Tindall behind business bootcamp

Sir Stephen Tindall's K1W1 investment fund is backing a business accelerator programme. Photo / Natalie Slade

Ten startups, 12 weeks and $18,000 of funding - it is an incubation bootcamp that has Warehouse founder Sir Stephen Tindall looking for the next generation of entrepreneur.

Tindall's K1W1 investment fund, has thrown its weight behind business accelerator programme Lightning Lab 2013.

Tindall said K1W1 invested because Lightning Lab is the sort of influence and support entrepreneurs needed to create globally successful companies.

"I think it's a great investment opportunity for K1W1 to get behind," he said.

"I look forward to seeing the next generation of inspiring startup teams at demo day."

K1W1 and Sparkbox, a specialist high-growth startup investment fund, sit alongside other investors in selecting and investing $18,000 in each start-up.

Teams then spend 12 weeks growing their business in the Wellington-based lab.

Applications are open, in return Lightning Lab will look for 8 per cent equity in the startups.

Each team works closely and intensively with Wellington-based lead mentors, and other national and international business experts are flown-in to offer advice.

Steve O'Connor, chief executive of startup and innovation centre Creative HQ, said the support meant teams would be exposed to world- class investors, and New Zealand's best business brains.

At the end of the intensive incubation period it is demo day, and teams will pitch their startups to a room filled with investors and market partners.

O'Connor said 50 per cent of accelerated startups were successful - a number he hoped to increase.

"The proof is in the pudding."