Aus start-ups get in the Silicon Valley house
Incubator for Aus entrepreneurs gets govt help
The NSW state government has put its weight behind a new Silicon Valley incubator targeting Australian startups that want to go global.
StartUpHouse is a joint venture between Australian entrepreneurs Elias Bizannes and Bardia Houseman, and New Zealander Stephen Weir. It offers a 36,000 square foot (this is America, after all) facility with a 210-desk co-working space, premium office spaces, a cafe and a "hostel for entrepreneurs".
NSW Trade & Investment will help a dozen early-stage ventures with the costs of renting office space and accommodation at StartUpHouse, located in San Francisco.
While the government's dollar input is minimal - a subsidy of up to 50 percent of the costs, up to $AU1,250, to use the facilities at StartupHouse - it is a significant international step for Australian entreprenuers with little funding or contacts.
“The NSW Government is committed to growing our digital sector and this announcement will help Australian entrepreneurs get a foothold in the US market by providing a subsidy to access the co-working space and accommodation at StartUpHouse from May 2012,” Deputy Premier and Minister for Trade and Investment Andrew Stoner said.
NSW Trade & Investment,will support the chosen few via the Australian Technology Showcase (ATS) program. Interested startups need to engage in a competitive application process to access the program, which is now taking offers.
Once a startup has been awarded funding approval under the program, they can then utilise and pay for use of the StartupHouse facility, then claim a rebate from the program.
Eligibility is based around companies being NSW based startups and with high growth potential. ®