AWI chairman Andrew Barnes said the Ventures Accelerator Program is accepting applications from entrepreneurial teams for up to $100,000 in investment funding to develop their ideas and then support them through a ‘series A’ funding round.
“The program aims to provide the environment and specific industry and regulatory support that financial services start-ups require to thrive,” said Mr Barnes.
Australia has a “world-renowned” financial services sector and some highly skilled digital technologists, he said.
“By combining these industries, we believe Australia can play a leading role in financial services innovation globally,” Mr Barnes said.
AWI Venture will invite a small number of teams (typically two to three entrepreneurs per team) to join the program in each intake.
The first intake will be in April, with at least 10 teams expected to be involved over the next 12 months.
AWI chief executive Ben Heap said he was excited by some of the ideas he had already seen.
“The earlier applicants apply, the better their chances of being part of the Accelerator Program. Your idea need not be fully formed, just get your application in and we will work with you,” he said.
Selected teams will be given office space, administrative, legal and accounting support and will have access to experienced mentors and AWI’s financial services network.
Teams should demonstrate their ability to deliver a working minimum viable product and initial proof of market within 3-4 months, with the aim of raising a second round of capital within six months.
AWI has been pursuing an acquisitive ‘post-FOFA’ strategy under the guidance of Mr Barnes, snapping up a 49.6 per cent stake in research house van Eyk in April 2013; Fairfax’s online portal InvestSMART in September 2013; and online financial services portal YourShare in December 2013.
