Ninefold & Founder Institute Foster Local Tech Talent
The Founder Institute, an early-stage startup accelerator and global launch network founded in Silicon Valley which has since gone global over the last three years, launched a Sydney Chapter, co-directed by Benjamin Ranck and Benjamin Chong, earlier this year.
More than 100 candidates applied for the 15 week program in Sydney, hosted at Ninefold, University of Technology Sydney (UTS) and technology incubator, Blue Chilli, with 34 accepted to the program. Nine individuals from seven companies graduated from the Founder Institute – Sydney Chapter in June and all received free cloud computing from Ninefold plus free workspace at Blue Chilli. This also included mentoring from a number of industry executives, including Peter James, Chairman and Co-Founder of Ninefold. Globally, less than 40% of accepted Founders typically make it through.
Through a part-time four month Founder Institute program, existing and prospective founders can launch their dream company with expert training, feedback, and support from experienced startup CEOs - while not being required to quit their day job. The Founder Institute’s unique Graduate Liquidity Pool also enables graduates and mentors to share in the equity upside of each class, creating local, teamwork-based ecosystems where great new businesses can flourish.
“We congratulate all of those who applied, took part, and graduated in this year’s inaugural Sydney Chapter Founder Institute, the program is certainly not for the half-hearted,” said Peter James, Chairman and Co-Founder at Ninefold. “It’s critical for Australia’s economic future and role within Asia Pacific that we retain and encourage our own innovative identity to preserve the local startup culture currently flourishing, and prevent this so-called “braindrain”. Aussie companies and entrepreneurs still have a lot to gain and a lot to give at home.”
“I echo Peter’s comments that there’s great opportunity for startups in Australia, that’s why we launched a Sydney Chapter of the Founder Institute,” said Benjamin Ranck, Co-Director at the Founder Institute. “There’s currently debate about how Aussie startups can only succeed if they depart our shores for Silicon Valley – and while there’s certainly a lot to be learnt from established North American tech hubs there’s also great deal of support, financially and educationally here too, as shown by the likes of Ninefold, UTS, Blue Chilli and many more parties.”
The Cloud Booster Program offers Founder Institute Graduates free Ninefold cloud computing and storage credit worth from $300 per month for up to a year. They also receive a technical sales consultation for setup, together with involvement in Ninefold’s marketing campaigns; such as guest blog posts and opportunities to reach the wider Ninefold developer, startup and partner community.
To find out more about the Founder Institute and local graduates, please visit http://fi.co/.