{"id":38966,"date":"2023-10-20T14:59:59","date_gmt":"2023-10-20T14:59:59","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/this-program-will-pay-you-6000-a-month-to-build-a-startup-whats-the-catch-startupsmart\/"},"modified":"2023-10-20T14:59:59","modified_gmt":"2023-10-20T14:59:59","slug":"this-program-will-pay-you-6000-a-month-to-build-a-startup-whats-the-catch-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/this-program-will-pay-you-6000-a-month-to-build-a-startup-whats-the-catch-startupsmart\/","title":{"rendered":"This program will pay you $6000 a month to build a startup: What\u2019s the catch? – StartupSmart"},"content":{"rendered":"
\"blue-chilli-free-money-program-head\"<\/div>\n

In a bid to reinvent Australia\u2019s finance sector, startup incubator Pollenizer is launching a program that will pay founders $6000 a month to build new fintech solutions.<\/p>\n

The joint initiative with Sydney-founded global lending platform Pepper Money will take selected participants through a 12-week incubator.<\/p>\n

\u201cThe aim of the program is to disrupt the existing [finance] sector,\u201d Pollenizer partner Tim Parsons tells StartupSmart.<\/em><\/p>\n

\u201cIt feels like banking is still stuck in 1817, not 2017.<\/p>\n

\u201cStartup founders and even scale-ups are in a great position to change that.\u201d<\/p>\n

Instead of reaching out to an expensive consultancy for operational advice, Parsons says Pepper Money is working with Pollenizer to hack\u00a0its growth\u00a0through direct exposure to startups building innovative solutions from the ground up.<\/p>\n

\u201cDuring incubation the two entities will formally share any new [intellectual property],\u201d he says.<\/p>\n

\u201cAt the end, Pepper Money can purchase the IP and [the founders] can walk away and share it equally, or they can incorporate a new company and invest the IP into that.<\/p>\n

\u201cThe founder really has to come out of this in control of their destiny.<\/p>\n

\u201cPepper Money is not buying a dead startup with demotivated founders, it\u2019s buying highly motivated founders who are highly incentivised to go big.\u201d<\/p>\n

The catch is that Pepper Money gets \u201cfirst right of refusal\u201d over any other investors that approach the new startup.<\/p>\n

\u201cThe only right that they reserve is first dibs,\u201d says Parsons.<\/p>\n

\u201cFor the big companies that we work for, we always say ‘this is what you\u2019re buying, don\u2019t do this, don\u2019t do that and don\u2019t do that other thing otherwise we\u2019re walking away’.\u201d<\/p>\n

Pollenizer will hold a mini-hackathon on\u00a0Monday, December\u00a012, and Tuesday, December 13, where shortlisted applicants will compete for a spot in the incubator.<\/p>\n

\u201cThe focus is going to be on proof of problem and a little bit of proof of market,\u201d Parsons says.<\/p>\n

\u201cWe love ideas, we love great solutions.<\/p>\n

\u201cWe\u2019re keen to attract both slightly later-career professionals and female entrepreneurs.<\/p>\n

Hacking opportunities for startups and corporates<\/h3>\n

Parsons, who will lead the \u201cFree Money\u201d incubator, says programs like this are a new way for big companies and startups to share ideas, things they’ve learnt and outcomes to drive innovation.<\/p>\n

\u201cPepper Money stepped in as a major partner who have played their own game in the finance industry, they operated in a different way,\u201d he says.<\/p>\n

Pollenizer has run similar programs with with the likes of Horizon Power and is about to launch its fourth accelerator for CSIRO.<\/p>\n

\u201cInternal innovation needs to be fused with third party startups and scale-ups,” he says.<\/p>\n

\u201cThere\u2019s this bigger picture view of how you create growth, it doesn\u2019t have to be from operations \u2013 it can be from venture thinking.\u201d<\/p>\n

Follow StartupSmart on<\/em>\u00a0Facebook<\/a>,<\/em>\u00a0Twitter<\/a>,\u00a0LinkedIn<\/a>\u00a0and iTunes<\/a>. \u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In a bid to reinvent Australia\u2019s finance sector, startup incubator Pollenizer is launching a program that will pay founders $6000<\/p>\n","protected":false},"author":2,"featured_media":61469,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/38966"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=38966"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/38966\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/61469"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=38966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=38966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=38966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}