The Australian accelerator program sector demonstrates potential to contribute more than $110 billion to the Gross domestic product (GDP) of the country.
Making sure your team is the right acceleration program can be a stressful task. With many options available, the application procedure could be strict and intense. Keep in mind that it is crucial to have a clear idea of the reason you and your team are planning to participate in a start-up accelerator.
What is a Start-up Accelerator Program?
A start-up accelerator is a detailed two to three-month program that operates with specific companies (those with specified customer profiles, fixed teams, and minimum viable products) to introduce them into improving and maximizing their business. The idea behind this program is captivating potential investors and creating relationships with experienced corporates to use them as a testing grounds for their beta products. Usually, start-up accelerators emphasize in areas like environment, technology, art, etc. After the selective application process and acceptance, start-ups receive education, potential funding, networking, and education.
Majority of start-up accelerators implement the following stages:
1: Application Period:
This a demanding process for the funding teams as they must give critical introspection to every single potential candidate. Consequently, the application process focuses on the business foundation and founder’s profile. Characteristics like availability, commitment and business framework are carefully assessed.
2: Program launching
At this early stage, the program focuses on:
- Introducing the members of the accelerator staff, stakeholders, and funding team networks
- Orienting successful candidates to available resources, procedures and working environment
- Core aspirations on monitoring progress, program outline and data communication
- Social interactions. The funding members and start-ups will meet each other and finding common ground and understanding.
3: Program trajectory
According to the acceleration company, employed approach and current industry, start-up acceleration program methodology varies. For example, teams can drive their focus on creating pilot testing projects, monitoring self-imposed weekly milestones, working sessions with experts, pitch training, networking events, weekly schedule, among others.
4: Demo day
Generally, start-up accelerators are investor-oriented programs. For that reason, it is common practice to conclude the program with a Demo Day where the start-up teams explain the value they can provide with their ideas to an audience of networking companies, sponsors and investors.
Sydney is a city that compromises a predominant start-up culture and innovation. Here are five recommended start-up accelerators you will find in Sydney.
Fishburners focus on creating a community for start-ups by providing working spaces for their development. Depending on the needs of the customer, working facilities provide multiple availability schedules. The idea behind sharing working spaces is to build open networks to share skills and experiences. There is a wide variety of experts with different backgrounds involved in these open networks; accounting, consulting, marketing, etc.
Also, Weekly educational events are carried out with a mentoring, virtual platforms, and introduction to VC & investors. Since 2011, Fishburners has created more than 350 start-ups, 800 jobs and $35m in revenue.
BlueChilli is a funding accelerator program specialised in construction and new tech start-ups. It has the only venture-backed accelerator program for women-led start-ups in Australia that includes:
• Exclusive offices to create ideas from scratch to product launch
• Training start-up strategies to grow ideas towards success
• Creating partnerships with Australia’s leading brands
• Access to venture capital
Since 2013, 25fifteen has identified opportunities with young business entrepreneurs that have a bright vision in themselves, then proceed to understand the demand for the services they have in mind. This start-up studio consists of a team of successful corporate CEOs and industry veterans with broad experience in networking as well as access to capital.
Their focus is to promote business value by supporting successful entrepreneurial ideas that approach issues within the current Australian context that are yet to find a solution. 25fifteen does this by committing with co-founders on a range of projects to maintain the quality of start-ups that can be sure of profitable gains.
The Antler program produces dozens of tech ventures every year and takes the notable step of helping founders pair together on a new product, take on basic funding with the aim of presenting an MVP at Demo Day. There is a some selective process here with graduates of the program often seeing investor success afterwards.
The Antler network is also a global one with thousands of co-founders and ecosystem partners found all over the world.
The Founder Institute
Since 2009 their methodology has helped over 4,500 companies. Start-ups can enjoy an equity collective integrated of professional mentors that are ready to guide founders for success. During the orientation, business founders will be classified into the “launch Track” or “Growth Track” depending on the stage of the business. This segregation aims to perform a Go-To-Market strategy and at the same time, with live product, customer on traction and funding.
During the program, you can also find out key performance indicator that experts will analyse the validity of these metrics and create a plan to share updated tabulations and progress every week of the program.
Why join a startup accelerator program?
Business founders are interested in accelerators for several reasons. Keep in mind that it is about acquiring insights into the following:
- A network of investors and experts related to your industry
- Broad market segments through pilot-projects with corporates
- Capital in exchange or not for equity
- Advice from experienced business owners to guide start-ups question and their business strategy
- A community of business founders like you, who are going through similar challenges.
If you would like to find guidance about startup accelerators, please contact us today.