Melbourne entrepreneurs demonstrate potential

The Melbourne Accelerator Program (MAP) is a start-up accelerator run by the University of Melbourne. 

The first of its kind in Australia, it has achieved significant success in its inaugural year, and aims to create a culture of entrepreneurship at the University and help staff, students and alumni make their idea a reality.

MAP provides each start-up with $20,000 in funding, mentoring and office space throughout the program. Unlike most private accelerator programs, MAP does not take any equity in return. Instead, the University is hoping to contribute to the Melbourne entrepreneurial eco-system and provide opportunities for aspiring entrepreneurs.

The first year saw two of the four start-ups raise $700,000 in investment and a third win a prestigious national energy award. 

“Venuemob”, a startup which has refreshed the venue booking industry by providing users with a simple-to-use database of party and function venues in Melbourne, has raised $450,000 in a funding round led by Optus SingTel Innov8.

“121cast”, a startup developing a free, personalised radio station app that converts text based ‘social’ news and information to speech to keep users ‘entertained as they go’, raised $250,000 in a funding round led by Optus SingTel Innov8 alongside co-investor Adventure Capital.

Separately, the founder of a third start-up in the program, Braden Kidd, received first place in the Australian Institute of Energy – Victorian Postgraduate Student Energy Awards for his new technology that has the potential to revolutionise the efficient distribution of renewable energy; particularly in remote applications.

“This outstanding result has demonstrated that there is significant entrepreneurial talent on campus and that it can be supported through an innovative program such as MAP. We’re delighted to see 121cast and Venuemob raise funds which will allow them to rapidly grow their businesses,” says Rohan Workman, Community Manager of MAP.

The mentoring during the program has provided significant value to the start-ups with mentors including entrepreneurs, venture capitalists, angel investors, patent attorneys, digital agencies, finance experts and academics. One mentor went on to become a non-executive director of one of the start-ups while another participated in a funding round.

The recognition for three of the four start-ups in MAP has capped off a positive first year for the new initiative in the School of Engineering, attracting strong interest from students keen to take advantage of the structured mentoring and financial support the program offers. Students benefit from coaching and advice from University alumni and from local entrepreneurs. 

Dean of the School of Engineering, Professor Iven Mareels, says the latest news is a solid validation of MAP and its support and development of emerging entrepreneurs. 

“The Melbourne School of Engineering is determined to continue to foster a strong culture of entrepreneurship among our students, staff and graduates by providing outstanding new entrepreneurs the opportunities they need to succeed,” he says.

www.map.eng.unimelb.edu.au