May 16, 2014
Lean times call for Advanced approach for startup innovators
Innovators looking for a competitive edge following changes to national support and funding programs in the startup sector can find the advantage they need through a lean approach to business acceleration at the University of Wollongong-based (UOW) business incubator, iAccelerate.
Major changes to the sector come as a result of this week’s Federal Government 2014-15 budget initiative to create a single entity called the Entrepreneurs’ Infrastructure Programme (EIP).
The EIP will supply $482.2 million over five years and replace a range of funding and support agencies including Commercialisation Australia and the Innovation Investment Fund, leading to savings of $845.6 million over five years by ceasing industry programs.
The iAccelerate Advanced program will give entrepreneurs the edge they need through access to a tried and tested pathway based on the methods used at the Accelerator Centre in Waterloo, Canada, which has during its eight-year existence created 120 companies, more than 1,000 jobs and injected CAD$100 million into the region’s economy.
UOW Innovation and Commercial Research Director and iAccelerate CEO Ms Elizabeth Eastland said the iAccelerate Advanced program would provide an opportunity for entrepreneurs who now more than ever need access to mentors and networks.
“With increased demand and competition for Government support and funds, entrepreneurs face a challenging environment. To turn their ideas into sustainable, high-growth companies they need every edge they can gain over their competitors,” Ms Eastland said.
“We know that barriers for startups to stay in Australia include costs like rent and parking or transport, which can be very high in capital cities. In Wollongong, commercial rent is less than half* of that in Sydney. The message that we want to get across to entrepreneurs is to stay local, but think global.”
The pitfalls commonly experienced by startups are eliminated through access to dedicated advisors in key business areas, a comprehensive training program, tailored mentoring and pro-bono professional services to fast-track their success.
iAccelerate’s distinct difference in the Australian startup marketplace is a two stream offering: iAccelerate Start, an ideas incubator; and iAccelerate Advanced, a business acceleration program.
The programs provide for up to three years residency at the incubator during which entrepreneurs will have their progress tracked against actions and developmental milestones that are pre-agreed to provide a clear roadmap to achieve rapid growth.
Media contact: Grant Reynolds, University of Wollongong Media & PR Officer, +61 2 4221 4743, +61 417 010 350 or email grantr@uow.edu.au.
Note to media: *According to the Property Council of Australia, rent for commercial space in Wollongong is $380, compared to $795 in Sydney and $670 in North Sydney. Figures cited in Advantage Wollongong Report, ‘Wollongong’s CBD Revitalisation’, 2012.
More: iaccelerate.com.au