Announcing the fund at the Reimagination Thought Leaders’ Summit in Melbourne on Wednesday ACS President Yohan Ramasundara said: “To show our commitment to the next generation tech founders, we will commit $5 million ourselves to the fund.
“I believe combining creativity with technology problem solving is a passion for ACS members, so I don’t want to place an arbitrary cap on how much this fund will look to raise, but I do want to invite ACS members and other key stakeholders to join us.”
The fund follows ACS’ recent Digital Pulse report which highlighted an estimated 97% of Australian start-ups either exit or fail to commercialise and scale, with difficulties attracting investment being cited as a common cause.
“So, if you have self-managed super and are interested in participating in our fund raise, please let us know.
“We have many fund managers in the room. If you are keen to work with ACS, we look forward to hearing from you.”
The fund announcement follows the rollout of ACS Labs network after the acquisition of Brisbane’s River City Labs in September 2018. The east coast network was completed with the launch of the Sydney Harbour City Labs in April this year followed by the Melbourne Bay City Labs in July.
Investors interested in joining the ACS fund can register an EOI through email@example.com.