The Amcom Upstart program is calling for between five and eight startups which incorporate software in some way, and will provide $40,000 in seed funding in exchange for 8% equity.
The program is designed to help startups get a minimum viable product to market, develop a business model and attract initial customers.
The accelerator is backed by Amcom, Amcom chairman Tony Grist, Perth-based venture capitalists Matt Macfarlane and Rob Newman, Forrest Capital, and a number of high net worth investors.
“Amcom Upstart is about supporting and growing the local startup ecosystem and encouraging more local entrepreneurs to take the plunge and bring their ideas to life,” Grist says.
It’s the third startup support program to launch in Perth in the past three months. Unearthed, an accelerator targeting startups in the mining sector launched in December offering startups $70,000 in seed funding in exchange for 10% equity.
Last week, KPMG launched the Energise accelerator, a 12 week “intensive incubation and support program” aimed at tech startups in the energy and natural resources sector. In a statement, KPMG says the program is free for startups but didn’t offer any details to the ownership of the intellectual property in the program, or if it takes any equity.
Amcom Upstart co-founder Rob Nathan says the time is right for accelerator programs in Perth.
“While the Perth startup scene has lagged behind other parts of Australia, over the last year it’s grown incredibly well,” he says.
“There’s lots of great ideas and initiatives coming into the ecosystem in Perth.”
Nathan says Amcom Upstart will follow the Startmate model, in that the majority of those who act as mentors for startups in the program will also be investors. Those mentors will be drawn from the networks of Spacecubed, eGroup and senior staff at Amcom.
Applications for the program open on Monday, February 16 and close on Friday, April 10. For more information, visit www.amcomupstart.com.au.