In response to the recently released Deloitte Private Silicon Beach report which found that less than one in twenty Australian start-ups are scaling into sustainable global businesses, the 2013 ANZ Innovyz START accelerator program announced today that the application deadline has been extended to 14 December 2012 – so more Australian tech SMBs have time to apply.
Modelled on the renowned US-based TechStars program, ANZ Innovyz START is specifically focused on successful tech enterprises that have passed the start-up process and are ready to scale up their business. Ten business owners from around the world are chosen to take part and relocate to Adelaide for a 13-week intensive mentorship program. As part of the program, business owners will receive support and advice from more than 30 mentors, including CEOs and corporate executives who have started, grown and exited companies. Participants work with mentors to help refine their business models, shape their marketing and product strategies, and prepare for global growth.
Dr. Jana Matthews, Managing Director of ANZ Innovyz START said: “Australia has one of the most vibrant start-up populations in the world with 10.5 per cent of the adult population setting up or owning a new business, yet only a handful of start-ups are able to scale up into sustainable global businesses. Growth is not just a game of chance, there is a methodology that can be applied to support businesses and prepare them to go global. This is a key focus of accelerator programs such as ANZ Innovyz START.”
From the outset, the ANZ Innovyz START program was designed to be global and received 134 applications from 17 countries to its first program. Companies selected included seven from Australia [Sydney (1), Brisbane (1), Adelaide (5)] and three international companies [USA (2) and New Zealand (1)]. The inaugural class received more than $1 million in commitments and $550,000+ in actual investments within a month of graduation. Six of the companies are currently negotiating with investors for another $2 million+.
The Silicon Beach report also found that Australian entrepreneurs are less likely than their overseas peers to venture into new markets. Silicon Valley entrepreneurs tackle new markets 15 per cent more often than Australian entrepreneurs, while New York entrepreneurs pursue new markets 12 per cent more often.
Dr. Matthews noted: “It is essential that Australian entrepreneurs learn how to build strong businesses that can expand into new markets all over the world. From the beginning Australian entrepreneurs need to build their business to grow beyond the confines of the local market. The goal of our program is to help tech businesses break-through the barriers to growth. The findings of the Deloitte Private report underscore that Australian entrepreneurs need more education, training and support in growing and going global.
“Our first response to the report was to immediately extend the application deadline for two weeks so that any web 2.0, software and mobile company in Australia that wants to grow will have time to apply for ANZ Innovyz START. Our next accelerator program begins 21 January, 2013. Our second response is to offer more Leader Forums in all the capital cities in Australia to CEOs, in any industry, who want to grow and need more knowledge and skills to do so.