Financial Review: Filling the Gap an Incubator for Startups
Filling the gap – an incubator for start-ups
An early stage incubator that will help web-based businesses that need support and advice to get their ideas readyfor potential investors is about to launch.
A founder of the AngelCube incubator and a principal of StartUP Marketing, Andrew Birt, said he and his partners inthe venture identified a gap in the early stage investment market.
Initially, the incubator will have about $200,000 to invest in four to five online ventures.
The AngelCube team comprises Adrian Stone, the co-founder, chief executive officer and lead investor atAngelCube, Birt, and Nathan Sampimon, founder of web development firm Inspire9, who will provide the initialcapital.
Successful applicants will be given an average of $25,000, free office space in StartUP Marketing’s Richmondoffices outside the Melbourne central business district, and undertake a three-month program that will match themwith mentors.
Mentors will include Scott Hansaker, co-founder and chief executive officer of Eventarc, an online ticketing andevent registration business, and David Wei, who last year founded Melbourne-based group buying siteCrowdmass.com.au, that was sold to global market leader Groupon this year.
AngelCube’s program is based on both local and overseas incubators such as Startmate, Y?Combinator, TechStars,Seedcamp and 500 Startups.
“Our focus will be on getting customers onto the start-up from day one and building product around those?customers, then learning to pitch to investors,” Mr Birt said.
As well as helping with introductions to investors and organising a demonstration day, AngelCube also hopes totake “graduates” to the US to meet Silicon Valley-based investors.
Following the first program, AngelCube plans to seek up to $2million from about 20?investors under section 708 ofthe Corporations Act. Investors will take up to 20 per cent investment in the online ventures.
Mr Birt said the online application process would open on July 29 and close on September 1. AngelCube will selectfour to five from a shortlist of 10.
Source: The Australian Financial Review PUBLISHED: 19 Jul 2011 PRINT EDITION: 19 July 2011
