WA startups win major boost as Founders Factory kicks off first Australian accelerator program

A WA startup harvesting methane-busting seaweed to reduce greenhouse emissions in cattle is among the local businesses set to receive a $50,000 cash injection as part of an internationally-recognised accelerator program. It was revealed earlier this year that UK-based venture studio Founders Factory had chosen Perth as the location for its first Australian operation, lured by $7.2 million in funding from the WA Government. Founders Factory seeks to build and fund startups, with successful accelerator programs already being run in London, Milan, Berlin and New York. The State Government on Friday will announce the inaugural participants of the program, with six nature tech startups to receive $50,000 in funding and be involved in a four-month intensive support program on product development, commercialisation, data science and fundraising. Among the successful WA startups are carbon abatement tech company SeaStock; Agra Farming Technologies, which is developing sustainable crop production systems; and Nitronic, which is focused on green nitrogen fertilisers. Innovation and Digital Economy Minister Stephen Dawson said supporting unique startups to expand on a global scale was key to the Government’s goal of diversifying and decarbonising the WA economy. “WA has a thriving nature-based innovation sector, and I’m pleased that local projects will be able to access a global network of investors and experts, without leaving the State,” he said. “Founders Factory is renowned worldwide as being one of the best commercialisation accelerators and having the opportunity to nurture local start-ups here is an incredibly valuable opportunity. “I am looking forward to the continued innovations to come from not only these selected six but for what the next few years hold for the WA nature tech accelerator program.” Speaking to The West Australian earlier this year, Founders Factory’s Australian chair Rohan Silva said WA had the potential to be the Silicon Valley for mining tech, which will see artificial intelligence and even more robotics plugged into the sector.