Member association confirms successful applicants from the first round of the program have confirmed seek capital and is now looking for more ideas to improve NRMA products and services
NRMA has announced plans to run a second round of its startup funding program, Jumpstart, after inaugural participants confirmed significant seed capital from private investors.
The 12-week Jumpstart program is aimed at helping startups with ideas that could benefit NRMA members to get off the ground. It provides $30,000 and a workspace to successful applicants, along with mentoring from industry professionals and networking opportunities within the business community. The program was launched in partnership with Slingshot Accelerator.
During the first incubator round, five startups and scaleups completed the program and four have closed their first rounds of funding. The participants included social caravan hiring site, Camplify, and online matching service for in-home carers and workers, Careseekers. Villa bookings website, Villalet, cashback site, Pricepal, and price comparison site, Fixed Price Car Servicing, are also finalising commercial agreements with NRMA.
“We are thrilled to be one of the first Australian organisations to nurture new business talent for the primary outcome of offering potential future benefits; both products and services to our members,” said NRMA president, Kyle Loades.
“Jumpstart is a logical extension of our ongoing quest to develop and offer new products and services to our members.”
NRMA was seeking business concepts around four themes: “Smart Services”, “Connected Cars”, “Connected Members” and “Member Lifestyle”. At the launch of the program last year, NRMA CEO, Tony Stuart, said the program would look to invest in startups that can address three major objectives of marketers: To attract customers, retain existing ones, and generate revenue through cross-selling.
CMOs should be on the board, says NRMA CEO
NRMA is one of several large Australian enterprises looking to startups to spur innovation around customer offerings. Other examples include Telstra (muru-D), Optus (Innov8) and ANZ Bank (Innovyz).
NRMA is now calling for startups and scaleups interested in participating in the second round of Jumpstart, along with potential mentors, to apply by 6 August.
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