Accelerator offers $40K to Aussie uni startups

The University of Sydney Union's startup accelerator program Incubate has begun its second intake, giving university-grown Aussie startups a chance to prove themselves.

The Australian winter intake is only the second round offered by Incubate, after its first summer round earlier this year helped eight startups get off the ground. Of them, one startup went on to receive AU$1 million in funding.

This time around, the funding on offer includes a total of AU$40,000 and free co-working space at the accelerator's startup hub. Incubate has already selected its eight hopefuls who will also be mentored by Freelancer CEO Matt Barrie and OneVentures managing partner Michelle Deaker.

The eight startups are:

• Drivelist

• JobGPS

• Makeup Social

• Neighbourhood Networks

• Positive Vapour

• Rocketshift

• SeedPact

• Speakeasy

The accelerator takes no equity from the startups, and will provide each with the opportunity to present their business ideas to potential investors and the media in September during its Winter Demo Day.

Incubate co-founder and program manager James Alexander highlighted that the eight startups come from a range of backgrounds.

"We have talented students, alumni, and researchers with backgrounds in engineering, science, arts, and law. I'm excited to see how their startups develop," he said.

In addition to running its second round, the accelerator program appears to be expanding. Earlier this year, it was seeking out a new projects coordinator to assist Alexander.