A generous three-million-dollar foundation gift from New Zealand philanthropist and businessman, Charles Bidwill, has enabled the launch of The University of Auckland Business School Entrepreneurs’ Challenge. The Challenge will provide finance, mentoring by successful business people as well as profile and prestige to New Zealand SMEs that are seeking funding for business growth either domestic or international. Up to one million dollars annually will be made available for investment.

New Zealand ‘punches above its weight’ on the world stage in many arenas. Business is no exception; but to enhance the future prosperity of our country we must continually develop, refocus and redefine our competitive advantage and value-add. This is difficult for established businesses to do in today’s economic environment and smaller, younger companies are finding it even more challenging.

Generating ideas is a necessary condition for wealth creation but, in itself, it is not sufficient. We need to be able to turn such ideas into profitable products and services, ones that can be marketed effectively, distributed efficiently and that will ultimately create opportunity and prosperity for New Zealanders.

Charles Bidwill’s extraordinary gift will enhance New Zealand’s economic growth and productivity. It is an exciting initiative that complements the spirit of enterprise and innovation already in place at The University of Auckland Business School.