Which Startups Fail and Which Succeed?
We often hear and read about the successes in the startup world, but don’t often hear about the many failures.
It’s inevitable that most businesses fail in their first 3 years. Taking a look into why some succeed and others don’t is invaluable research in potential pitfalls, hurdles, and realistic challenges associated with starting a business.
After reviewing the journey and eventual acquisition of Omny Studio, let’s look into the other three companies that were selected for the Melbourne Accelerator Program in 2012.
What is MAP?
MAP (Melbourne Accelerator Program (MAP)), with the help of the University of Melbourne, aims to train startup companies to grow and become the best in their field. Yearly they select teams into their program to undergo extensive training and mentoring under Australia’s best business leaders.
They also offer global access to investors. In total, they have been able to help 200 startups which has led to a $250 million investment. As a result, revenue of $200 million has been generated, and 1500 job opportunities.
Where Are They Now?
The first intake for the program was in 2012, and they announced four winners/companies to be selected. Alongside 121cast, startup companies VenueMob, Remote Area Power System, and UniSquare.me were selected.
1. 121cast
121cast went through a few iterations to eventually create Omny Studio which was acquired by Triton Digital in 2019. They raised $1.7 Million in funding over the 7 years.
Details of the deal with Triton haven’t been fully disclosed. The founders have gone in various directions and even into tech venture funding themselves creating Startup Galaxy.
2. VenueMob
VenueMob is an online booking system that helps customers search spaces available for booking. Whether it is birthdays, parties, engagements, or weddings, you’ll find a number of venues you can search through and book online. The company was founded in 2012 under founders David Wei, James Giang, and Ying Wang.
Apart from MAP, they secured partnerships from other investors like Sydney Angels, Artesian VC, and Optus Innov 8.
In summary, they have raised a total of 1.5 million dollars from 5 funding rounds. In addition, the startup has secured partnerships with Accor Hotels, Mantra and Rydges who have added their event spaces to the platform.
VenueMob was acquired by Spare Workspace in 2020, under Jake Dimarco and formed VenueNow.
3. Remote Area Power System
Founded by Braden Kidd, his project “remote area power system” received recognition in engineering circles. With his master’s degree in electrical engineering, he aimed to create a company that gives power systems to places in remote locations. After joining MAP in 2012, he was given recognition by the Australian Institute of Energy. He received 1st prize with a $750 monetary gift and sponsorship from the Department of Primary Industry.
From then on, this project led to the creation of his company, New Waved Power System. Unfortunately, it did not survive. It was deregistered on 2017 February 23 and still dissolved and inactive for the last 5 years.
4. UniSquare.me
This startup company was considered to be the next-generation social media platform for students in university. Its goal is to help new students access information from the university they are going to and connect with other students.
As a run test, a beta website was published in 2012. With their innovative idea, they were chosen to be part of MAP. Unfortunately, the company did not survive. On February 29, 2013, the company released a statement of closure. Today, the website domain is still for sale and waiting for someone to purchase it.
Insights
Overall it’s important to recognise that not every company accepted into an accelerator is going to be successful, but also keep in mind it could be a stepping stone for the founders that moves them onto bigger and better things too. We’ve all heard it, “If you are determined, each failure brings you one step closer to success”.
Interesting to note the type of companies here that received funding, gained traction and moved forward.
A few questions come to mind and are part of the reason for exploring these startups and investor profiles:
- What types of founders and personality types eventually achieve success?
- Does starting with multiple founders provide better support for growth?
- Which business types and models are more attractive to investors?
- Is it a coincidence of luck, right time and place that achieves investor interest?
Of course, all of these questions will get varying responses from different people, but the real answers will come from looking at the data, statistics, and track record of multiple companies over time.
More to come. Stay tuned…
Software Developer
$130,000 + Super
Based in Brisbane, Queensland
MarComms Specialist
$120,000 + Super
Based in Melbourne, Victoria
Performance Marketer
$80,000 + Super
Based in Brisbane, QLD
Enter Your Login Details To View All Top Candidates.
