Massey Innovation Prize 2023
Terms and Conditions
The Massey Innovation Prize 2023
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Terms and Conditions
The Massey Innovation Prize is a competition run by Massey Ventures Ltd.
Applications are open to Massey University academic and general staff, and students to submit early-stage ideas with commercial potential.
The winner will receive up to $50,000 of seed investment from Massey Ventures.
Process
Entries Open
Submit your entries via the link.
September 3rd – Entries close at 11:59 PM
Submissions received after this time may be ineligible.
September 8th – Finalists are announced
September 18th to 26th – 1-on-1 Workshops
Massey Ventures works individually with the shortlisted teams to refine their idea and develop an Investment Pitch.
October 6th – Massey Innovation Prize Finals
Finalists present their idea at the Massey Innovation Prize finals to a panel of external judges.
The judges will assess ideas based on their commercial potential and select a winner for the seed investment prize.
The Prize
The winner will receive up to $50,000 of seed investment from Massey Ventures. All finalists will also receive personalised feedback from the judges.
The prize is not a grant or free money. It is an investment toward achieving commercial outcomes which may include the sale or licensing of the idea, or the formation of a spin-out company:
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For projects involving Massey University Intellectual Property (for example, Massey University staff activities) the prize is awarded to an RM account to be spent on achieving mutually-agreed commercialisation milestones in line with the Massey University Intellectual Property Policy and the Massey Ventures commercialisation agreement.
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For projects that do not currently involve Massey University Intellectual Property (for example, student’s ideas that do not involve Massey University staff) Massey Ventures will negotiate fair and reasonable investment terms with the inventors. If the winners wish to accept the prize, the prize is awarded to an RM account to be spent on achieving mutually-agreed commercialisation milestones whereby Massey University can contribute to developing the intellectual property.
The winners of the Massey Innovation Prize are under no-obligation to accept the prize.
Access to follow-on investment is potentially available through Massey Ventures via the PreSeed Accelerator fund of up to $250,000 or more provided the project makes satisfactory progress.
Funding may be amended, withheld, or withdrawn, at Massey Ventures sole discretion for any of the following reasons:
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The idea, innovation, or technology no longer shows commercial potential.
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The project team has not made satisfactory progress toward the agreed upon milestones.
If the project no longer shows commercial potential, Massey Ventures and the winning team may agree to redirect the remaining prize toward another project that shows commercial potential.
Eligibility
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At the time of submission, at least one applicant must be employed at Massey University as academic or general staff or enrolled as a Massey University Student.
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There is no limit on the number of applicants per application.
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Applicants can submit multiple applications, providing that each idea is materially different.
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Applications relating to a technology that has already received investment from Massey Ventures Limited are not eligible to enter the MIP unless there is a materially different application or aspect presented.
Confidentiality
All applications are confidential. Judges will be bound by confidentiality, as will potential invited observers.
General
Massey Ventures reserves the right to amend the terms of the Massey Innovation Prize at any time.