A Melbourne-based start-up developer has become the first recipient of a new funding program aimed at commercialising smartphone apps.
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Foolhardy Games will receive $50,000 in initial funding to further the development of its mobile-based games.
The start-up will operate in a joint venture scheme with mobile phone app developer Jumbuck Entertainment, which runs the Launchpad commercialisation program.
The initiative is aimed at individuals and start-up companies that specialise in the area of social media apps for new technology platforms.
Launchpad partners Jumbuck with innovative start-ups, with funding given to budding entrepreneurs with business plans deemed to be likely to succeed.
Jumbuck says that a “large and diverse” range of start-ups applied to the Launchpad scheme during its first round of funding applications in June.
David Gibbs, CEO of Jumbuck, says: “Launchpad is proving to be a very fruitful initiative for finding and ultimately commercialising next-generation mobile entertainment. We look forward to the next announcement within the coming months.”
Gibbs adds that he was in “active discussions” with a number of other start-up app developers, spanning the health, travel, social games and entertainment sectors.