A so-called ‘open source’ Melbourne-based incubator is set to launch in February, aiming its sights at early-stage technology start-ups that are looking to work on undeveloped ideas.
The hub, called SeedLab, is the brainchild of UK entrepreneur David Greenwood, who says that he came up with the idea after “struggling” with start-up ideas he came up with after relocating to Australia.
“I’d had a community of people in London pulled away from me and realised how hard it is for solo business people to find assistance and get an idea off the ground and move it forward,” he tells StartupSmart.
“Incubators here definitely serve their purpose but they are designed more for companies with fully-formed ideas. I want to serve people who need to develop an idea and to bring people together into a community.”
Greenwood is funding the idea himself via sponsorships with a number of unnamed large businesses. He is looking to secure premises for SeedLab in Melbourne, although applications will be sought from across Australia.
The program will last for a 12-week cycle. While mentors will help budding entrepreneurs, the focus will be on collaboration between teams and self-analysis through “demo nights” each week, where ideas and concepts will be displayed and discussed.
Greenwood said that he was looking to take on 12 teams, of between two to five people. A co-founder ‘speed date’ process will take place before the start of the first program, with a demonstration to potential investors at the end of the process.
“At the moment, I’m trying to gauge the level of interest out there,” Greenwood says. “I’m looking to follow the model of the Founders Institute and have guest speakers each week and have each team explain what they’ve been doing once a week to get feedback.”
Greenwood says that SeedLab will be a non-profit venture, with sponsorship covering his costs and no equity stake set to be taken in the participating businesses.