ilab Germinate Equity
In return for the services ilab provides its ilab Germinate startups, the program, the mentoring, networking, investor nights and 12 months in ilab’s facilities, ilab has always retained an equity stake in all of its startup companies. We do this as a long term play, to seek a return from our ilab Alumni that will allow us to financially support new startup founders into the future.
ilab has recognised that over the past few years, as the Queensland startup ecosystem has grown and evolved. The quality of applicants for its Germinate program is improving and they are bringing more value to the Germinate program. In response to this, ilab has chosen to reduce its equity position for participation in the Germinate program to 6%.
This is a founder friendly 6% as well. We are on this journey with our startups. We assume the same equity rights as the founders with no preferencial treatment for this shareholding.
In other changes… In the past, we have also sought agreement from the founders to spend their grant money on things other than living expenses. Going forward, we have relaxed this condition and teams will be able to allocate $5,000 of their grant to living expenses.
Germinate 8 Deadline 31st October
As a reminder, applications for our next Germinate accelerator close 31st October. Apply now.
Germinate Q+A Webinar – Thurs 22nd 4pm
If you have any questions, then we have our Germinate Q+A webinar on Thursday 22 at 4pm. Register here.