I'm incredibly excited about this as a uni student in Sydney. I'm hopeful that by the time I graduate that the concept of the Silicon Beach will take off.
The University of Sydney have recently introduced a course focusing on Tech Venture Creation[1] and most of the people on that page are involved somehow (including Ryan from Omnisio, Bart from Tjoos and our lecturer Bill Bartee), so this isn't the only new action on the Sydney startup front.
Hmm I am in Sydney university too but I haven't heard about that course... It should be promoted more! But then again, looking it up it only has 40 free spaces. :(
As students I don't think there is much benefit in "getting funded", especially for those still living at home, and probably not even for a year after graduation. (I'm guessing I could live that long in my parent's house before they start charging rent.)
You could even get a deferred student loan of $500 to $20,000 from NAB, with no repayments for up to 5 years * . (with a steep 15% interest)
If you aren't unlucky you'd also be receiving student payments from centre link also.
IMHO, university students don't need much funding from investors. The banks are willing to lend you money as long as they think you're will be able to get a 9 to 5 job when you graduate. Your parents can also provide you with free accommodation and dinners. I think it's a good idea to take advantage of this while we're still students. The only reason you'd apply for seed funding is the mentoring that you will get.
I love this (and have heard it before, around HN a lot actually): "The biggest risk in a startup is not whether someone will steal your idea or if you can build a product but rather that no one will care."
One thing that would be really good to see come out of this IMHO is a better profile for tech startups in Aus. The more open this can be around tech scene, gotchas and contacts focussed on Australia the better. Most information and discussion I've seen tends to be US based not surprisingly; This doesn't always translate well, particularly around company structure, equity, tax etc. You know, all the small stuff that can kill you.
I agree with the opening sentence. There really are some amazing tech companies doing great things in Australia that don't get enough recognition.
In the last fortnight I've met a couple of these serial tech entrepreneurs including Julian Holman of OurDeal.com.au who have opened up my eyes to an industry I thought I was (mostly) across.
We fully intend to be very open about the way we do business and bring a local angle on the type of great stuff folks like venturehacks have done in the US.
Also, for Aussie startups if there are issues around company formation and things like migrating an Australian company to a Delaware C-Corp etc we can share, we will.
"The biggest risk in a startup is not whether someone will steal your idea or if you can build a product but rather that no one will care"
a lot of people will obsess over NDA's and the like, thinking that people will care SO much as to steal their idea. when in reality what's quoted above is so true, the greatest risk being that people won't actually care enough about the product.
This has been the basis of my skepticism over such a concept.
But I think they're going about it the right way. They know they can't build it around a single figurehead, so they've pulled together a diverse team of mentors, with some big names among them, particularly the Atlassians for current-era track record.
The idea seems to be to build a pathway into Silicon Valley for young founders who don't know what steps to take to get there.
This is great to see. There are some pretty good people involved with the program too, which gives me hope that companies going though this will actually get something useful from it.
Kudos to the aussies for having something similar to YC. The mentorship from TWENTY (woah!) successful founders, the $25.000 (aus?) sound amazing.
What I find it really sad that even in this decade the best way for a web startup to get attention is to go to the Valley. If the web is global shouldn't the support networks be global too?
In the case of my country (Chile) it is very difficult to make your own web startup. Seed investment is centralized in a goverment organization that only cares about patents and how many millions of dollars you are going to make in the first years. Another problem with seed investment around here is that you must spend the money in very specific things like getting incorporated (which is expensive) and build a business plan $$, not getting the work done. It you aren't sure how you are going to monetize your app in a way that is going to give you massive profits, don't bother trying to get an investor (unless you have rich relatives).
Is Australia similar to my country in that innovating on the web is very difficult from a support ecosystem perspective?
To be clear, we wanted to setup the program with a complete handle on reality and to be supportive of many different options on financing - bootstrap or institutional - and where they are based - Sydney or the Valley or in the many cases currently a grey area of being in both.
The two weeks in the Valley at the end of the program is to connect with the Aussie community that is just starting to establish itself, to introduce the startups we are working with to the most useful people we can and then to hold a demo day for early stage investors as well. Plus it's hard not to get drunk on the inspiration of meeting other great startups.
Demo day in SF will be helpful, and as for experience, the Atlassian founders are involved. I've seen other attempts to do this, usually by cities/states, that capture only the superficial form of YC.
I'm going to be in Sydney on 6 & 7 Sept.--any startup folks in Sydney available & willing to meet up and tell me about starting a company in Australia?
I went to a Startup Camp run by Bart Jellema a couple of years ago and was quite impressed by his skills especially on the networking/organisational side of things. This is promising as much of what makes ycombinator great is the exposure and contacts being involved creates.
Looking forward to seeing the first batch come through!
Wow, Ryan Junee used to tutor me in first year computer science back at Sydney University... he's come quite a way since then it seems! :)
I hope it works out well for them, Australia needs something like that -- I have more a few friends who have left Australia to pursue cutting edge jobs in tech.
Great initiative and a fantastic list of mentors. Well done for putting this together.
Also like the idea of the Tech Venture Creation course at Syd Uni. I'd like to see every uni in Australia have something similar running, then we'd be sure to get some real hits emerging.
