The Turnbull government today announced they are partnering with Microsoft and spending $280,000 to bring one of the world’s top startup accelerators to Australia.
MassChallenge, is a non-profit organisation which takes no equity from startups, and will be used in Australia to hopefully boost the startup ecosystem with idea-pitching competitions, startup bootcamps and mentoring.
“Accelerators are an important component of the ecosystem and boost the skills of participating startups through training, mentoring and exposure to investor networks,” innovation minister Christopher Pyne said today at Microsoft’s Innovation Centre in Adelaide.
“MassChallenge, a non-profit that takes no equity in the start-ups, has a proven model that has graduated 835 alumni since 2010, raised $1.1 billion in funding, generated over $520 million in revenue and created 6,500 jobs.
“That is the kind of opportunity we want to create for startups here in Australia whilst also helping upskill the Australia innovation ecosystem.”
MassChallenge currently works with entrepreneurs across a wider global network, with hubs in the US, Europe and Israel. Unlike most big accelerators in the US, it bases itself in Boston, rather than San Fransisco or New York.
The group claims to be the world’s largest no-strings-attached startup accelerator, with some of its most successful alumni including Turo, a car sharing marketplace, and handyman finder Handy.