RAC Seedspark was the first “enterprise accelerator” in Perth, and they’ve just announced Round Two, again in partnership with Spacecubed.
Program Director Jamin Hirte said the program provided entrepreneurs with the funding and support to get mobile applications off the ground.
“SeedSpark is all about supporting local entrepreneurs and creating a better WA. Based on our success and feedback from last year, we see an opportunity to continue to help startups by investing in them and providing strategic support from RAC, and are delighted to once again invite WA startups and entrepreneurs to pitch their ideas.”
Spacecubed Founder Brodie McCulloch said this year RAC SeedSpark will take an equity stake in its selected finalists, and will introduce an RAC Member’s Choice award category.
“After the huge response to the 2014 RAC SeedSpark program, we are excited to be working with RAC to launch round two and support more West Australian entrepreneurs to get their ideas to market,”
“Three finalists will have opportunity to participate in the eight-week RAC SeedSpark accelerator program, where they will receive funding and mentoring to help build, prototype and commercialise their products.”
“The finalist teams will also have access to RAC’s extensive member base and network to implement their app roll-out, garner support and acquire a customer base.”
The entry categories for 2015/16 are:
- Motoring – meeting the changing needs of tomorrow’s vehicles and tomorrow’s drivers
- Lifestyle – protecting and enhancing the lifestyles of Western Australians
- Travel and Tourism – connecting and promoting WA’s assets and icons
- Insurance – creating the next generation domestic insurance product or service
This year, two prizes of $20,000 for four per cent equity will be awarded in the above categories, a pre-money valuation of $500,000 on every finalist.
A final prize of $20,000 for zero per cent equity will be awarded in the ‘For The Better’ category – a Member’s Choice winner as voted by RAC’s member network.
//SN’s comment: The RAC Seedspark program was a great initiative last year, and the winners have been genuinely helped by the program. Good to see “proper” valuations and equity stakes being introduced, there’s a real incentive for RAC to remain involved with the startups once the program is over, and they get a real valuation from it. Well worth applying for!
For more information including key dates for RAC SeedSpark Round Two visit racseedspark.com.au
