SouthStart Accelerate plans to accept five start-ups into its first programme, which will run from September to December. Candidates have until 5 August to apply.
Start-ups accepted for the programme will receive a $25,000 investment in return for 6% of the company, mentoring from a team of 30 tech entrepreneurs, and free use of the Majoran co-working space in Adelaide.
Support includes activities such as Monday morning stand-ups sessions to discuss progress and plans; Wednesday night group dinners to mingle with the mentors and listen to guest speakers; a few workshops on product, marketing, sales and operations issues; and investor demo days in Australia and overseas (with flights at the startups' expense).
"All of our mentors have a strong connection to South Australia and a fantastic track record as founders and leaders of technology companies across the globe.
"Whether start-ups need practical help in engineering, SEO, recruitment, product pricing, customer acquisition, building teams or executing their plans, we have a deep bench of mentor talent that have faced and solved the same problems."
Those mentors include Geoff Rohrsheim (Strategic Data Management and Kloud Solutions), Justin Dry and Andre Eikmeier (VinoMofo), and Alan Noble (serial entrepreneur and currently engineering director for Google Australia and New Zealand), Kym Welsby (regional director at Clearswift) and Elain Stead (investment director at BlueSky Funds).
"We're looking for founding teams of at least two people, with the technical skills to build a software or Internet product, who are passionate about starting their own companies or taking their existing start-up to the next level," said Cheek.
On completion of the programme, SouthStart has the option to invest another $100,000 into the start-up on the same terms as other investors, or on the basis of a $2 million valuation if there are no external investors.