Australian Technologies Competition offers AUD $100k prize

The Australian Technologies Competition (ATC) has announced it is offering an AUD $100k investment as the single largest prize in the country's free entry competitions aimed at technology companies.

According to The State of Australian Startup Funding Report 2024, Australian startup founders lack confidence. 70% express concerns over the country's limited funding options. Additionally, 49% of founders feel unsupported by the Australian entrepreneurial community and broader startup ecosystem, up from 34% in 2023.

Angel investors, traditionally an early source of funding for startups, have shifted their focus. They are now more inclined towards later-stage Seed funding, accounting for 52% of their investments, compared to 32% for pre-seed funding, as stated in the same report.

The ATC seeks to address the challenges faced by the startup community by providing prize money and facilitating connectivity with investors, mentors, and industry specialists to assist in business growth and scaling. The competition is owned by Scalare Partners, a company with a historical link to the ATC. One of Scalare's founders won the competition in 2013 and subsequently served on the judging panel.

Carolyn Breeze, Chief Executive Officer of Scalare Partners, emphasised the centrality of the ATC in Scalare's operations aimed at addressing the disjointed startup ecosystem in Australia. "Many of Australia's founders have found it difficult to source sufficient capital and get the kind of mentorship, services, and access to the community they need in order to properly grow their startup and navigate regulatory frameworks. Even angel investors, who usually provide capital to early-stage startups, are becoming more prudent in their investments towards earlier stage companies."

Ms Breeze elaborated on the initiative's approach: "The ATC looks to bring this fragmented startup ecosystem together by not only giving the winner a cash injection of AUD $100k but also providing its applicants with advice from mentors and industry experts on how to scale their business, along with gaining access to the wider investor community."

She noted the changing economic landscape and conveyed an optimistic outlook for startups: "With the macroeconomic environment shifting, we believe that more favourable conditions are ripe for local startups."

Despite the challenges, Ms Breeze highlighted the resilience of the Australian startup sector: "Australia's startup sector is robust, having created several globally leading businesses. Yet, there is potential for significant improvement, and we believe that the ATC's support services, community, and investment will help bolster the industry," she concluded.

Entries for the competition are currently open and will close on 11 May 2025.