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Applications are now open for the second round of the Future Technology Programme, KPMG and Stone & Chalk’s joint accelerator for local start-ups – with this year’s focus on the space sector.
Building on last year’s supply chain cohort, space technology start-ups can apply for one of five 12-month residencies where they will receive free advice from KPMG experts and be paired with a business-specific mentor. .
“I am very excited that our next cohort of the program will be focused on space technology,” said Stone & Chalk CEO Michael Bromley.
“Technology now being developed for use in space will not only help us explore and learn more about the universe we live in, but will also spur innovation for use back home on Earth. From climate technology to navigation and software development, space technology is truly earth technology.
To qualify, startups – those working directly on space technologies, relying on space infrastructure or developing solutions in other space-related sectors – must have a Series A or above and can take up residency at one of Stone & Chalk’s Sydney in Melbourne. or Adelaide Innovation Centers shortly after selection. Applications are due to close on April 14, offers likely by early June, and the program will begin in July.
The types of companies eligible for this program include: space technology start-ups creating products relevant to operations and applications; startups with solutions related to space or using space assets, data, sensors, networks or infrastructure; and startups that provide space infrastructure solutions to address major industrial challenges in areas such as healthcare, transportation, energy, agriculture, defense and mining.
“Space-based data and applications are revolutionizing operations, reducing costs and providing lightning-fast decision-making capabilities across a range of applications in financial services, utilities and healthcare,” said Sarah Vega, head of KPMG Futures. “The program aims to play a key role in helping startups thrive in a challenging capital-raising environment, and we’re excited to work with companies that are pushing the boundaries of what’s possible in the space.”
KPMG notes the huge growth potential of Australia’s fledgling space industry, which is expected to grow to $12 billion by the end of the decade and play an increasing role in other sectors such as agriculture, mining and transport as they become increasingly dependent on earth observation data and satellite communications. According to KPMG data, the local industry is already home to nearly 600 hundred businesses employing over 14,000 workers.
This year’s Future Technology program follows on from the inaugural Supply Chain Edition launched last year, with selected startups benefiting from access to tailor-made materials and opportunities to validate, test and explore their concepts through mentoring in areas such as investor readiness, connections with clients and sales to large global companies. It is worth noting that four of the five selected start-ups were led by female founders and CEOs.
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