Melbourne-based accelerator AngelCube is searching for up to 10 fast-growing companies for their fourth intake, with applications opening in early March.
Launched in 2011, AngelCube is Melbourne’s only private accelerator not run by a university.
In exchange for 10% equity, AngelCube companies receive $20,000 in seed capital, six months of free office space, 13 weeks of training and access to a network of mentors and partners in Australia and the US.
Co-founder Nathan Sampimon told StartupSmart AngelCube’s mandate has evolved as the Melbourne start-up eco-system developed.
“In 2011, we wanted to grab some easy wins, so anything slow-moving or slow growth we steered away from. We do want to be able to cultivate these companies, but we want to put Melbourne on the map for having successful accelerated start-ups first,” Sampimon says.
Fast-growing graduates include bitcoin start-up CoinJar, responsive lightbulb start-up Lifx and interactive app preview start-up App.io, and Kickfolio, which is now based in San Francisco. All three have raised more than $500,000 in venture capital.
He adds they’ve been breaking the rules since day one. For example, the AngelCube co-ordinating team in 2011 was keen to avoid accelerating in a hardware start-up, but have had considerable success with Lifx so far.
Companies still need to be fast growing to be selected for the program.
“The program is intense and not for everyone. It’s only 13 weeks long so if you’re in a slower moving start-up, you won’t be able to iterate fast enough to get the most out of it,” Sampimon says.
The AngelCube team are seeking strong teams as they recognise ideas will change.
“Most start-ups will pivot during the program, maybe even a few times, so the idea doesn’t need to be perfect,” Sampimon says.
An information night is being held at co-working space Inspire9 in Richmond on Tuesday, February 25.
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