A new cybersecurity accelerator program is set to launch in Melbourne this month, thanks to an incubator partnership between Deakin University and Dimension Data.
The program, CyRise, is now looking for early-stage cybersecurity entrepreneurs and professionals from across Australia, New Zealand and APAC to apply for the six-month program.
Participants will be based in Melbourne CBD coworking space Teamsquare and receive AU$50,000 in capital, as part of a capped SAFE note, the company states.
“A SAFE (Simple Agreement for Future Equity) is an agreement between an investor and a company that provides a right for the investor to receive equity in the future, without determining a specific price per share. It is simple to understand, meaning limited legal costs, and it enables founders to launch and prove the valuation of their startups at the next funding round.”
Participants will progress through CyRise’s Corporate Partner Program that connects startups with early customers; travel to USA and Israel to build connection, learn and network; and pitch to investors for further funding at the end of the program.
Participants will also be mentored by security experts such Australian Cyber Security Growth Network CEO Craig Davies and COO Michelle Price, Dimension Data Group Australia CTO Debra Bordignon, Bugcrowd CEO Casey Ellis, and Culture Amp CEO Didier Elzinga.
CyRise CEO Scott Handsaker, says Victoria is an APAC hotspot for the cybersecurity industry.
“Where Australia is lacking in this space is in the commercialisation of ideas. There is so much talk around R&D, which is great to see, but how do we package up these findings and ideas in order to yield better commercial outcomes for the Australian economy?”
He says the aim of the project is to connect Australian corporates with innovative startups that are building ‘world-class’ cybersecurity solutions.