The MAP Velocity Program prepares for significant expansion following $222k funding from LaunchVic
The Melbourne Accelerator Program (MAP) is thrilled to announce our early-stage startup program, Velocity, is expanding as a result of a successful LaunchVic funding round application.
The Velocity Program will receive $222,000 over two years from LaunchVic to support operational expansion that will include:
- Doubling the frequency of Velocity program delivery to twice a year.
- Documenting and codifying program content and resources to create a stand-alone, scalable, online program.
- Building the MAP team to manage the expanded program and support the increased number of founders participating.
A Perfect Fit for Post-COVID-19 Recovery Goals
MAP’s grant application was assessed to meet and exceed the funding criteria defined by LaunchVic, the independent agency responsible for developing Victoria’s startup ecosystem.
LaunchVic is looking to support Pre-Accelerator programs that are in a position to aid in Victoria’s post-COVID-19 economic recovery, by supporting the growth of technology-focused early-stage startups.
Professor Colin McLeod, Executive Director of the Melbourne Entrepreneurial Centre, within which MAP resides at the University of Melbourne, describes how Velocity can play a critical role in a post-COVID-19 economic recovery.
“The Velocity program has been really successful in helping early-stage founders through the critical hurdles of finding early problem-solution fit and identifying their first customers. We are delighted that with the support of LaunchVic, we will be able to run the program multiple times a year and support more founders in their efforts to create a viable and sustainable new venture.”
Metrics that matter
The Velocity Program helps founders speed up their search for problem-solution fit and aids in the discovery of first customers. The program blends startup and impact methodologies to help increase traction for early-stage startups.
Over four years, the Velocity Program has supported 170 founders from 91 startups. Of these ventures, 68% remain operational, and 19% have progressed to other startup accelerators.
Velocity founders have been recognised by Forbes Top 30 Under 30, awarded a Myer Innovation Fellowship, and have won international awards while continuing to build sustainable ventures.
Velocity startups have raised $8.9m in funding, generated $6.4m in revenue, and created 219 jobs.
Velocity Program Overview
The Velocity Program consists of a series of ten workshops that introduce the founders to fundamental startup principles and powerful entrepreneurial frameworks. Techniques imparted include:
- the business model canvas,
- Objectives & Key Results (OKR),
- system mapping,
- the impact gaps canvas,
- startup validation principles.
To support their growth, Velocity founders also get introduced to dedicated mentors, welcomed into the MAP alumni community with its associated events and benefits, opportunities to co-work at MAP, and access to a range of University of Melbourne benefits and services.
Velocity and COVID-19
Like MAP’s flagship accelerator program, in 2020, Velocity will be delivered entirely online until such time as it is possible to gather in larger groups. MAP accelerator manager Laxmi Pun outlines how the MAP team is overcoming the challenge presented by Covid-19.
“As a result of Covid-19, MAP has reconfigured how we implement all our programs and accompanying activity. Our flagship Accelerator Program has been delivered entirely online this year, yet we are thrilled to identify the significant progress being achieved by the cohort.
We were most concerned about the loss of what is often called the “cohort-effect”, a sense of community developed by working closely together in person. However, through dedicated programming that includes virtual lunches, social activities, and mindfulness sessions, the cohort has developed a sense of community and support we believe will extend well beyond the program.”
Who’s taking part in the 2020 Velocity Program?
MAP received 138 expressions of interest, 49 applications, and has accepted 21 startups into the 2020 Velocity program.
We are thrilled to continue our track record of supporting diverse founding teams, across all our programs at MAP. For this intake, 50% of teams are women-founded, and 55% have a team member from a self-identified diverse background. Furthermore, the problems teams are tackling through their startups are overwhelmingly focused on health and sustainability. 23% of this year’s applicants are focused on solving health problems, 27% are aimed at improving sustainability, while a further 14% are education aligned.
MAP Social Impact Manager Abena Ofori explains why considerations of diversity and gender are fundamental to our application and selection processes.
“Diversity is very important to us at MAP. Not only is a well-rounded team in background and talent an early indication of strong future performance, but it has also quickly become an asset in our wider community of founders as they work to address the huge problems they see in our world. We work hard to find and support a broad spectrum of startups so they can influence and challenge each other to improve their business acumen or generate positive social and environmental impact.”
The Velocity program also continues to develop the University of Melbourne’s entrepreneurial pathways, with 50% of founding teams incorporating alumnus or staff from the University.
Meet some of the Velocity 20 Startups
Generation Gyms
Generation Gyms is a climate positive concept gym that uses generators to convert calories burnt by gym-goers to kilowatt-hours which are then distributed to communities in need.
The team was selected to participate in the 2019 Climate Kic — ClimateLaunchPad and have presented their concept to several corporate boards.
Far More
Far More aims to modernise the outdated commodity supply chain of coffee through a data-driven platform that aims to connect 125 million farmers with consumers worldwide and create a digital hub for learning, connection, promotion, and trade.
The founders of Far More have been busy creating an extensive network that is now ready for their digital platform. Their operations have expanded to include 4 promising regions in Colombia, they have hosted 2 coffee festivals in Santander, Colombia and they have educated over 400 farmers.
Diabeasy
Diabeasy is a medical software startup seeking to improve the lives of diabetes patients, to improve engagement with clinicians, and support better health outcomes for patients.
So far Diabeasy has partnered with Victorian Endocrinology Clinic, Team Diabetes, grown a community of 800 user testing patients and consulted with a Health Tech product development firm.
ResilientML
ResilientML translates market-leading research in Machine Learning and AI to commercial solutions in Finance, Transport, Communications Network Infrastructure and Cyber Security.
During Velocity, the team wants to gain insight into how to execute ‘lean engineering’ and sell from a low capital base. They’re excited about their machine learning technology that addresses a variety of scenarios and will use the time to discover the perfect problem-solution fit!
Cari Medical
Cari utilises cutting-edge 3D technologies to create customised CPAP masks that accommodate different anatomies and needs of children across different ages with obstructive sleep apnea.
Entering Velocity with some promising early prototypes, the Cari Medical team has plans to create their MVP and continue customer validation through the program.