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RIVER City Labs and Telstra-backed muru-D have announced a three-year partnership to deliver a global startup accelerator program.
After a successful pilot last year, the 'River City Labs Accelerator Program' will continue.
The program runs over six months with up to 10 teams eligible for up to $60,000 each in funding in return for up to approximately 7 per cent equity.
Investors include Brisbane-based River City Labs founder Steve Baxter.
Startups will be provided with seed capital, office space, mentoring, training, international trade missions and high-level networking opportunities as part of the program, which will run annually until 2019.
Accelerator alumni include Puntaa and Travello.
"The program, in alliance with muru-D, is an excellent opportunity for local startups to plant important seeds for growth. The opportunities that will be afforded to these startups will be second to none as they will gain firsthand, real-world guidance from an experienced team of mentors and trainers," says River City Labs CEO Peta Ellis.
Ken Macken, co-founder of startup Ollo Wearables, will assume the role of lead Entrepreneur-in-Residence for the accelerator program at the 100-member strong River City Labs.
"As someone who has gone through all aspects of building multiple technology-based businesses, including building high performance teams that deliver product market fit, I look forward to sharing the lessons I've learnt with the program participants," says Macken.
The accelerator will include a regional roadshow in August across Queensland to educate startups about the program prior to application.
Accelerator program key dates
- Applications close: 28 August 2016
- Teams announced: 19 September 2016
- Program commences: 10 October 2016
- Program concludes: 7 April 2017
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