Deakin University has joined forces with Dimension Data to establish a cybersecurity accelerator in Melbourne.
Deakin University and Dimension Data, a South Africa-based ICT subsidiary of telecoms firm Nippon Telegraph and Telephone Communications, have co-launched a cybersecurity accelerator, according to ZDNet.
The six-month program, known as CyRise, will launch in September and will be based at the Teamsquare co-working space in Melbourne.
Five cybersecurity startups from across the broader Asia Pacific region will take part. They will meet mentors, be granted access to co-working space and receive A$50,000 ($40,000) under a capped arrangement called Simple Agreement for Future Equity (Safe).
Safe contracts provide a right for an investor to receive equity in a company in the future, without agreeing on a future share price.
At the end of the program, the five startups will head to Israel to gain insights into the cybersecurity landscape, subsequently taking a trip to US to meet other security innovators and startups.
CyRise received launch funding of A$450,000 ($357,000) in August 2016 from the Victoria government’s LaunchVic program, which works with entrepreneurs, businesses and educational facilities to develop and support the state’s startup community.
The accelerator’s objective is to address the skills shortage in Australia’s cybersecurity sector and will be affiliated with Deakin University’s new cybersecurity degree program.
