Ten startups have been selected for the three-month Innovyz Start accelerator program, sponsored by ANZ Bank and Innovyz. Nine of the companies are from Australia.
The program is in its second year and based on the US TechStars program.
Representatives from each of the companies will relocate to South Australia for 13 weeks and works with mentors on their business model and strategies. The mentors come from Microsoft, DealsDirect and other large corporations.
“We were looking for break-through ideas that could be enabled by web 2.0, software and mobile,” said ANZ Innovyz Start managing director, Jana Matthews.
“We have been very pleased with the breadth and depth of business ideas we’ve seen in the applications for the 2013 ANZ Innovyz Start program,” she said.
“The vision, passion and ambition of our entrants is testament to Australia’s burgeoning start-up and small business eco-system.”
Support from large companies is critical to encouraging startups in Australia, said ANZ general manager for small business Nick Reade.
“When you're a start-up business, success requires more than a great innovative idea, it's about having the right support, mentoring and access to knowledgeable investors to get off the ground,” he said.
Optus, another large company offering support to Australian startups, announced a new round of funding under its Innov8 program earlier this week.
The co-founder of Sydney-based startup Pocketbook said recently that the growing number of seed funds like Innov8 are cause for optimism among Australian startups.
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