A working group has been established by eGroup to help create and secure investment for successful Tech Startups via establishment of a technology accelerator here in Perth.
The accelerator will be based on successful models utilised in the US such as Techstars and Y-Combinator and drawing on experience in Australia from successful programs such as StartMate in Sydney. There are currently in excess of 2,000 accelerator programs globally of which 214, tracked by Jed Christiansen who works for Google in London, have nurtured more than 3,700 startups. Between them, those have raised $4 billion in follow-on funding, generated exits worth $1.8 billion and created 15,855 jobs so far.
The Perth accelerator program will provide between $20,000-$50,000 seed capital per startup in return for a small equity stake. The program will be 3-6 months in duration and will include mentoring from successful Entrepreneurs. The program will also include assistance in further capital raising should that be required from early stage investors.
The working group will be chaired by Robert Nathan who is currently secretary of eGroup and has been on the eGroup Committee for over 3 years. Robert is also is CEO and Founder of AustralianTenders.com Robert is joined on the working group by Peter Van Bruchem of Acceleration Venture Catalysts (AVC) and Jamie Lyford of AVC and Elevation Legal.
Working group Chairman Robert Nathan, said:
“With this new accelerator we are aiming to help bridge the funding gap experienced by many startups here in Perth and help to spawn the next Spreets, Ozforex or Freelancer. We are hoping to slow the braindrain of promising companies and founders leaving Perth who go east or to the US to secure funding. We see an accelerator as an important addition to the growing local startup scene and also giving Perth’s Successful Entrepreneurs the opportunity to contribute to and share in the success of the next generation of local startups”.
It is anticipated that the accelerator will be funded by a combination of funds from Mentors, Angel Investors and through corporate sponsorship. The program will invest up to 10 Startups depending on the level of support received.
The goal is to have the accelerator operational for its first intake over the 2014/15 summer. Further details of the accelerator will be revealed shortly.
Further information will be provided via the eGroup website and email [email protected].
