In line with the first anniversary of University of South Australia’s Innovation and Collaboration Centre (ICC), three student-formed startups have been named the winners of this year’s Venture Catalyst program.
The seed funding program, which was established by the University in conjunction with the South Australian government in 2014, offers students or recent graduates up to $50,000 in seed funding to help commercialise their ideas and nurture their entrepreneurship growth.
This year’s winners stretch across three distinctively contrasting industries, with startup companies MAATSUYER, Analytix Software and Snake Oil Tonics to receive $50,000, $50,000, and $33,000 in funding respectively.
Soon to join the fashion industry, student startup MAATSUYER will brand its own luxurious woolen apparel for men.
Launching in April 2017, the business has developed supply chain partners within Australia and overseas, which will be key in expanding the startup’s potential consumer reach after launch.
Analytix Software, meanwhile, is a cloud-based learning machine business that will put a spin on data interpretation across multiple industries.
The company provides diverse technology solutions to meet industry needs, supporting other businesses to help them understand existing data to help educated decision making.
Receiving the $33,000 in funding, startup Snake Oil Tonics is based around producing a bespoke tonic syrup using a Cinchona based cordial.
This product will allow consumers to enhance the flavour of their drinks and adjust the taste however they choose; the tonic is specifically designed to compliment gin.
Professor David Lloyd, vice chancellor of UniSA, said the program awards the entrepreneurs’ major success in the early stages of their startup journey.
“The products and services being created by these start-up companies are wide ranging and demonstrative of the resourceful, innovative, and entrepreneurial skills of our students as they shape the startup landscape,” he said.
Previous winners of the Venture Catalyst program include Jemsoft, a computer vision company providing image and video analysis capabilities to enterprise and developers, and myEvidence, which has created a system that helps police and other investigators gather and present evidence.
This year’s winners are now eligible for further funding and support from the ICC. Aimed at students, entrepreneurs, and SMEs, the ICC was developed through a partnership between UniSA, the South Australian government, and Hewlett Packard Enterprise.
It offers services and expertise in business growth, business management, strategy and marketing, commercialisation, design, and technology.
Image: the Venture Catalyst winners. Source: Supplied.