Founder Institute Directors devote a large amount of time and energy to bring together the local startup ecosystem and launch great companies. In this week's Director Profile, we sit down with Benjamin Chong, Co-director of the Sydney Founder Institute, to get his perspective on the Sydney startup scene.
Benjamin is a Partner of Right Click Capital and has track record of investing in and building successful Internet-related businesses over the last fifteen years. These include Online Agility, an incubator and developer of online businesses, and Jetabroad, one of Australia’s leading online travel companies. Benjamin has served on the boards of a number of portfolio companies.
Since launching the program in the beginning of 2012, the Sydney Founder Institute has launched 16 companies, including Task Orbit, Connect Golf, Slidefish, and heyamama, just to name a few. In addition, the program has hosted amazing mentors like Dean McEvoy (Spreets), Gagan Biyani (Udemy), David Jones (ThreatMetrix), Colin Fabig (Living Social Australia), Vinnie Lauria (Lefora), Bjorn Behrendt (StyleTread), Christian Magel (amaysim), Conrad Yiu (ArdenPoint), Alec Lynch (DesignCrowd), Ari Klinger (Helpa), Benjamin Ranck (Jetabroad), Gabe Zichermann (Gamification Co), Justus Hammer (Spreets), and many more.
How has the local startup ecosystem been growing in Sydney?
"There's been huge growth in Sydney. On any night of the week, there'll be a local startup or tech event with people eager to meet, share, and learn. We have some incubators, accelerators, and a local angels group. The key is to channel this excitement into a sustainable ecosystem."
What do you think is the biggest challenge for a new founder in Sydney?
"Finding the right co-founders is terribly important. And I don't think this challenge is limited to Sydney."
What are the biggest trends you are seeing locally? Where is the ecosystem headed?
"Over the last twelve months, there's been a huge number of app businesses."
What was your motivation for starting the Sydney Founder Institute?
"One of my good friends, Benjamin Ranck, was meant to take part in one of the original Founder Institute programs in Silicon Valley but moved back to Australia. In 2011 he told me that Sydney needed a local Founder Institute to help founders build serious technology companies. As a founder who has experienced many setbacks, I was impressed by the Founder Institute model. I really liked the idea of involving over 30 local mentors and helping founders to explore and develop their business ideas.
After meeting with Adeo Ressi in Silicon Valley, I was convinced that the Founder Institute belonged in Sydney and we started laying the groundwork for our first semester in 2012. With the support of experienced mentors, I'm glad that the Sydney Founder Institute is helping founders on their entrepreneurial journey."
What impact do you hope the Sydney Founder Institute to have?
"I'd love to see a generation of new entrepreneurial businesses spring from Sydney."
What is the most satisfying aspect of helping new entrepreneurs?
"Helping entrepreneurs to achieve success by transforming industries and making people's lives better."
What is the most challenging aspect of helping new entrepreneurs?
"Helping some entrepreneurs to see another perspective. It's critical for entrepreneurs to take constructive feedback on board."
What has been your biggest surprise since starting the program?
"It's been great seeing the number of experienced entrepreneurs becoming mentors and getting involved. I've been impressed by the generosity and commitment of entrepreneurs who are giving back to the next generation of entrepreneurs."
If you could use expert training and feedback to build a startup in Australia, apply to the Sydney Founder Institute today.
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