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Start-ups get tech boost from serial entrepreneur

Locomote seeks new digital upstarts

Bridging the IT gap between rising business demands and ageing tools

Australian software entrepreneur Philip Weinman has ploughed his expertise and some cash into Deasil Management, a company that invests in start-ups, existing private companies and under-performing, under-valued ASX-listed public companies.

The founder of solutions outfit HiSoft - later acquired by Australian insurance company National Mutual - Weinman has evolved into a serial start-up investor.

Under the auspices of one of his key investments, digital agency Locomote, he has now launched the 2012 Venture Technology Program. The program is soliciting expressions of interest from start-ups.

Successful applicants to Locomote’s 2012 Venture Technology Program will receive technical development for their online or start-up business including online software development, mobile applications, websites, marketing material and mentorship in return for a fair equity stake.

This is the second year of the initiative, the first year resulted in Locomote partnering with three online businesses who collectively average monthly gross revenue of $2 million.

Locomote co-founder, David Fastuca said: "Online businesses and platforms are booming and for many, the idea is a winner but isn’t supported by the necessary technical and development skills to get the idea off the ground. Locomote’s Venture Technology Program removes the high spend associated with hiring technical experts, leaving more funds for marketing efforts.”

Interested parties need to be "passionate and committed" to making their online business work, and have at least three potential customers identified. Online businesses and start-ups can register their interest here. ®

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