American global accelerator Techstars will be opening its first Asia-Pacific branch in Adelaide, singling out the city as a future manufacturing start-up hub.
Ten Australian start-ups will get to participate in the first three-month Techstars program in the second half of 2017, reports The Australian Financial Review.
As part of the process, local start-ups will receive approximately $164,200 in funding, in exchange for some equity in the company.
Techstars’ decision is timely because there is $100 billion worth of defence projects in planning in South Australia.
Techstars co-chief executive David Cohen said the incubator will focus on growing start-ups focussing on the Internet of Things, big data, sensors and robotics and how these applications affect defence manufacturing.
“Defence research has driven some of the most transformative consumer innovations the world has seen, from the internet and GPS to superglue and digital photography,” Mr Cohen said.
“[Adelaide] is a tech-forward city that is building sophisticated infrastructure for start-ups. Last year it became the first international ‘GigCity’, and Cisco’s only ‘Lighthouse City’ for innovation in Australia.”