Advancement Marks Growth in Australia’s Fastest-Growing Startup Hub
When you talk about ranking the world’s most entrepreneurial cities – it can never be a simple comparison.
Some places offer more economic freedom, some make it easier to establish a limited liability company, some have a more investor-oriented culture, or simply more access to much needed technical infrastructure and tech-talent. And right now, The University of Adelaide is making its contribution to developing South Australia as one of the best places to be for start-ups.
According to the 2023 blog BizCover, Adelaide is one Australia’s fastest growing cities for start-ups due to its many opportunities and local tech resources.
The University’s business incubator, ThincLab, has been developed as a launching pad and business intelligence platform, not only for its staff and students, but for all entrepreneurs hoping to start an innovative business.
Its flagship program for start-ups, ThincSeed is a 13-week immersive experience, where would-be entrepreneurs are taught strategy, marketing, and planning for growth, where they are mentored by experts, can connect with other emerging entrepreneurs, and practice, and then pitch, to angel investors.
Applications for the first 2024 cohort close 18th February.
And in 2024, local startups will have access to an extra mentoring opportunity when the ThincSeed program runs twice, thanks to a grant from the Adelaide Economic Development Agency of more than $150,000 to support the incubation of new businesses.
Successful “graduate” of the 2023 program and co-founder of Reusably, Mary Kelly, says the mentorship in the program is invaluable.
I think for anyone who is working or studying while they are establishing a startup – this whole process also helps you to focus and be accountable. It keeps things moving and the energy flowing.Reusably co-founder, Mary Kelly
“The ThincSeed program really helped us to look at our position going into raising capital and all the different facets of our business, its complexity and the value of our products, through the lens of an investor,” Mary says.
“Our mentor was incredible because he learned every aspect of our business and could provide detailed support, preparing us for how investors may think, how we needed to present ourselves, what we needed to include, from documents and pitch decks, through to the language we should use and how to anticipate the questions they may ask.
“I think for anyone who is working or studying while they are establishing a startup – this whole process also helps you to focus and be accountable. It keeps things moving and the energy flowing.”
Now keenly focused on how to define the goals of Reusably, Mary says the business is dedicated to eliminating single-use plastics.
“We want to help people transition to reusables, whether that is coffee cups or palettes, we want to help build a circular economy, and the inventory management technology we have developed will help to make that shift seamless,” she says.
ThincLab Incubator Manager, Zrinka Tokic says one of the most exciting elements of her job is watching how the knowledge, expertise and mentorship provided at ThincLab transforms excellent concepts into incredible businesses.
“Raising funds to build an early stage start up is challenging, and we are pleased to be addressing this critical need in the market with the ThincSeed program,” Zrinka says.
“I can only encourage everyone who has a start-up plan to apply for the ThincSeed development program.”