Dimension Data, an ICT subsidiary of Japan-headquartered telecommunications firm Nippon Telegraph and Telephone Communications, has teamed with Deakin University to launch a cybersecurity accelerator, according to ZDNet.
The six-month scheme, known as CyRise, will launch in September 2017 and will be based at the Teamsquare co-working space in Melbourne, Australia. Five cybersecurity startups from across the broader Asia Pacific region will take part in the initiative.
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 the 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 startups will head to Israel to gain insights into the cybersecurity landscape, subsequently travelling to the US to meet other security innovators and startups. The accelerator will be affiliated with Deakin University’s new cybersecurity degree.
CyRise received A$450,000 in launch funding in August 2016 from the state government of Victoria’s LaunchVic initiative, which works with entrepreneurs, businesses and educational facilities to develop and support the local startup community.
– The original version of this article appreared on our sister site, Global University Venturing.