The experienced Australian entrepreneurs behind Startmate have almost completed the first phase of their new mentor-driven funding program.
Until the end of November Startmate is accepting applications from internet start-ups chasing large markets seeking to participate in the unique training program.
The founders will mentor entrepreneurs, personally contribute a $25,000 investment in the business and also organise networking and industry events in Sydney and Silicon Valley.
The number of applications received so far numbers in the "tens", according to co-founder Niki Scevak, who added it the fund on track to hit the target of between 50 to 100 applications.
These will be cut down to five, forming the first batch of trainees.
Scevak said the best measure of the program's success to date was the quality of the applicants.
"That's certainly very high and very comparable to the types of people I know in Silicon Valley, and I used to live in New York, and the quality of applicants is right up there with those global start-up communities."
However, he said there is a shortage of entrepreneurs that will risk putting their ideas on the line.
"There is a shortage of people that go out there and do things under extreme uncertainty and very constrained resources. That's entrepreneurship."
He also admitted the Startmate founders face significant risks of their own, and as such will focus on ideas that are financially viable over the long-term.
"Ultimately it won't be sustainable unless investors can be exposed to great opportunity that returns multiples on their investment.
"The one element of being an investor in start-ups is patience and the determination to stick through these very long time periods. Every person involved with the program certainly has those long-term views."