Govt-ANZ teamup for start-ups

The government and ANZ are offering a $60,000 prize pack to encourage start-ups and small-scale businesses to expand.

Organisers of the ANZ Flying Start competition, launched by the the Ministry of Economic Development through business.govt.nz and ANZ, are looking for the best business plan by a new or fledgling New Zealand business with less than $1 million in annual turnover.

Those who have not yet started trading are also eligible to enter.

The organisers will also offer free workshops, mentoring and advice to 51 entrants who'd make it to the regional finals. The top finalist from each of the 17 regions will get a prize pack worth $3000 each.

ANZ Business Banking managing director Fred Ohlsson says lack of business planning is often the reason many new businesses fail.

"Nearly all the business ideas we see are great, however sometimes people haven't always thought through and covered off all the details like how they will get paid or researching if there is a genuine market for their product or service. Once detailed planning is in place, there's less chance of things going wrong.''

Economic Development Minister Maurice Williamson says the competition is a necessary support to the small and medium enterprise which make up the bulk of Kiwi businesses.

"Small businesses are the lifeblood of the New Zealand economy and I support any initiative that encourages businesses to start and grow.''

Ohlsson says the economic downturn has not stopped people from looking to grow and seeking support from their bank, with many taking advantage of the $3 billion in new lending ANZ pledged to assist small and medium businesses last December.  

The competition closes on June 3.

- BusinessDesk