exports now account for more of the company’s revenue than at any other time in its trading history, with exports going to China, India, South Africa, Hong Kong, Dubai, Australia, Malaysia and other markets in the Middle East and Asia.

Electropar PLP (Auckland)
This company develops products and capability in the electrical field, from high voltage outdoor substations for export through to enclosures for the Ultra-Fast broadband programme. Electropar is investing in research and subsequent new capabilities to enable it to serve its markets within New Zealand and overseas, including ongoing work in 3D engineering with associated smart system manufacturing through CAD/CAM and rapid prototyping.

Konnect Net (Auckland)
Konnect Net has grown from its establishment nearly four years ago to be ranked the fastest growing emerging technology company by the Tinetwork TIN100 last year. Konnect’s first service SureMed, launched in April 2010 changed the game for the insurance and health sectors, enabling faster, more secure and more efficient interactions for insurance underwriting and claims. SureMed is now used by most major insurers and all GP practices. The company is now deploying new services that address longstanding issues across the insurance sector.

Manuka Health New Zealand (Auckland)
Manuka Health produces and sells natural health products based on bioactive compounds sourced from New Zealand’s unique native flora and fauna. Manuka honey (anti-bacterial), propolis (anti-tumour) and green-lipped mussels (anti-inflammatory) provide the health platforms for the business.

MedRecruit (Queenstown)
Australasia’s fastest-growing medical recruitment company has, over the past five years, become the No 1 provider of medical staffing to hospitals in New Zealand through a focused strategy of delivering to both the doctors and the hospitals exactly what they need and want. MedRecruit also makes the best match to increase staffing retention rates in hospitals.

Neat Meat (Auckland)
Formed in 2001, Neat Meat has set out to raise the standard of meat supply to New Zealand retail and food services by offering superior products and service. The recent winner of the coveted ‘Steak of the Decade’ at New Zealand’s ‘Steak of Origin’ awards, the company now has a stable of brands it either owns or is contracted to, such as Angus Pure, Wakanui, Firstlight, Silere Merino, Harmony Organic and more. It uses templates identifying an entire business model that works for New Zealand.

Pacific Rubber (Auckland)
Pacific Rubber aims to become the largest recycled rubber producer across Australasia, with the business materially reducing New Zealand’s landfill problem by re-using 10,000 tonnes of waste per annum. Pacific Rubber aims to recycle 70% of the North Island’s waste tyres by 2014, and have a multi-million-dollar export business.

Pack & Company (Auckland)
A hospitality company whose paramount focus is on creative ideas and innovation, Pack & Company unashamedly aims to be the best company within its industry – not measured on turnover, but by the strength, integrity and creativity of ideas and execution of them. Shaky Isles Coffee Co was created by Pack & Company in 2008, aimed at creating an independent café that was affiliated to the best coffee company in New Zealand.

Pukeko Pictures (Wellington)
An independent entertainment production house that is focused on the development of high quality entertainment programmes for a worldwide audience, Pukeko is based in Wellington and has a close relationship with Weta Workshop through the involvement of Sir Richard Taylor and Tania Rodger. Pukeko’s first production, award-winning children’s programme ‘The WotWots’ is currently broadcast in more than 100 territories worldwide. The company’s mission is to be an internationally recognised developer and manager of commercially successful quality entertainment intellectual property.

Revolution Fibres (Auckland)
This commercial manufacturer of nanofibres – incredibly fine fibres 500 times thinner than a human hair – has a newly-designed product called ‘Xantulayr’, which is a reinforcement product for high-performance composites and delivers a stunning 100% strength improvement in fishing rods. Higher strength means better performance (bigger fish on lighter rods), reduced breakages and competitive edge – and all of this from less than 1% by weight of Xantulayr nanofibres…truly big changes with small things.

SIMTICS (Auckland)
SIMTICS has developed a worldclass web-based e-learning environment that seamlessly integrates rich text, 3D anatomy/visualisations, high definition video of expert practitioners, and a virtual reality simulator. The underlying software platform, SIMTICS Mentor e-learning environment with integrated cognitive simulator, is designed for any use in any industry which requires training in complex procedures and objective testing of competence.

Teknique (Auckland)
This company develops innovative video technology that is licensed into cool hi-tech consumer products worldwide. With some of the world’s largest action sports camera brands in its product portfolio, Teknique is expanding its presence and on an adrenalin-powered growth path into the automotive and consumer security industries. It has its sights set on the American market.

The Entrepreneurs’ Challenge, set up three years ago from $3 million in seed funding given by ex-pat financier Charles Bidwill, has seen ten New Zealand companies provided with funding to take their companies to the world.