Tech 23 line up for lots of lovely lolly

Beverley Head
Monday, 22 August 2011 16:29

IT Industry - Development

The 23 start-ups lining up tomorrow for a slice of the $150,000 pie provided by the NSW Government had a dry run rehearsal today. The stakes are high because it's not just that money pot they're after - but a chance to develop networks that just might put a Google alumni on the board or $1 million from a venture capitalist in the coffers.

Tech 23 is the brainchild of Rachel Slattery, director of SlatteryIT. Now in its third year the event is, she said, intended to 'speed up success' by bringing together Australia's 'innovation ecosystem' under one roof.

The 23 have been whittled down from a long-list of 130 hopefuls - just slightly down on the 140 companies clamouring for a spot in 2010. The Sydney event is expected to attract a full house of around 370 technologists, venture capitalists, chief information officers and angel investors all looking for the next big thing.

The prize money pot is provided by the NSW Government, which has one more year to run under its agreement with SlatteryIT. The overall winner of tomorrow's event - which is judged by a team of experts, based on criteria such as innovation and potential to execute - will secure $50,000 with four runners up each winning $25,000.

The event has this year also attracted additional sponsorship from Amazon, Citrix, CSIRO, Nicta, Starfish Ventures and the University of Technology Sydney.

Ms Slattery said that while the prizes were a clear drawcard, the start-ups also recognised the value in forging networks with other technologists, seasoned business executives and investors.

For example Posse.com - an entertainment focused social network won the inaugural Tech 23 event in 2009, and its founder Rebekah Campbell again attended Tech23 last year where she met Google Maps pioneer Lars Rasmussen, who now sits on the Posse board.

Also in the 2009 Tech 23 line-up was software developer Expanz which secured $1 million in funding from venture capitalist Roger Allen.

Meanwhile a Tech 23 award winner from last year, Marathon Targets, recently secured a $50 million contract from the US Military for its robotic live-fire training targets.