AngelCube co-founder Andrew Birt says he’s impressed by the quality of applicants for the incubator’s next start-up round, saying it reflects Melbourne’s maturing start-up ecosystem.
Based in Melbourne, AngelCube was founded by Birt, Adrian Stone and Nathan Sampimon. Applications close this Friday for a spot in the next AngelCube program.
Every start-up receives $20,000 in seed capital, six months of free office space, travel opportunities, pitch opportunities, and mentorship from tech entrepreneurs and investors.
According to Birt, the application process is more rigorous this year, but still very simple.
“There’s no PowerPoint, no video pitches and no five-year financial models required… A lot of applicants have found this year’s form daunting, but our advice is you shouldn’t.”
“Simply state what you’re working on, try and provide as much evidence as possible – e.g. links to products, your LinkedIn, etc. – but don’t be daunted by hard questions.”
“What we’re really after is great people, rather than great ideas, so don’t feel we’ll judge you only on your answers to the form.”
It’s important to note AngelCube will consider applicants from all over country, provided they can relocate to Melbourne for six months.
Birt says while he can’t reveal any of the applicants’ ideas at this stage, the quality is “definitely up” this year, partially as a result of Melbourne’s changing start-up scene.
“There is more maturity in the Melbourne start-up ecosystem now. People have been around a bit longer and they know a bit more… It’s exciting to see that maturity,” he says.
Birt says AngelCube has received about 100 applications so far, but expects to reach 125 when applications close at the end of the week.
“We had about 136 last year, so we’re a tiny bit down in terms of broad numbers, but the form takes a good 45 minutes, as opposed to five minutes, so the bar is a little higher,” he says.
After Friday, AngelCube will review the applications and narrow the list down to the top 20, which will go before a selection panel on Friday, March 30.
“They come and do a seven or eight-minute pitch and answer some questions… Then we collate a shortlist of 10 to 12 to interview the following day,” Birt says.
Birt says AngelCube will most likely select eight start-ups to participate in the program, with preference given to those who apply in teams.
“The general rule is we’re looking for more teams, with global ambitions,” he says.
“So we will ask applicants, if the opportunity arises, would you be prepared to pack up and move to the US and give it a go there?”