Thank you to everyone that joined the Information and Q & A session yesterday with Sharon Hunneybell and Steve Dalton, facilitators of the Rapid RegTech Accelerator and Danny Maher, director of 42 Ventures. For those that missed it, we have compiled a list of the top questions around the program to share with you.
Am I a RegTech Startup?
If you have designed a technology that helps businesses and/or individuals ‘follow the rules’ to meet industry guidelines, regulatory requirements or corporate compliance then you should apply for the Rapid RegTech Accelerator program.
We are looking for the best solutions in the world that use automation and innovation to cut out paperwork and meet best practice standards in any industry – some examples may be:
- Technologies that assist contractors or staff to meet health and safety requirements on a worksite;
- Technologies that assist home based carers or nursing staff in completing safety checks or logging information;
- Technologies that assist with industry regulation such as professional development requirements or professional licenses;
- Technologies that assist restaurants or cafes to meet food standard and safety regulations;
- Technologies that streamline insurance processes or claims for either the claimant or the insurer;
- Technologies that assist companies with their corporate responsibilities and reporting.
If you are still unsure as to whether you qualify as a RegTech solution – send us an email at email@example.com and we will be happy to advise.
How does the seed funding work?
When applications close the shortlisted companies will be invited to meet with the team from 42 Ventures to discuss their business and ongoing funding requirements post program. The amount invested during the program and the equity amount taken will be based on an agreed valuation between both parties determined by the maturity and growth trajectory of the business.
How is the program delivered?
The program is delivered between October 2020 and January 2021 using a hybrid delivery model, meaning that interactions and learning will take place via an online platform and through face to face workshops and mentoring sessions. The partner and investor lunch and the Investment pitch night are also in person events and form a critical part of the relationship building and interaction between participants, partners and funders.
Do I have to be based on the Gold Coast to apply? Are interstate and international applications accepted?
Startups that are based in South East Queensland that can commute to the Gold Coast at least twice a week to attend workshops and events will be able to draw the greatest benefits from the program, however, we are happy to accept applications from across Australia and internationally as well.
Whilst we do believe the Gold Coast is an ideal place to launch a business, we want to find the best possible RegTech solutions in the world to ensure that we also deliver the best possible experience for our industry and investment partners – so if you have developed a product and would like to expand into Australia or Queensland, this could be a great opportunity for your business too.
Participants attending in person will be provided with hot desks for their team for the duration of the program at the Gold Coast Innovation Hub Incubator Space in Varsity Lakes.
Do you have a question about the program? Please send them to firstname.lastname@example.org and we will continue to update this post with more answers until applications close at midnight on Thursday 15th October.