inaugural program in January<\/a>.<\/p>\n\u00a0<\/p>\n
The scheme, helmed by a raft of mentors including Atlassian co-founders Scott Farqhuar and Mike Cannon-Brooks and Deliotte partner Damien Tampling, aims to back the next generation of leading web and software start-ups in Australia.<\/p>\n
\u00a0<\/p>\n
Niki Scevak, another Startmate mentor, says that the newly-released documents could help start-ups slash their legal bills from $20,000 to around $2,000.<\/p>\n
\u00a0<\/p>\n
\u201cYou will still need a lawyer, of course, but this template will get you 95% of the way there,\u201d he says.<\/p>\n
\u00a0<\/p>\n
\u201cWhen you are raising money, there is a lot of back and forth to work out various terms, so this helps move that process along.\u201d<\/p>\n
\u00a0<\/p>\n
\u201cIt will help transparency and introduce terms to Australian start-ups that they\u2019re not familiar with. It also has information on company structure, so even if you\u2019re not raising money, it will help you incorporate.\u201d<\/p>\n
\u00a0<\/p>\n
Scevak says that many start-ups in Australia are unaware of terms such as preferred equity and founder vesting, which are commonly used in the US.<\/p>\n
\u00a0<\/p>\n
\u201cThe concept of founder vesting is that while usually there is a 50\/50 split between co-founders, and someone leaves and the company is hampered, this term will allow for a more graceful exit,\u201d he says.<\/p>\n
\u00a0<\/p>\n
\u201cThis is by far the most common area in which start-ups here don\u2019t understand.\u201d<\/p>\n
\u00a0<\/p>\n
Scevak adds that the next round of Startmate applications will open in October, with more mentors and further integration with the US start-up scene set to be incorporated into the program.<\/p>\n
\u00a0<\/p>\n
The Startmate documents can be accessed by clicking here.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Tech start-up incubator Startmate has made available all the documents it uses to make investments, to help new ventures with<\/p>\n","protected":false},"author":2,"featured_media":61076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/40831"}],"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=40831"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/40831\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/61076"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=40831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=40831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=40831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}