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THE US is a tough place for startups to break into, especially for Aussie tech projects competing with juggernauts in Silicon Valley.
KPMG Australia and Advance, a global innovation network, have teamed up to launch the 2016 elevate61 accelerator program, aimed at assisting tech startups that are ready to conquer the US.
Aimed predominantly at later-stage ventures, elevate61 allows participants join in intensive workshops, mentoring sessions, and a 10-day visit to San Francisco, Los Angeles and New York City.
Serafina Maiorano, Global CEO of Advance, says many tech ventures underestimate how hard it is to break into the US.
"When it comes to entering the US, it is not as simple as booking a ticket and turning up at a Silicon Valley mixer," says Maiorano.
"elevate61 exists to help Australian startups hack international expansion. By working with the most promising enterprise tech startups, and giving them the support, insight and access they need to break into the world's largest technology market, we hope to foster the next generation of global Australian companies."
elevate61 is targeted at later stage startups who have secured seed funding of at least $100,000, have proven traction in the local or overseas markets, with preference given to startups that have annual revenues in the region of $500,000.
James Mabbott from KPMG says these have great tech products but lack the know-how necessary to break into the US and overseas markets.
"We've learned that it is not the quality of technology or product holding back Australian startups from international expansion it is a lack of market specific insight and know-how," says Mabbott.
"Now more than ever there is capital and clients on the table for Australian startups in the US market, and elevate61 helps them take advantage of this massive opportunity."
Unlike traditional accelerator models, elevate61 do not seek equity in the participants.
Tech startups can kick off the process by applying online before 14 December.
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