E-business service provider Deloitte Touche Tohmatsu and investment firm Allen & Buckeridge are sniffing out young developers and offering them capital and business expertise in return for an equity share.
The venture capital fund, launched last week by the Federal Minister for Communications, Information Technology and the Arts, Senator Richard Altson, is called ePark and will grant early stage capital and services to young start-ups.
"Getting ideas off the ground is the most difficult challenge for many individuals or small technology companies in Australia. Many don't succeed because they haven't the business experience, the funds, or the knowledge of how to source development capital," explained Lynn Odland, CEO of Deloitte.
Focusing on e-business ideas and companies ePark aims to act as a "virtual accelerator" in developing Australian start ups overseas.
"ePark's roles is to push Australia's best e-business ideas quickly onto the world e-commerce stage," said Allen & Buckeridge chairman Roger Allen.
According to ePark boss Vincent Sweeney the success of this charter will be based on securing key partners such as telcos, legal firms, hardware and software companies to contribute both skills and venture capital to the mixture. ePark is looking for applicants over the next few months.
To apply go to www.epark.com.au