There's a AUD23 million incubator program for real estate startups that's being backed by the Australian government, and its looking to bring tech-enabled innovation and solutions to the Asia-Pacific market, specifically Hong Kong.
RealTechX, launched by real estate innovation and venture capital firm Taronga Ventures, is a part of Sydney-based investment house Taronga Group, the fund is accepting applications until the end of July, with the first program set to run from October 2019 to March 2020.
Karen Andrews, Australia’s Minister for Industry, Science and Technology, said the initiative will connect entrepreneurs with top-quality research, business advice and talent and help them realize their economic potential much faster.
An amount of A$1 million will be allocated to start-ups that are accepted into the program in each batch.
Avi Naidu, Managing Director at Taronga Ventures, said that RealTechX has been designed to be an Asian program.
“It’s Asia’s first industry-led, government-backed program,” Naidu said. “We had significant discussion with the Hong Kong government, and really we see Hong Kong and Greater China, particularly the Greater Bay Area, as a huge opportunity to grow technology across the region.”
Jonathan Hannam, Managing Director at the Taronga Group, said that Australia is leading the way in innovating construction technology, which improves safety at construction sites.
“We’re seeing a huge amount of technology coming out of Australia that’s focusing on environmental sustainability, energy reduction and a greater focus on safety,” said Hannam. “It’s forcing many Australian [real estate] owners to adopt these new energy-efficiency methods. If we can bring some of those into the [Asian] region, I think it can be pretty interesting.”
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