10x Accelerator increases investment in student, alumni and staff startups.
UNSW Founders 10x Accelerator, a philanthropically funded supporter for high-potential startups at UNSW, has announced a significant increase in its investment in startups.
It was initiated by UNSW Industry and Innovation, led by Pro-Vice Chancellor Professor Stephen Rodda, and in partnership with Bridgewater Advisory.
"UNSW's investment leap in the 10x Accelerator to $110,000 marks a strategic push to turn research breakthroughs into societal impact. It's a clear call to our research community to drive innovations from concept to market, showcasing our unwavering commitment to making a real-world impact and cementing our position as the number one university for startups and spin-outs," said Professor Rodda.
The 10x Accelerator investment has quintupled to $110,000 per company, from the previous $20,000. This substantial increase reflects the program's commitment to empowering the next generation of innovative entrepreneurs.
The announcement comes as two alumni companies are acquired. Smart motorcycle helmet startup Forcite was acquired by US video giant GoPro in January. Early career job simulation startup Forage was acquired by EAB, having already raised over $50m US, served 125 corporate customers and supported over 4,000,000 students.
Sasha Whittle, 10x Accelerator Manager said “Startups need years of patient support to succeed. Two acquisitions in 2024 is a strong signal that the university’s commitment to entrepreneurship will pay long-term dividends. $110,000 investment per startup further cements UNSW’s place as Australia’s most entrepreneurial University.”
Applications for Founders 10x Accelerators program close 20 May 2024. Find out more and apply.
Pictured above: Pasha Rayan, co-founder of Forage, with Dr Wong Fong Fui, whose generous donation enabled the establishment of the UNSW Founders 10x Accelerator program
- Log in to post comments