Vitamin subscription service Vitable raises $1.9 million within 24 hours of pitching to investors
In the ever-evolving landscape of health and wellness, access to essential vitamins and supplements has become increasingly vital. People are seeking convenient and personalized ways to maintain their well-being, and this is precisely where Vitable, a groundbreaking vitamin subscription service, has made its mark. Vitable recently achieved a... [Read More]
Trade Ledger – Raised AUD 18.5m in a Series A funding round led by Point72 Ventures
In today’s fast-paced world of business finance, staying ahead of the curve and embracing innovative solutions is paramount. With the growing complexity of financial operations, companies need forward-thinking tools to manage their finances effectively. This is where Trade Ledger, a trailblazing company, has taken the lead. Trade Ledger... [Read More]
Brighte – Raised AUD 100m in a Series C funding round led by Grok Ventures and Airtree Ventures
In today’s dynamic landscape of sustainable finance, staying abreast of emerging opportunities and cutting-edge developments can prove to be a formidable task. As the global community intensifies its commitment to environmental responsibility, there arises an unprecedented demand for forward-thinking financial solutions that align profit with purpose.
It is within this... [Read More]
Athena Home Loans – Raised AUD 70m in a Series C funding round led by Square Peg Capital.
Athena Home Loans – Raised AUD 70m in a Series C funding round led by Square Peg Capital
Athena Home Loans is a digital home loan lender that operates in Australia. It was founded in 2017 with the mission of helping homeowners pay off their mortgages faster and... [Read More]
Airwallex – Raised AUD 450m in a Series D funding round led by Fidelity and valued at over USD 2.6bn.
Airwallex is a global financial technology (fintech) company that provides cross-border payment solutions for businesses. The company was founded in 2015 by Jack Zhang and Max Li, and is headquartered in Hong Kong, with offices in various locations worldwide.
Airwallex offers a comprehensive suite of products and services... [Read More]
Payright – Raised AUD 12m in a Series B funding round led by Escala Partners and investors including Adcock Private Equity and Alceon.
Payright is a leading buy now, pay later payment solution provider based in Australia. The company offers customers a flexible payment option for purchases, allowing them to pay for goods and services over time, without incurring high-interest charges. Payright partners with a wide range of businesses, from small... [Read More]
Ensure your LinkedIn profile reflects your current skills, experiences, and accomplishments. It's the first stop for potential employers. #LinkedInTips #CareerGrowth #ProfessionalBranding
🔍 Did you know that 62% of candidates research a company's online presence before deciding to apply? 🌐 This statistic highlights the importance of maintaining a strong and engaging online presence for businesses. As a recruiter or hiring manager, it's crucial to understand the impact your company's online image can have on attracting top talent.
✨ In today's digital age, candidates have access to a wealth of information about potential employers. They can easily explore a company's website, social media profiles, and online reviews to gain insights into its culture, values, and reputation. This research helps candidates determine if a company aligns with their career goals and values.
📈 Building a robust online presence not only attracts top talent but also enhances your employer brand. By showcasing your company's unique culture, values, and employee experiences, you can create a compelling narrative that resonates with potential candidates. This, in turn, increases the likelihood of attracting highly qualified individuals who are genuinely interested in joining your organization.
💡 So, how can you optimize your online presence to attract the right candidates? Here are a few tips:
1️⃣ Maintain an up-to-date and user-friendly website that reflects your company's values and showcases your employer brand.
2️⃣ Regularly post engaging and informative content on your social media platforms to demonstrate your industry expertise and company culture.
3️⃣ Encourage current employees to share their positive experiences working at your company on platforms like Glassdoor or LinkedIn, as this can significantly impact a candidate's perception.
4️⃣ Respond promptly and professionally to online reviews and feedback, showing that you value candidate and employee opinions.
