The Government-funded growth centre, METS Ignited, is on the hunt for startups to join its new accelerator program, in collaboration with four other big-hitters.
The RISE scale-up Accelerator was announced in Brisbane earlier this week, and will see METS Ignited working alongside fellow growth centre, National Energy Resources Australia, as well as KPMG and the Queensland and WA State Governments.
The accelerator’s name comes from the three sectors it’s targeted at: resources innovators, scale-ups and entrepreneurs, who have proven solutions to the mining and energy resources sectors’ big issues.
Successful applicants will have the chance to benefit from financial, marketing, commercial and technical experts to help grow their business, and accelerate its commercialisation.
Participants are also set to regularly meet with potential customers, fostering connections and collaboration opportunities that underpin METS Ignited’s operations, as General Manager Industry Engagement Peter Clarke told Startup News earlier this year.
METS Ignited acting CEO Ian Dover told the program’s launch this element is both unique and vital.
“The scale-up accelerator is different to most in that it runs two parallel streams: one for corporate partners and one for SMEs, supporting collaboration for industry innovation,” he said.
“Collaboration is an essential ingredient in fostering growth in the priority sectors that the Industry Growth Centres are supporting – the expansion of the program will help to create more opportunities for mining supply companies to connect with more mining customers.”
NERA CEO Miranda Taylor said she hopes the five big players coming together will help boost Australia’s international standing in the space.
“We are proud to be collaborating with our fellow project partners to expand the RISE program into Australia’s energy resources sector,” she said.
“Together our mission is to strengthen Australia’s position as a global hub for innovation in mining and energy resources sectors, and through initiatives like RISE, we can enhance the global competitive advantage of Australian industry and support the development of a world-class, innovative supply sector.”
This new opportunity builds on the 2017 Igniting METS accelerator pilot, which saw KPMG deliver a similar program to startups alongside METS Ignited and the Queensland Government.
At the time, then-METS Ignited CEO Ric Gros said the pilot formed part of a ten-year road map to overhaul Australia’s innovation cycle, improve collaboration between METS companies and miners, and reduce risk in investment.
What are they after?
According to the RISE Accelerator website, applicants must have a product or service that “is distinctive and has a realistic prospect of becoming commercially successful.”
This includes prototypes, products ready for implementation, or solutions that are already proven.
Participants should also be able to commit one day a week to the program, in either KPMG’s Perth or Brisbane offices, and have at least two full-time staff.
Startups should also be able to show the potential of the product to “provide substantial benefit” to Australia’s mining and energy resources sector, and have received at least $200,000 in seed funding with “demonstrable evidence of customer validation of the value proposition for [the] product,” or have customers on the books.
Applications close 31 January 2019, before the accelerator kicks off in March.
To learn more, click here.