Velocity programme wins Global Entrepreneurship Network NZ Award

27 October 2023

The University of Auckland I Waipapa Taumata Rau, has been recognised for the outstanding achievements of its Velocity entrepreneurship development programme by the Global Entrepreneurship Network New Zealand (GEN NZ). Velocity recently was awarded for Academic Initiative of the Year at an event held at GridAKL’s Future Lab.

Velocity (previously Spark) is New Zealand’s longest running university entrepreneurship development programme, delivered by the University of Auckland Business School’s Centre for Innovation and Entrepreneurship (CIE) in partnership with a student-led committee and supported by New Zealand’s business community.

Each year, Velocity offers a year-long comprehensive programme, free of charge to students and staff of all faculties of the University of Auckland. Participants can pick and choose which parts of the programme they wish to partake in, from inspirational seminars to workshops to start-up planning competitions. Its flagship Velocity $100k Challenge competition offers a share of a $100,000 prize pool, which includes places in the six-month Venture Lab incubator, where start-up ideas are brought to life.

Over its 20-year history, over 10,000 people have participated in the Velocity programme. An audit conducted last year showed that alumni from CIE have ignited 276 ventures, created 3,260 jobs and raised more than $1.39 billion in capital. Most of these results have stemmed from its legacy programme Velocity.

The Global Entrepreneurship Network is an international organisation, created to strengthen entrepreneurship around the world. GEN New Zealand Chair Dave Moskovitz says, “Helping students get hands-on experiential education in the craft of entrepreneurship is a key ingredient for transforming Aotearoa into an entrepreneurial powerhouse. Velocity’s measured outcomes speak for themselves – it’s a fantastic programme. At GEN NZ, we really like to see initiatives that encourage community collaboration that brings together diverse people and skills, and Velocity does this really well. Velocity faced some stiff competition for this award, but they certainly deserved the win.”

CIE Director Darsel Keane says “I’m delighted to have received this award on behalf of the huge number of staff, students, alumni, volunteers, business leaders and sponsors that make Velocity possible. It’s a huge community effort and this award is especially special, to be recognised by the community we serve.”