KPMG Australia and Stone & Chalk are looking for top startups in Space Technology for the next cohort of the Future Technology Program – which combines the largest innovation community in Australia at Stone & Chalk with KPMG’s deep expertise and knowledge, to help startups introduce better tech, better innovation and better thinking into the economy.
What does the initiative mean for the industry?
The five startups will get complimentary residency for 12 months at one of Stone & Chalk’s startup hubs located in Sydney, Melbourne and Adelaide as well as support from KPMG’s mentors and industry leads who can facilitate client introductions and industry conversations. Additionally, each recipient will gain a KPMG mentor tailored to their business, assisting startups in their efforts to validate, test, learn, and explore genuine opportunities for growth.
Australia’s space industry offers massive growth potential and is projected to reach $12bn by 2030, growing at a 8.2% CAGR. It includes 600 businesses employing over 14,000 people.
Space is anticipated to play an increasingly important role in the nation’s defences, with the Department of Defence expected to invest nearly $10bn into space tech and infrastructure over the next two decades. Sectors such as agriculture, mining and transportation are also becoming more reliant on earth observation data and satellite communications.
Which startups can take part in the program?
Hardware and launch startups will also be considered, though are not expected to be the primary focus of this program. The program is now open and seeking applications from early-stage founders building space tech startups, companies that rely on space infrastructure, as well as solutions or tech from other sectors that are directly relevant to space. This includes:
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Space tech startups building products relevant to operations (management of objects and satellites in space), applications (software and hardware data used for industry, such as GPS sensors for logistics analysis), or enablers (research and development)
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“Spin in” companies that may not ordinarily be classified as space tech, but which have an innovative solution that is relevant to Space, or which use Space assets, data, sensors, networks or infrastructure
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Solutions that use Space infrastructure to solve major industry problems, particularly as they relate to health, weather, transport, telecommunications, energy, media, technology, mining & resources, agriculture, defence, supply chain and ESG
To be eligible for the program, startup applicants must meet the following criteria:
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Be Series A or earlier and building technology which can be applied to Space
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Be in a position to accept residency at Stone & Chalk (Melbourne, Sydney or Adelaide) 45 days from the date they have been notified in writing of being a successful applicant
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Be already operating in Australia at the time of their application for the Program, or commencing operations by June 30, 2023
What does this mean for KPMG and Stone & Chalk?
Stone & Chalk Group CEO, Michael Bromley said Space Tech startups are game-changing businesses that are driving Aussie innovation. “I’m very excited that our next cohort for the KPMG and Stone & Chalk Future Technology Program will be focused on Space Technology.”
“The tech being developed now for use in Space will not only help us learn more about the universe in which we live, but it will drive innovation for use back home on Earth. From climate tech to navigation and software development, Space Technology really is Earth Tech.”
Sarah Vega, National Managing Partner, KPMG Futures, said the program will play a vital role in helping space startups thrive in a challenging capital raising environment. “We’re excited to be working with firms in Australia who are pushing the limits of what’s possible in space.”
“Space data and applications are revolutionising operations, reducing costs, and providing lightning-fast decision-making capabilities across a range of applications in financial services, utilities and health. Many of these capabilities are being developed right here in Australia and we are looking forward to welcoming the next cohort of winners of the Program,” Vega said.
Applications for the program are now open here and will close on April 14 2023. The Future Technology Program will begin in July 2023, with offers expected to be made in early June.
