A new model is being introduced to the Audacious Challenge - an entrepreneur-in-residence.
There are two rounds in the tertiary student start-up support system, the first focusing on idea development and the second on developing the idea into a business.
During the second phase of this year's competition, two entrepreneurs will be employed to work alongside those second-phase students to help them build their business.
Those entrepreneurs, who will work on their own business part-time, will use their experience and knowledge to coach the students.
It is the first time the model has been used in a business competition in New Zealand.
"This is an innovative and collaborative approach," Upstart Business Incubator chief executive Steve Silvey, who is managing the Audacious business plan competition this year, said.
"It's a chance for people to support their own business goals and at the same time contribute to the wider Dunedin start-up scene, which is right behind the initiative.
It is also a very flexible concept and can be tailored to the right candidate."
The students would have coaches who were actively engaged in business, delivering first-hand experience, contacts, resources and guidance.
The entrepreneurs could receive business support from Upstart, free office space and business services, a free paper (towards a degree such as a Masters of Entrepreneurship) at the University of Otago or Otago Polytechnic and the chance to pitch for funding to the Otago Angels investor group.
The successful applicants will spend four to six months (negotiable) in Dunedin. Applications close on June 8 and interested parties are encouraged to attend the Audacious round one awards night on June 1.