🔑 Remember, your online presence is a powerful tool for attracting top talent. By investing time and effort into building a strong online image, you can significantly increase your chances of attracting the right candidates who are excited about joining your team. 💼
#OnlinePresence #EmployerBrand #Recruitment #Hiring #CandidateExperience #LinkedInTips
Just had an interview? Don't forget to send a thank you note to your interviewer. It's a simple gesture that can make a big difference, showing your interest in the job and leaving a positive impression. #JobInterviewTips #CareerAdvice #ProfessionalEtiquette
As a recruiter, I know firsthand how challenging it can be to find top tech talent in today's competitive job market. With so many candidates and job postings online, it can feel like searching for a needle in a haystack. But when it comes to tech talent, it's more like searching for a unicorn in a haystack. That's why it's important to have a strong recruitment strategy and utilize all available resources to find the right candidates. #Recruiting #TechTalent #UnicornInAHaystack #RecruitmentStrategy
Leverage your LinkedIn profile, resume, and cover letter as powerful tools to highlight your unique skills and experiences. Showcase real-life examples of how you've utilized these skills to achieve results. #CareerGrowth #PersonalBranding #SkillShowcase
🌟 Boost Your Employer Brand, Attract Top Talent! 🌟
Did you know that a whopping 84% of candidates are more likely to interview for a job if the employer actively manages their employer brand? 📈✨
In today's competitive job market, it's crucial for companies to establish a strong employer brand to attract and retain top talent. Your employer brand is the perception potential candidates have of your organization as an employer, and it can significantly impact their decision to apply or accept a job offer.
Investing in your employer brand not only helps you stand out from the crowd but also enhances your company's reputation, increases employee engagement, and ultimately drives business success. 💼🚀
By actively managing your employer brand, you can create a positive and authentic image that resonates with candidates, showcasing your company culture, values, and opportunities for growth. This, in turn, attracts candidates who align with your organization's mission and vision, leading to higher-quality hires and improved employee retention rates. 💪🌟
So, how can you effectively manage your employer brand? Here are a few key strategies to consider:
1️⃣ Define your employer value proposition (EVP) - Clearly articulate what sets your company apart as an employer and why candidates should choose you over your competitors.
2️⃣ Leverage social media - Utilize platforms like LinkedIn, Facebook, and Twitter to share engaging content that showcases your company culture, employee testimonials, and career development opportunities.
3️⃣ Encourage employee advocacy - Empower your employees to become brand ambassadors by sharing their positive experiences working for your organization on social media and other relevant platforms.
4️⃣ Prioritize candidate experience - Ensure that every touchpoint with candidates, from the application process to interviews, reflects your company's values and provides a positive experience.
5️⃣ Monitor and respond to online reviews - Actively manage your online reputation by monitoring and responding to reviews on platforms like Glassdoor, Indeed, and Google.
Remember, a strong employer brand not only attracts top talent but also helps you retain your best employees, fostering a positive work environment and driving long-term success. 🌟💼
#EmployerBrand #TalentAcquisition #CompanyCulture #EmployeeEngagement #RecruitmentStrategies #HRStrategies #EmployerReputation #CandidateExperience #EmployeeAdvocacy #BusinessSuccess
Just had an interview? Don't forget to send a thank you note to your interviewer. It's a simple gesture that can make a big difference, showing your interest in the job and leaving a positive impression. #JobInterviewTips #CareerAdvice #ProfessionalEtiquette
Navigating the job market can be tough, but remember to stay optimistic and persistent. Each rejection is a step closer to your perfect job. Keep going! #JobHunt #StayPositive #CareerGoals
Sharpen your interview skills by practicing common questions and preparing examples that highlight your abilities and experiences. Don't forget to prepare your own questions for the interviewer too! #InterviewPrep #CareerGrowth #JobHuntingTips
Ensure your LinkedIn profile reflects your current skills, experiences, and accomplishments. It's the first stop for potential employers. #LinkedInTips #CareerGrowth #ProfessionalBranding
$130,000 + Super
$120,000 + Super
$80,000 + Super
$130,000 + Super