MAP cadets impress with entrepreneurial smarts
Thursday, July 31, 2014/
CMB Capital and the University of Melbourne’s Melbourne Accelerator Program (MAP) have launched a new cadetship that’s giving entrepreneurs a unique opportunity to learn about how to run a startup, and how to pitch to investors.
The 12 week Ingenium Cadetship program sees MAP entrepreneurs get the chance to work directly with CMB and its portfolio of companies, while getting paid $12,000 for the duration of the course.
Three students were selected from applicants and will rotate around a number of CMB’s startups including Genero, Service Seeking, Site Tour, Roller Digital, Bang Tango, Dimmi, Parcel Point, VMob and Mixify.
CMB managing director Jamie Olsen says the company chose cadets that would best suit their portfolio of companies.
He says so far the cadets have been an asset to the companies they’ve been working with, and in some cases driving revenue.
In addition they’ve also had the chance to witness pitch meetings with clients.
“(The cadets) are seeing not only the level that the companies need to get to, but also the level their startups need to get to raise capital,” Olsen says.
“There’s feedback afterwards, they’re able to see the structure of a deal. It’s a very organic hands-on approach and ultimately I don’t think there’s any replacement for that experience.”
Those lessons will be important, because at the end of the program, CMB is giving each cadet the chance to raise seed funding by pitching their startups to CMB investors and clients.
Olsen says MAP’s status as a well-respected university startup incubator made it a natural fit for the program.
MAP manager Rohan Workman is thrilled his entrepreneurs are getting the chance to take part in such a program.
“The Ingenium Cadetship is a fantastic programme,” he says.
“Interns will be given an amazing opportunity to gain insight into what it’s like to work at a startup.
“Often first-time entrepreneurs have nowhere to go and learn what it takes to start a business and don’t have the corporate experience to take their ideas forward.
“CMB has generously provided this once in a lifetime opportunity.”