Local ICT innovations draw crowds to Tech23

Beverley Head
Tuesday, 27 October 2009 07:22

IT Industry - Strategy

More than 300 entrepreneurs, investors and tyre kickers turned out for the first Tech23 event in Sydney today, which was established to showcase local innovation and forge links between the money-men and the ideas-gurus.

The Federal Government turned off its finance tap for small innovative companies when it axed the Commercial Ready innovation grants programme last year, which had many industry observers worried that in combination with an economic slowdown, the flow of local innovations being brought to market could be stymied. Today’s event demonstrates that bright ideas have continued to flourish, while reinforcing the need for more funding to take Australian innovations to the global stage.

Twenty three fledgling businesses were invited to each make four minute presentations, and then participate in panel discussions with seasoned industry players and investors. Another 20-odd companies demonstrated their developments in breakout sessions.

Rachel Slattery, director of Slattery IT which organised the event, said she was hopeful this would be the first in an annual series of events showcasing local development. Sponsored by the NSW Government, Slattery said 140 start up organisations had applied to participate in the event, with 23 eventually selected.

Modelled in part on other events which allow entrepreneurs limited time to pitch their wares, Slattery said she did not want to event to involve investors “grilling” companies, but had instead taken “The Masterchef approach so that they get constructive feedback.”

In line with that Tech23 will not have a ‘winner’ as such, although a series of prizes including cash and in-kind support have been donated by established companies, and will be awarded to the presentations judged to have greatest promise. An announcement as to which organisations secured the prizes is expected next week.

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