The SproutX Accelerator is Australia’s first agtech focused program for early stage startups. By gathering the best entrepreneur mentors, venture capitalists, agribusiness and government in the one place, we offer startups the opportunity to create world class growth companies.
With the backing of our $10 million venture fund we are offering startups:
$40K venture capital funding
for 8% equity
Ongoing backing
Opportunity for follow on funding up to $1.5m
Mentoring
Access to our extensive network of agtech experts, industry leaders and entrepreneurs
Coworking and Travel
Six months office space in the Victorian Innovation Hub and Monthly travel to Melbourne covered for 2 founders
Strategy
Capitalise on industry specific partners including National Farmers Federation and major RDC linkages in your sector
Media & PR Access
Nationwide media & PR access via our partners & supporters
Customers & Distribution
Early stage opportunities from Australia’s largest Agri brands and institutions, including Ruralco, Findex and Ridley
Farming
Connect with SproutX early adopter farmers
HOW TO APPLY
1. Submit your application
Entrepreneurs and innovators of Australia – tell us your story! Applications for this intake will open January 31, 2019
2. Phone Interview
Shortlisted teams will be invited to a phone interview with the SproutX investment panel.
3. Subsequent technical interview
Where technical component requires further assessment, you may be required to have a subsequent interview with an expert in your field.
4. Offers Issued
Offers for entry to the program will be made in mid-April. Teams must commit one team member to attend workshops one-week per month in Melbourne.
5. Entry into SproutX Accelerator
Accepted teams will receive $40,000 seed equity investment (tranched) and entry into the Accelerator 6-month program, running April – November 2019.
KEY DATES
Applications Open: 31 January, 2019
Applications Close: 3 March, 2019
Shortlist Interviews Held: Late March, 2019
Offers Made: Early April
Launch Week Commences: 29 April, 2019
Frequently Asked Questions
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.
Just start it! There isn’t any magic to startups, it’s a lot of practical hard work and hustling.
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.
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.
No, you are able to work from your home town/city/region in Australia. We 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.
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 on the continent. If you are from overseas you will be required to move to Australia during the program.
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.
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.
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.
More Questions? Book a session.
If you have more questions about the accelerator program you would like to get answered please book a session and we’ll be happy to help
