iAccelerate 2020 Report – Economic Impact & Sustainable Development Goals
iAccelerate’s 2020 end of year results have delivered on our commitment to growing a thriving regional economy despite such a tough economic climate.
For iAccelerate and our startups the achievements reflected in our Economic Impact Data for 2020 showcases an ecosystem and program that continues to make a difference. Our resident companies have demonstrated unwavering resilience and adaptability – the most talked about characteristics defining entrepreneurs and startups in 2020.
In 2020 we saw our biggest transformation ever, the launch of our virtual blended learning program. This enabled startups from Tasmania, Victoria, Queensland and Hong Kong to joining our Illawarra based companies for the first time.
The iAccelerate Innovation Network continued to grow and open new opportunities. With international members from Berlin, Hong Kong, Moscow, Portugal, Vietnam, Pakistan, East London and San Francisco joining our national members from Bega, Bathurst and Parramatta.
Our 2020 results reinforces the impact we are having on Australia’s innovation ecosystem, directly contributing to increase economic activity and job creation regionally and nationally.
The community we’ve built is delivering the goods on innovation, jobs and revenues, facilitating rapid acceleration of businesses and attracting new companies and industries with an even wider scope for impact.
iAccelerate has now delivered more than 700 jobs to the region and supported 227 companies. Our gender balance of startup founders has hit 46% – well above the national average. iAccelerate is actively working to expand and diversify the region’s economy, supporting businesses from a wide range of fields.
Empowering Businesses To Solve The World’s Biggest Problems.
iAccelerate and our residents are committed to The United Nations Sustainable Development Goals. The Sustainable Development Goals (SDGs) are a bold universal agreement to end poverty and all its dimensions and craft an equal, just and secure world – for people, planet and prosperity. Throughout our Program entrepreneurs are encouraged to implement SDGs across their business.
For the first time in 2020, we have reported on UN SDGs being addressed by our resident companies. All 17 UN SDGs are being addressed by iAccelerate resident companies.
iAccelerate companies (with products already launched) are paying the most attention to the following SDGs: 3. Good Health & Wellbeing, 4. Quality Education, 5. Gender Equality, 8. Decent Work & Economic Growth, 9. Industry, Innovation & Infrastructure, 12. Responsible Consumption & Production.
Supporting Local Companies
By the end of 2020 iAccelerate has supported 227 companies in total.
With 3 intakes in 2020 iAccelerate supported 35 new companies and 32 students through the program.
Creating Local Jobs
- iAccelerate delivered 732 new jobs to the region since 2012.
- In 2020 we delivered 93 new jobs to the community (not including founder jobs and other opportunities)
Sure, the direct benefits are huge – but the real impact extends far beyond that. iAccelerate is actively working to expand and diversify the region’s economy, supporting businesses from a wide range of fields with an even wider scope for impact.
iAccelerate supported 85 companies in 2020 in a range of fields including tech, hardware, service, education, health, wellbeing and social.
Female Participation – Bucking the inequality trend
The startup sector, and the tech world in general, isn’t exactly known for its gender balance.
But at iAccelerate, we’ve created an environment and ecosystem that encourages female founders, co-founders and employees to thrive and bring their passion and vision to the table. 46% of iAccelerate companies have at least one female founder – in sharp contrast to national averages.
Across the past 5 years, iAccelerate has consistently performed above national averages. Reporting: 35% in 2016, 42% in 2017, 50% in 2018, 47% in 2019 and 46% in 2020.
Over $68.m revenues by iAccelerate Companies in 2020.
92% of reported revenue came from 5 iAccelerate SMEs.
Money into the Economy
- 14% decrease YOY in combined wages & payments to contractors.
- 17% decrease YOY in salary/wages paid
- Sustained YOY level of payment to contractors.
Investment since 2016
Over $33m raised by iAccelerate Companies since 2016 in equity capital, debt capital and grants.
Products and IP
- iAccelerate companies continue to launch & develop new products.
2021 is set to be another big year for our resident companies, with 78% planning to hire staff throughout the year.
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