- What is the Optus-Innov8 Seed Program?
- What is the process for applying for funding? How long does the process take?
- What are the areas of focus for the Optus Innov8 Seed Program? What type of companies will you invest in?
- What is the duration of the Program?
- How will the funding be released?
- How much equity am I giving up for entry into the Program?
- My startup doesn’t need the funding but we’d love to take advantage of the other components of the Program. Should I apply?
- Does my startup need to be a telecommunications-related business to be selected into the Program?
- I’m not located in Sydney or Melbourne. Can my startup still join the Program?
- I have a great idea and am in the midst of forming a team. Can I apply to the Program?
- I’ve applied to the Optus-Innov8 Seed Program before but didn’t get selected. Can I apply again?
- Does my startup need to be a mobile app to be eligible?
- Does the Optus-Innov8 Seed Program sign NDAs?
The Optus-Innov8 Seed Program is a collaboration between Optus and SingTel Innov8. It exists to foster Australian early stage digital tech startups and provide them with support in the form of funding, mentoring and logistics.
The best way to apply is at the times in the year that we formally open applications. It’s our plan to have two to three formal application windows in 2013. We will be accepting applications via an online process but startups will need to ensure that they come with two referees, either from our Partners or comparable industry executive.
After the Pitch Day for shortlisted startups, we expect to make give clear indications to startups within a month and close our investment commitment within three months.
What are the areas of focus for the Optus-Innov8 Seed Program? What type of companies will you invest in?
Our key areas of focus continue to be Mobility Solutions e.g. smartphone or tablet apps, Digital Convergence e.g. cloud or cross platform enablers, and Digital Disruption in verticals e.g. health, education, media, etc. It’s these areas in which we believe Optus can help best, however we’re open to consider startups outside these themes.
We expect startups will be ready for Series A fund raising within 3 to 9 months of starting the Program.
This will be agreed as part of the investment / term sheet negotiations.
We will consider this on a case-by-case basis. In the case of Optus-Innov8 Seed leading the investment round, our preference is to use a convertible note, therefore deferring the pricing of the equity to a later funding stage.
My startup doesn’t need the funding but we’d love to take advantage of the other components of the Program. Should I apply?
Yes—it’s not just the funding that’s on offer. For instance, your startup may be sufficiently funded, but you need access to mobile telco infrastructure to test some fangdangly new triangulation method. If so, we encourage you to apply.
No, we’ll consider all digital tech startups of all shapes and sizes but there’s clearly some advantage if your startup’s product or service can directly complement Optus’ or the SingTel Group’s offerings and strategies. Don’t forget our initial program focus is in three areas: Mobility Solutions, Digital Convergence and Digital Disruption.
Of course! But before we choose to invest in anyone, we’ll need to meet in person.
No. Check our Eligibility page for what you need to do to in order to be considered.
We recognise that startups are constantly developing so we’re happy to look at startups again. We’re particularly interested if you received feedback from us about what your startup needed to further develop or overcome and are now able to demonstrate your progress. Being selected in the shortlist is already on the higher-end of the competitive spectrum, so if you weren’t selected last time and haven’t had any material progress since the last time, the chances are your application won’t be successful.
No, we’re afraid not.