BNZ teams up with Richard Branson's Virgin and Air NZ in challenge to entrepreneurs

The Bank of New Zealand has joined forces with Richard Branson's Virgin Group and Air New Zealand in an initiative to encourage local businesses to expand overseas.

BNZ and Virgin say they're "challenging" Kiwi companies to prove they have the “right stuff” to go global. Their BNZ Presents: The Virgin Business Challenge will see local firms pitch to a New Zealand business panel for a Virgin, BNZ and Air New Zealand prize package.

"To be considered for this business lift off, Kiwi entrepreneurs must demonstrate creativity and innovation with the potential to go global, aspire to reach NZ$50 million turnover within five years and live up to the Virgin values of being customer centric, challenging the status quo, being ethically driven and having a sense of fun," they said.

The challenge's prize package includes spending time with Branson; a NZ$100,000 cash prize from BNZ to support the internationalisation of the winning business, a BNZ business education scholarship, mentoring from Virgin and BNZ executives, plus access to Virgin's worldwide meeting rooms.

"Air New Zealand and Virgin Australia will also provide the winning business with a world of opportunity via an exciting travel package which includes a choice of domestic and trans-Tasman destinations, as well as flights to the global business capitals of London, New York and Geneva. To enter, entrepreneurs should go to the BNZ website at bnz.co.nz/virginchallenge."

Branson said Virgin was looking to New Zealand as a "great source" of talent and ideas.

“We know that there are many New Zealand businesses with the potential to succeed at the highest level and through the Virgin Business Challenge we hope to be able to play a role in helping them overcome the challenge of going global," said Branson.