The latest news is that the mentor program PushStart (which I participate in as a mentor) is today launching its planned PushStart Accelerator program. I wrote about PushStart and the earlier startup accelerator Startmate at the launch of PushStart. Startmate’s first round of 5 companies has already had significant success, with shopping app Grabble already being acquired by Walmart and Bugherd quickly moving on to participate in the Silicon Valley-based 500 Startups accelerator program.
PushStart uses a very similar model, using the same legal structures as Startmate. There is unquestionably a deep enough pool of rising talent in Australia to fill both the Startmate and PushStart accelerator programs with high quality ventures, with plenty more left over. It will be great to see what comes out of this.
Here is the PushStart announcement:
EARLY APPLICATIONS* ARE NOW OPEN
All applications close on January 27th, 2012
*Apply before January 13th, 2012 for additional consideration and special events.
ABOUT THE PROGRAM
The PushStart Accelerator is a selective, 3-month, tech startup program scheduled to run in Sydney between March and June, 2012
The program is focused on identifying intelligent, coachable, passionate founders of scalable early-stage web and/or mobile tech startups and helping them to shape, grow and prepare their startups for follow-on funding if needed.
We will offer up to 10 successful applicants seed-funding, top-notch mentoring from experienced members of the startup community, office space, and the chance to pitch to investors at the end of the program.
Of course the PushStart support doesn’t stop there. Our investors and mentors are committed to working with PushStart accelerator companies after the program ends to give your startup the best chance of long-term success.
Historically, over 50% of the starts up who enter these programs have succeeded in raising capital in the next round of funding.
What we’ve learned is that at the heart of PushStart should be the exchange of experience, advice, know-how and counseling provided by great mentors including experienced tech founders, executives and investors.
Alongside this we provide each startup with $20,000 in cash, office space and other services to ensure you can focus your attention over the 3 months on making your startup as successful as possible. In return, the program takes 8% common equity in your startup.
PushStart culminates in an Investor Day where the teams get to present to venture capitalists and angel investors.