Published on the 23/02/2016 | Written by Beverley Head
Optus is again shaking its innovation rattle – this time with a programme offering six capital injections of up to $50,000 for ideas that can “change the social landscape” for young Australians…
The Optus Future Makers programme, which was announced yesterday, is particularly focused on technology solutions that address challenges faced by “vulnerable young Australians”.
Championed by the company’s associate director for corporate social responsibility, Helen Maisano, the company is offering an accelerator programme for 12 finalists, which will be whittled down to six winners who will be offered capital support of up to $50,000.
The company is particularly seeking ideas that support young people as they look for employment, improve their education, and which also provide support through cyber education and online safety, and wellness applications.
It’s not the first time Optus has played in the start-up space. The company runs the Optusinnov8 seed capital programme in cahoots with parent SingTel, though it does not appear to have invested anything locally since 2014 when it added NinjaBlocks and TokenOne to its portfolio.
The company has however also signed up as the foundation communications partner for the Stone & Chalk fintech innovation hub last year, and also supports the Ventura co-working space for women-led start-ups, ensuring that it stays in touch with the start-up community in Australia.
Arch rival Telstra meanwhile is currently selecting participants for the third round of its Sydney start up programme through investment offshoot muru-D, which offers winners up to $60,000 apiece. It already has 21 start ups in its portfolio from the first two rounds (or classes as it calls them) of funding.
Earlier this month it also announced a tie-in with Israel’s Tel Aviv-based accelerator The Junction in a bid to share innovation insights and mentors internationally.
Australia meanwhile has missed out so far on Vodafone’s Xone initiative. Late last year the company announced that it was opening a Xone innovation hub in New Zealand which will open its doors in May this year, adding to other Vodafone hubs already set up in the US, Europe, and Cairo.
Successful participants will receive up to NZ$150,000 worth of benefits, including an international fact finding trip, NZ$25,000 in cash with the bulk of the balance in in-kind access to workspace and computing platforms.
