Citrix to offer $400k in seed funding to tech start-ups
Citrix Systems, a US-based enterprise software company, developed the program in a bid to find the “best and brightest” new businesses in the areas of mobile and cloud computing.
The company identified Sydney as one of the key global tech centres for the program, in addition to Silicon Valley, Cambridge, Boston and Bangalore.
Entrepreneurs from these cities will compete for six places in the program, which includes up to $400,000 in seed funding.
In addition, participants will have access to the Citrix Startup Accelerator Center in Silicon Valley for up to 18 months, and will receive business mentoring and leadership.
According to the company, the program is focused on “new technologies and business models that have the potential to enable new capabilities in areas such as virtualisation, cloud, mobility, networking, security, storage, collaboration and SaaS.”
Citrix is looking for the following qualities in prospective program participants:
- Innovative business solutions using the latest technologies.
- Clear explanation of how your solution addresses mobile business.
- A superior user experience based on insights into human behavior.
- Emphasis on solving business problems and simplifying our digital lives.
- A compelling business plan and scalable business model.
There are certain things Citrix is not looking for, including the following:
- ‘Me too’ businesses. For example, the next Groupon or device-locking offering.
- Vertical applications such as restaurant booking systems.
- Consumer-applications such as dating sites.
- Growth funding. For example, building out the team or to better sell alongside Citrix.
Citrix says it is “searching the globe” to find entrepreneurs that can combine these elements into a compelling business.
“To do that, we’ll give you a shot but you need to be clear and concise on how you’ll build your company and make it happen,” the company says.
“In your application, include a one to two-minute video where you talk to us about your company, solution, goals, team or whatever you feel is compelling and exciting about your start-up.”
Michael Harries, of Citrix Startup Accelerator, believes great innovation needs a global focus, hence the creation of the Global Challenge.
“Citrix has long pioneered alternative desktop visions and is the leader in virtual computing, so new ways to solve the desktop problem are particularly interesting,” he says.
“If your start-up has new approaches to desktop computing, to the use of mobile, or emerging use cases, we’d love to hear from you.”
Applications close on May 27.