[+] [-] Smerity|15 years ago|reply
The University of Sydney have recently introduced a course focusing on Tech Venture Creation[1] and most of the people on that page are involved somehow (including Ryan from Omnisio, Bart from Tjoos and our lecturer Bill Bartee), so this isn't the only new action on the Sydney startup front.
[1] - Tech Venture Creation course - http://techventurecreation.wordpress.com/
[+] [-] meric|15 years ago|reply
As students I don't think there is much benefit in "getting funded", especially for those still living at home, and probably not even for a year after graduation. (I'm guessing I could live that long in my parent's house before they start charging rent.)
You could even get a deferred student loan of $500 to $20,000 from NAB, with no repayments for up to 5 years * . (with a steep 15% interest)
If you aren't unlucky you'd also be receiving student payments from centre link also.
IMHO, university students don't need much funding from investors. The banks are willing to lend you money as long as they think you're will be able to get a 9 to 5 job when you graduate. Your parents can also provide you with free accommodation and dinners. I think it's a good idea to take advantage of this while we're still students. The only reason you'd apply for seed funding is the mentoring that you will get.
* certain conditions apply.
[+] [-] megablast|15 years ago|reply
[+] [-] chrislloyd|15 years ago|reply
[+] [-] JacobAldridge|15 years ago|reply
I love this (and have heard it before, around HN a lot actually): "The biggest risk in a startup is not whether someone will steal your idea or if you can build a product but rather that no one will care."
[+] [-] dmharrison|15 years ago|reply
Looking forward to see what develops.
[+] [-] nedwin|15 years ago|reply
In the last fortnight I've met a couple of these serial tech entrepreneurs including Julian Holman of OurDeal.com.au who have opened up my eyes to an industry I thought I was (mostly) across.
[+] [-] nikiscevak|15 years ago|reply
Also, for Aussie startups if there are issues around company formation and things like migrating an Australian company to a Delaware C-Corp etc we can share, we will.
[+] [-] iliketosleep|15 years ago|reply
a lot of people will obsess over NDA's and the like, thinking that people will care SO much as to steal their idea. when in reality what's quoted above is so true, the greatest risk being that people won't actually care enough about the product.
[+] [-] thedjpetersen|15 years ago|reply
[+] [-] swombat|15 years ago|reply
Do they have a Paul Graham?
[+] [-] tomhoward|15 years ago|reply
But I think they're going about it the right way. They know they can't build it around a single figurehead, so they've pulled together a diverse team of mentors, with some big names among them, particularly the Atlassians for current-era track record.
The idea seems to be to build a pathway into Silicon Valley for young founders who don't know what steps to take to get there.
I could certainly have used this a few years ago.
[+] [-] jacquesm|15 years ago|reply
[+] [-] nl|15 years ago|reply
[+] [-] andrerobot|15 years ago|reply
What I find it really sad that even in this decade the best way for a web startup to get attention is to go to the Valley. If the web is global shouldn't the support networks be global too?
In the case of my country (Chile) it is very difficult to make your own web startup. Seed investment is centralized in a goverment organization that only cares about patents and how many millions of dollars you are going to make in the first years. Another problem with seed investment around here is that you must spend the money in very specific things like getting incorporated (which is expensive) and build a business plan $$, not getting the work done. It you aren't sure how you are going to monetize your app in a way that is going to give you massive profits, don't bother trying to get an investor (unless you have rich relatives).
Is Australia similar to my country in that innovating on the web is very difficult from a support ecosystem perspective?
[+] [-] nikiscevak|15 years ago|reply
The two weeks in the Valley at the end of the program is to connect with the Aussie community that is just starting to establish itself, to introduce the startups we are working with to the most useful people we can and then to hold a demo day for early stage investors as well. Plus it's hard not to get drunk on the inspiration of meeting other great startups.
[+] [-] _ouxp|15 years ago|reply
I'm going to be in Sydney on 6 & 7 Sept.--any startup folks in Sydney available & willing to meet up and tell me about starting a company in Australia?
[+] [-] mickliubinskas|15 years ago|reply
mick pollenizer com
[+] [-] hartror|15 years ago|reply
Looking forward to seeing the first batch come through!
[+] [-] michaelneale|15 years ago|reply
Great to see !
[+] [-] JacobAldridge|15 years ago|reply
[+] [-] liedra|15 years ago|reply
I hope it works out well for them, Australia needs something like that -- I have more a few friends who have left Australia to pursue cutting edge jobs in tech.
[+] [-] ryan|15 years ago|reply
[+] [-] DistortedRhymes|15 years ago|reply
Also like the idea of the Tech Venture Creation course at Syd Uni. I'd like to see every uni in Australia have something similar running, then we'd be sure to get some real hits emerging.
[+] [-] Fenn|15 years ago|reply
Whether it works perfectly from the get-go is immaterial, StartMate, like their fundees, can launch and then iterate.
Excited to see the first round come through.
[+] [-] jkahn|15 years ago|reply
[+] [-] zelliot|15 years ago|reply
[+] [-] Trindaz|15 years ago|reply
[+] [-] rogiealigit|15 years ago|reply