Accelerator

Accelerator applications are now CLOSED.  Please join our SproutX page on Facebook while we get back to applicants.

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SproutX Accelerator

The SproutX Accelerator program is Australia’s first agtech focused accelerator program. By gathering the best entrepreneur mentors, venture capitalists, agriculture focused corporates, government and academia in the one place, it offers startups an opportunity of a lifetime to create world class growth companies.

 

Applications are now CLOSED

 

With the backing of our $10 million venture fund we are offering startups:

  • $40,000 in capital funding
  • Ongoing venture capital backing after the end of the Accelerator
  • Mentoring from the world’s top agtech experts
  • 6 months office space in our agtech co-working space
  • Introductions to Australia’s agricultural institutions eg. NFF, MLA and RIRDC
  • Nationwide media & PR access via our partners & supporters
  • Distribution opportunities from Australia’s largest agriculture brands including Ruralco and Findex

 

If you believe that agriculture is the future of Australia, then start working on your ventures and apply to our program! We’re after startups with great technology, talented teams and of course traction in the market. Applications for the Accelerator are open now and submissions close on the 15th of May 2017.

 

Accelerator Info Night Roadshow

 

SproutX is conducting Information Nights around Australia. Below are the cities and dates currently booked in, along with links to details and registration where it is currently available:

 

 

 

FAQ – Further information

 

What are the timelines?

Applications close on the 15th of May 2017 and we are seeking to start the actual accelerator program on the 22nd of May 2017 (finishing on November 22nd). The sooner you put in an application the better, don’t leave it to the last minute!

 

Why should I apply for SproutX?

Along with offering 40k in capital, best in class mentoring and direct support in accelerating your business, SproutX’s point of differentiation is distribution. Unique amongst accelerators, SproutX offers direct access to customers via our distribution partners such as Ruralco and Findex. Ruralco in particular has 600+ retail fronts and is Australia’s largest distributor of agricultural product. SproutX is a world class offering.

 

What type of things are you looking for in an application?

We are seeking the classic trio of traction, team and technology- in that order. Team and technology are obvious, however traction can come in the form of pre-sales, sales, consumer interest, active customers and even letters of intent. If you’d like to do some further learning on the topic, please take the time to go through our Pre-Accelerator Course videos to familiarise yourself with best practices and startup concepts.

 

How do I create a startup that’s eligible for the program?

Just start it! There isn’t any magic to startups, it’s a lot of practical hard work and hustling. You can get a fast start by completing our online Pre-Accelerator Course to familiarise yourself with best practices and startup concepts.

 

How much equity are you seeking from startup teams?

We are seeking 8% of each company coming into the SproutX Accelerator Program in exchange for the 40k of capital and SproutX services and support. After the end of our 6 month Accelerator program, startup companies will continue to be backed by our venture capital fund. See below for further details.

 

What can I do with the 40k capital?

Teams are able to use the capital as they wish, however capital supplied will be based on milestones being agreed upon and achieved with program mentors.

 

Are teams required to move to Melbourne to do the program?

No, you are able to work from your home town/city/region in Australia. We intend to fly teams down to Melbourne every 5-6 weeks to complete workshops with customers, corporates and investors. If you are located in Melbourne the expectation is that you work from the SproutX head office in the CBD.

 

Is the Accelerator only available to Australians?

While you do not have to be an Australian citizen, your business must be domiciled in Australia and during the program you must be located in the continent. If you are from overseas you will be required to move to Australia during the program.

 

Can I do the Accelerator part time?

The Accelerator requires at least one founder in the team to be working full time. Startup success is about commitment and part time founders are unlikely to be successful.

What are the details of the post-Accelerator ‘venture capital backing’?

With the help of our partners Artesian Ventures, the SproutX Venture Capital Fund provides follow-on investment for startup companies after the end of the Accelerator Program. For example, when a company completes the Accelerator program and then receives say $150,000 in funding from 3 angel investors in a ‘seed round’ the fund will then ‘follow’ that investment and match the $150k and the terms of that investment. The fund has the ability to match investments by up to $1 million thereby providing support to entrepreneurs in funding rounds on an ongoing basis.

 

Can I book in a session to get some advice from someone at SproutX?

Yes you can, please use the calendar below to book in a session. One session per team only, make sure you turn up, if you miss your session unfortunately you can’t book another. Click here to open the calendar in a separate window if the below does not appear.

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