The dynamic environment within the business incubator iAccelerate, as part of the University of Wollongong (UOW), continues to strengthen, as emphasised in the recently published iAccelerate 2023 Impact Report.
UOW iAccelerate entrepreneurs report $75.3million in sales revenue, adding $22 million into Illawarra, south coast economy.
iAccelerate is a innovation hub empowering startups and innovative businesses in the Illawarra, South Coast and communities across NSW to deliver a big impact throughout Australia and on the global stage.
During the report period of January through to December 2023, iAccelerate companies reported $75.3 million in sales, building a diversified economy for the future of the Illawarra and other communities in which UOW has campuses. Since its inception in 2016, iAccelerate companies have generated over $416.5 million in total revenue.
Since 2016, iAccelerate has supported 385 startups, says iAccelerate Director Dr Tamantha Stutchbury
“The achievements go beyond the figures with 2023 our most diverse year to date. With the Illawarra’s employment landscape rapidly transforming, our programs for First Nations, regional and female entrepreneurs continue to make iAccelerate a place for anyone in the community with a bright idea to come and explore their potential,” said Stutchbury.
In addition, iAccelerate companies were responsible for the creation of 72 local jobs last year, bringing the total number of employees in iAccelerate resident companies to 322, including full-time, part-time and casual workers.
iAccelerate, being industry-agnostic, provided support to a combined total of 69 start-ups and scale-ups across various sectors in 2023, such as AI, edTech, energy, hardware, health and wellness, robotics, social enterprises, and technology.
“iAccelerate’s impact report for 2023 highlights another year of outstanding results where we continued to be a leader in Australia’s innovation ecosystem,” said Stutchbury.
Two of the successful business apart of the UOW iAccelerate program are Verbotics and Cenofex Innovations.
Verbotics won several industry awards last year, including the Australian Technologies Competition’s Advanced Manufacturing Award and an Endeavour Award for Technology Application, putting the skills fostered at iAccelerate into action.
“Since joining the program, we have been able to tap into the research excellence at UOW. We have embarked on a pilot research project with the Biomechanics Research Laboratory at UOW to collect our first on-person data this year,” said Dr Sheridan Gho chief executive officer and co-founder of Cenofex Innovations
The applications for iAccelerate Activate Program are ongoing – more information can be found here.
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