The University of South Australia’s Innovation & Collaboration Centre (ICC) and the Australian Centre for Business Growth (AuCBG) have forged a strategic partnership to provide space startups with an unparalleled opportunity for growth. Backed by funding from the South Australian Government, this collaboration offers a fully funded scaleup pathway in addition to a $10,000 equity-free acceleration stipend.
This initiative extends support to companies emerging from the ICC’s six-month Venture Catalyst Space accelerator program, as well as other space enterprises prepared to scale. The eligible entities can apply for the AuCBG’s six-month Growth Ramp scaleup program, paving the way for them to elevate their businesses to new heights.
South Australian Deputy Premier and Minister for Defence and Space Industries, Susan Close, emphasized the significance of this collaboration in enhancing the commercial viability of companies transitioning from the Venture Catalyst Space accelerator program. She highlighted the crucial role that space startups play in shaping the future space economy and driving innovation in space technologies.
Close stated, “Now with the addition of access to UniSA’s Growth Ramp program, we will be able to support businesses to scale up their operations; a key activity as our space ecosystem matures.”
Venture Catalyst Space, operational since 2018, has been instrumental in supporting 36 space startups. The program’s alumni have collectively secured over $31 million in declared additional investment and generated more than 220 new jobs in the space sector. It stands out globally as one of the few programs specifically tailored to foster commercial space ventures, offering participants equity-free funding, industry mentorship, business development support, access to university resources, and an active startup community.
Craig Jones, ICC Deputy Director, hailed the new space scaleup pathway as a game-changer, providing space companies with unprecedented opportunities for sustainable, long-term success. He emphasized the increasing demand for timely and customized support for emerging businesses in Australia’s thriving space industry.
Jones stated, “The addition of the Growth Ramp program provides a truly unique offering, charting a clear pathway for these ventures to transform into scalable and thriving businesses.”
The transition from Venture Catalyst Space to Growth Ramp is driven by the strong appetite among space companies to expand and attract investment in South Australia’s growing space ecosystem. The Growth Ramp program is tailored for companies with five to 11 employees aiming to scale, offering support in refining product/market fit, identifying optimal customer bases, strategizing for growth, and hiring executive teams.
Ryan Williams, Director of AuCBG, expressed his confidence in Adelaide’s potential for success and emphasized the comprehensive skill development provided by the Growth Ramp program. He stated, “We’re very excited to be able to work with CEOs through Growth Ramp, helping them scale great space companies and build South Australia.”
A current participant in the Venture Catalyst Space program, AICRAFT, recently signed a Memorandum of Understanding with program alumni ResearchSat. The collaboration aims to utilize ResearchSat’s edge computing technology for high-speed and high-volume data processing to assist with biological and scientific experiments in orbit.
For companies like AICRAFT, the option of a scaleup program holds the promise of enhanced investment potential. CEO Tony Scoleri expressed the importance of such programs in guiding CEOs through the complexities of scaling operations, building awareness, avoiding pitfalls, and focusing on strategic growth elements.
Applications for the 2024 Venture Catalyst Space program are now open, with a deadline of 11.59 pm ACDT on Sunday, March 17. Interested startups can apply via the ICC website. For more details about the Growth Ramp space pathway, interested parties can visit the AuCBG website. This collaborative effort is poised to further propel South Australia’s space industry onto the global stage, nurturing innovation and fostering the growth of pioneering space ventures.
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