Fintech hub Stone & Chalk has partnered with not-for-profit Barayamal to provide Indigenous entrepreneurs with co-working spaces and access to investors, as part of its Indigenous Accelerator program in Victoria.
The initiative, happening for first time in Victoria, will see five Indigenous startups receive a funding total of $50,000 in grants, also receiving support through free co-working space, mentoring and training from industry experts at the Victorian Innovation Hub, Goods Shed North.
The program aims to have the startups grow their businesses over three months, with a final showcase at its demo pitch night.
In the lead up to it, Barayamal is also running a two-day Pre-Accelerator in late March at KPMG’s Melbourne office, with training and mentoring to help potential contenders start.
Barayamal CEO Dean Foley said an accelerator typically helps startups to gain access to business networks, knowledge, expertise and early-stage funding they need to build successful businesses.
He added Aboriginal and Torres Strait Islander entrepreneurs can make a valuable contribution to the momentum towards innovation if they build and grow companies with a global impact.
Stone & Chalk said it has raised more than $330 million in capital for fintech startups to date.
Applications for the program open on the 8 April and close 7 June 2019.
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