Applications are now open for the second round of the Future Technology Program, a joint KPMG and Stone & Chalk accelerator for local start-ups – with this year’s focus centred on the space sector.
Following up from last year’s supply chain cohort, startups working in the area of space technology are eligible to apply for one of five 12-month residencies, where they’ll receive complimentary guidance from KPMG subject experts and be paired with a business-specific mentor.
“I’m very excited that our next cohort for the program will be focused on space technology,” said Stone & Chalk CEO Michael Bromley.
“The technology being developed now for use in space will not only help us explore and learn more about the universe in which we live, but it will also drive innovation for use back home on earth. From climate tech to navigation and software development, space technology really is earth technology.”
To qualify, startups – those working directly on space tech, rely on space infrastructure, or are developing solutions in other sectors relevant to space – are required to be Series A or earlier and can accept a residency in one of Stone & Chalk’s Sydney, Melbourne or Adelaide innovation hubs shortly after selection. Applications are due to close on the 14th of April, with offers likely by early June and the program to commence in July.
The types of companies appropriate for the program include: space tech startups building products relevant to operations and applications; startups with solutions relevant to space or which use space assets, data, sensors, networks or infrastructure; and startups that provide space-based infrastructure solutions to solve major industry problems in areas such as health, transport, energy, agriculture, defence and mining.
“Space data and applications are revolutionising operations, reducing costs, and providing lightning-fast decision-making capabilities across a range of applications in financial services, utilities and health,” said KPMG Futures lead Sarah Vega. “The program aims to play a critical role in helping startups thrive in a challenging capital-raising environment, and we’re excited to be working with companies pushing the limits of what’s possible in space.”
KPMG notes the huge growth potential of Australia’s budding space industry, which is expected to grow to a worth of $12 billion by the end of the decade and play an increasing role in other sectors such as agriculture, mining and transportation as they grow more reliant on earth observation data and satellite communications. According to KPMG figures, the local industry is already home to almost 600 hundred businesses employing over 14,000 workers.
This year’s Future Technology program follows on from the inaugural supply-chain edition launched last year, with the selected startups benefiting from access to tailored materials and the chance to validate, test and explore their concepts through the guidance of mentoring in such areas as investor readiness, client connections and selling to large global companies. Of note, four out of five of the selected start-ups were headed by female founders and CEOs.
Sourced from Consultancy.com.au