OPINION: Australia is not well prepared to sustain a conflict in our region.
David Burt, Director Of Entrepreneurship, UNSW
We often underestimate the negative potential of extreme but low probability events like war. However it’s these types of events that shape our future, and too often Australia is caught in a chaotic scramble. We saw this with the pandemic of 2020, which taught us a valuable lesson about how a lack of preparation results in an existential threat to our standard of living. We also saw this in February 1942 when the fall of Singapore shattered our delusion that the British would protect our national security.
While a major conflict in our region is unexpected, the risk does exist and we should be prepared for it. The solution to this risk is to increase Australia’s sovereign capability. Australian startups have a key role to play in this! While large foreign defence firms are important for Australia to access scalable manufacturing and systems integration, locally-based innovation and industrial capability are critical to developing solutions that are specific to Australia’s needs.
However due to the market dynamics of the Defence sector, Australian startups often struggle to raise investment capital because of the longer sales cycles and lower margins (compared to consumer and enterprise software). Investors often want to see revenue generating contracts in place before they invest. Additionally, exit valuations in Defence are usually a function of contracting value, which makes it difficult for these firms to be acquired at the valuation multiples targeted by many traditional venture investors.
This is why the Defence 10x Accelerator exists. As Australia’s only defence-focused startup accelerator program, we’re providing entrepreneurial experience, R&D capabilities, access to expert networks and $350,000 in seed funding to six startups each year. The UNSW Founders 10x Accelerator is a proven method for accelerating commercial development. We bring extensive technical expertise, specialist equipment and world-class facilities across the domains of Communications, Autonomous Systems, Hypersonics, Remote Sensing and Space. Combining this with the deep networks of our partner, the $240 million Defence Trailblazer initiative, will enable us to uncover Australia’s next important defence solutions.
We’ll work with the selected startups to curate specific mentor relationships that are most relevant to their commercial pathway. We bring the defence-specific expertise, funding and networks that are required to increase the speed of commercial development. By focusing on the commercialisation of R&D, capitalising on the infrastructure of the universities, and matching this with support and incentives for researchers plus the relevant investor networks - the technology with the most product potential will have a much stronger pathway to market and strengthen Australia’s sovereign defence supply chains.
We’re recruiting founders who have technology that will strengthen Australia’s national security. This includes innovations in weapons, equipment, and systems that defend our critical infrastructure and future-proof our nation’s sovereign capabilities. Defence 10x is a national program open to any Australian startup.
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For more information on Defence 10x and to apply visit: https://unswfounders.com/defence-10x-accelerator.