Microsoft ScaleUp (formerly known as Microsoft Accelerator) is moving into the new Sydney Startup Hub, which was officially opened today.
The program is designed to help start-ups grow rapidly and has been launched in seven other cities around the world. In the five years ScaleUp has been running, close to 730 companies have graduated from the accelerator and raised almost US$3 billion in venture capital with 48 exits.
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The Microsoft ScaleUp program typically runs for four months and focuses on both business and technical development. Chosen startups will gain access to expert advice, technology tools like Azure and Office 365, and Microsoft’s global network of customers.
Microsoft does not take any equity in the startups it supports.
The company is in the process of recruiting a managing director to lead the Sydney ScaleUp program and expects to run its first four-month program before the end of 2018.
Microsoft also recently announced that Sydney-based Annie Parker, formerly the CEO of Fishburners and co-founder of Muru-D, has been appointed to lead Microsoft’s startup programs globally, including Microsoft ScaleUp.
“This is a resounding acknowledgement of both the quality and potential of Australian tech startups and entrepreneurs,” said Steven Worrall, Microsoft Australia Managing Director.
Microsoft also plans to be an active tenant of the Sydney Startup Hub by running events, hackathons, investor pitch opportunities, CEO sessions, and a range of activities that will be open to the startup community.
“Our aim is to be the ‘glue’ that connects the start-up ecosystem in Australia. Being part of the Sydney Startup Hub enables us to realise that ambition. For any business to succeed it needs strong local and global connections and we believe Microsoft can help a startup be global from the outset,” Worrall said.