1. What is a corporate startup accelerator?
Large organisations are typically built to deliver upon an existing business model whilst the job of a startup is to discover new business models. Given the rate of technological disruption and change, a corporate startup accelerator leverages the relative strengths of incumbent organisations – deep domain expertise, resources, networks and distribution channels – with talented and fast moving startups who are focused on skating to where the puck is going. This partnership results in a much higher likelihood of success for the startups whilst ensuring incumbents are invested in and across emerging technologies and business model innovations that threaten their industry so they can avoid their own Kodak moment.
2. How long does a typical program run for?
The entire program lifecycle, from marketing and recruiting startups, through to facilitating a bootcamp and pitch night to select finalists who will participate in the 13-week accelerator, typically takes about 6 months. However, we can customise the delivery of accelerator programs, including duration, based on your organisation’s unique circumstances and requirements.
3. How are you different to other startup accelerator programs?
Unlike many so-called accelerator programs, our startups receive much more than just office space and funding, which often goes wasted without the right guidance. Having built and overseen the development of many startups, we provide guidance and education throughout the program, asking the tough questions to get startups from zero to one. We provide ongoing mentorship and access to our community to startups even after the programs have finished and because their success is our success.
4. How much time does our company need to commit to the program?
Collective Campus effectively runs the program so it can be a very light touch proposition for partnering companies. However, we do ask that sponsoring companies provide mentorship and access to networks for testing purposes and that the company co-hosts deliverables such as the initial pitch night and demo day at the culmination of the program. Having said that, we encourage active involvement because running a corporate startup accelerator program is a fantastic opportunity to get employees involved in the world of entrepreneurship, take part in workshops and begin to move the dial on mindset and culture internally. You can find out more the benefits to companies by downloading our information pack via the link below.
5. How is the accelerator branded?
Depending on the nature of the partnership, we can run co-branded programs or dedicated programs. For example, we delivered the dedicated Mills Oakley Accelerator legal-tech program, however could run a Mixed Reality Accelerator, sponsored by Company X.
6. Can we co-sponsor a program with other companies?
Yes, as in question #5, if your organisation wanted to share the cost of sponsoring an accelerator program and use it to build and strengthen relationships with partner organisations, you could co-sponsor a program. For example, we could deliver a fin-tech accelerator sponsored by a bank, an insurer and a superannuation/401K fund or even competing organisations.
7. What about the theme of the accelerator?
We will work with your organisation to determine a suitable theme. For example, are we after mobile payment technology startups or broader fintech startups? Themes can run across industry lines or technology lines and seek out start-ups from different geographies and stages of the company lifecycle.
8. What about IP?
In order to attract quality entrepreneurs, IP will remain the possession of participating startups. Your organisation does have the option to invest in the startups in exchange for equity. If your organisation is interested in partnering with startups to build new IP that your organisation controls, contact us.
9. What company lifecycle stage are the startups in?
Startups could be anything from an idea with a newly formed team or an existing company with traction and revenue. Sponsoring organisations can determine the theme and nature of the startups, per #6.
10. Does our company get equity in the startups?
Your organisation has the option to invest in participating startups in exchange for equity. Typically, an investment of between $35,000 – $50,000, in addition to sponsoring an accelerator program, will grant sponsors a 7% equity stake in newly formed, early-stage startups that haven’t previously raised funding. Collective Campus will retain a 2% equity stake in participating startups. Sponsoring organisations will also have an opportunity to invest in startups at a discount at the culmination of the program.
11. What opportunities do you provide for our employees to get involved?
Employees can get involved in a number of ways, including: (a) mentoring startups with industry expertise, (b) facilitating connections to networks and distribution partners, (c) attending workshops on entrepreneurship and innovation delivered to startups, (d) attending pitch nights and demo days and (e) participating in the judging panel at the pitch night.
12. So what does Collective Campus do as part of this process?
Collective Campus does everything from preparing online and offline marketing materials, actively promoting the program, recruiting startups, recruiting mentors, facilitating bootcamps, pitch nights and workshops, guiding startups through the 13-week program and inviting investors to the demo day which takes place at the culmination of the program. Collective Campus can work with a sponsoring organisation’s internal marketing and branding teams to align their approach.
13. What is the cost to sponsor an accelerator program?
The cost varies depending upon the number of startups, theme, sponsoring organisations and type of accelerator package a sponsor opts for. Download our information pack for further information.
14. How do you go about sourcing quality startups?
We leverage our extended network of partner organisations as well as run comprehensive marketing campaigns to scour the target geographic region looking for the best talent. We also have a 10 point founder and startup assessment approach to not only evaluate ideas, but experience and founder psyches, because resilience and persistence are critical to startup success.
15. Where do you host your programs?
We can host our programs at our 500sqm innovation hub in Melbourne’s CBD, partner organisations such as URWork in Singapore and Fuelled Collective in New York and at alternative venues all over the world. We tend to focus on running programs in startup coworking spaces so participants can tap into the networks, learnings and serendipity that comes with being surrounded by companies facing similar challenges.
16. What happens afterwards?
We will continue to provide a sounding board for startups after the program and the startups will become part of a valuable alumni network. Sponsoring companies will have an opportunity to invest at a discount at the culmination of the program and providing some form of ongoing support is at the discretion of the sponsor but encouraged to increase the startup’s likelihood of success. We provide ongoing mentorship and access to our community to startups even after the programs have finished and because their success is our success.
17. How do you ensure that startups don’t blow their funding, if provided, prematurely?
We have a control process in place to allocate funding in tranches based on it being fit for purpose and aligned with the stage the company is at. When startups fail it’s because they over invest in the wrong idea and go to market with an unvalidated concept – our job is to help them avoid falling into this trap.
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