Newly launched accelerator Slingshot plans to invest in around 100 start-ups over the next five years, investing as much as $100,000 in each start-up via a $10 million venture fund.<\/p>\n
<\/span><\/p>\n <\/p>\n Based in Newcastle, Slingshot is a high tech accelerator that provides seed funding, a co-working space and a 12-week mentoring program. It was launched yesterday by Greg Combet, Minister for Industry and Innovation.<\/p>\n <\/p>\n Slingshot is raising $10 million to invest in each start-up accepted into the accelerator program, as well as to participate in follow-on investments with angel investors and venture capital firms.<\/p>\n <\/p>\n It is partnering with early-stage venture capital firm Artesian Capital Management, who launched the $10 million Sydney Angels Sidecar Fund in 2011.<\/p>\n <\/p>\n The Slingshot Venture Fund plans to invest in approximately 100 start-ups over the next five years.<\/p>\n <\/p>\n The investment strategy of the fund is to gain exposure to high-quality, capital-efficient, technology-focused startups that have been selected, screened and mentored by Slingshot.<\/p>\n <\/p>\n The fund plans to make investments of up to $50,000 in all start-ups selected for the accelerator program and follow-on co-investments of approximately $200,000 in selected start-ups.<\/p>\n <\/p>\n \u201cWe have followed the success of the early accelerator entrants in the US, particularly Y Combinator and TechStars, and have been inspired by the plethora of accelerators globally,\u201d co-founder Chris Lambert told StartupSmart<\/i>.<\/p>\n <\/p>\n Lambert says it took about eight months to launch Slingshot after partnering with Trent Bagnall, the other co-founder.<\/p>\n <\/p>\n \u201cWe have been to the US to look at exit strategies, secured a strong partner group, and have been able to bring in a recognised and experienced fund partner,\u201d Lambert says.<\/p>\n <\/p>\n Lambert and Bagnall were initially introduced to Artesian Capital Management by PricewaterhouseCoopers, which has come on board as their advisors.<\/p>\n <\/p>\n \u201cWe knew of their credentials from the Sydney Angels Sidecar Fund,\u201d Lambert says.<\/p>\n <\/p>\n \u201c[We] have found that we have the same vision regarding building a sustainable accelerator model and have found alignment across most of the key areas of our business.<\/p>\n <\/p>\n \u201cThe cash component is only one element.<\/p>\n <\/p>\n \u201cWith our partners\u2019 help, we will be giving each business the necessary financial, legal, IT and marketing support from world recognised suppliers that is normally out of reach for a business that is still establishing itself.\u201d<\/p>\n <\/p>\n In addition to PwC, partners include Sparke Helmore Lawyers, Newcastle Herald<\/i> and the Hunter Business Chamber, all of which are keen to support innovation in the region.<\/p>\n <\/p>\n The University of Newcastle, Hunter TAFE and Newcastle Innovation are also supporting Slingshot as a pathway for graduates and alumni.<\/p>\n <\/p>\n Slingshot will run a six-week application process, and is encouraging entrepreneurs to apply with their business ideas.<\/p>\n <\/p>\n Up to 10 businesses will be given the opportunity to participate in the program. Slingshot plans to run two programs each year.<\/p>\n <\/p>\n Slingshot co-founder Trent Bagnall says the successful applications will be housed in Slingshot\u2019s offices for 12 weeks.<\/p>\n <\/p>\n \u201c[They will be] given access to leading business mentors and be run through a rigorous program,\u201d he says.<\/p>\n <\/p>\n \u201cAt its completion, companies [will be] ready to pitch themselves to venture capitalists for further funding either here or overseas.\u201d<\/p>\n <\/p>\n Creating a pathway to the United States, Asia and emerging markets is a key part of the Slingshot offering, says Lambert.<\/p>\n <\/p>\n \u201cThere is a growing appetite for Australian ideas and people from international investors and corporations,\u201d he says.<\/p>\n <\/p>\n \u201cThere is a significant presence of Aussie tech entrepreneurs in overseas markets and Slingshot will assist start-ups to leverage this global network.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Newly launched accelerator Slingshot plans to invest in around 100 start-ups over the next five years, investing as much as<\/p>\n","protected":false},"author":1,"featured_media":59608,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,20,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/43780"}],"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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=43780"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/43780\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/59608"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=43780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=43780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=43780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}