One hundred startups are set to benefit from a Global Innovation Foundry established by the University of New South Wales (UNSW) to support SMEs’ international ambitions.
Australian start-ups will be given access to UNSW’s network of partners, investors and operators across different markets. The university said it will help address the challenges that domestic founders face.
“Scaling internationally is where many Australian start-ups hit a wall,” said David Burt, director of entrepreneurship at UNSW Founders.
“The Global Innovation Foundry is about giving founders what they actually need – direct access to the right people and networks in-market. Whether that’s connecting to (research and development) partners in India, navigating investor networks in Singapore or understanding how to hire and attract talent in the US, we’re creating practical pathways for Australian start-ups to win global deals.”
UNSW said that founders often struggle with capital constraints, a small local customer base and distribution bottlenecks. It added that only 24 per cent of Australian start-ups plan to hire overseas.
“The issue isn’t a lack of ambition, but founders lack the connections, networks, and on-the-ground expertise to break into international markets,” a university spokesperson said.
The UNSW Global Launchpads Summit, a one-day event, is being planned to mark the launch. The event will feature UNSW Founders portfolio companies while sharing market insights from international experts.
“The Global Innovation Foundry represents UNSW’s commitment to building globally competitive companies that can scale from Australia to the world,” said Atilla Brungs, vice chancellor and president at UNSW.
“By leveraging our international networks and partnerships, we’re creating impactful pathways for Australian innovation to reach global markets and for international startups to establish themselves here. This is about positioning Australia as a destination for founders worldwide.”
- This story was originally published on Inside Small Business.
