The city of churches is home to Innovyz START, the first Australian outpost of the Global Accelerator network (previously known as the TechStars network). More than 30 independently operated accelerators sit under the Global Accelerator umbrella, which provides them with support, mentors and a brand.
Who?Stuart Douglas (founder of recruiter Boss Personnel), Philip Vafiadis (co-founder of ZEN Home Energy Systems) and Brett Jackson (a former DuluxGroup manager) used to run SME Growth Capital, which is now Innovyz. The “START” refers to the accelerator, which has been made possible by sponsors such as the Adelaide City Council and the ANZ bank (which gets first naming rights). The trio is joined by Jana Matthews as the only seed investors (unlike the other accelerators, where many mentors are also investors).
Terms? $6000 seed funding per founder (up to three, so up to $18,000) for 8 per cent equity.
What? Web and mobile software ideas. Technical founders.
Does Adelaide have enough mentors? Most are based overseas and come from more traditional businesses. The emphasis is on “people who can open up global opportunities”, Douglas says.