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iAccelerate says its startups achieved $75.3 million in revenues last year

Manufacturing News

The University of Wollongong’s innovation hub iAccelerate has calculated that its companies generated $75.3 million in sales in the 2023 calendar year, and a total of $416.5 million since its establishment in 2016.

According to a statement from UoW on Thursday, its iAccelerate 2023 Impact Report calculated that companies paid $22.3 million through salaries and contractor payments in 2023, bringing the total to $132.5 million.

It also tallied a total of 72 local jobs created last year, giving a total of 322 (full-time, part-time and casual roles), and 69 startups and scaleups supported in 2023.

“The achievements go beyond the figures with 2023 our most diverse year to date,” said iAccelerate Director Dr Tamantha Stutchbury in a statement. 

“With the Illawarra’s employment landscape rapidly transforming, our programs for First Nations, regional and female entrepreneurs continue to make iAccelerate a place for anyone in the community with a bright idea to come and explore their potential.”   

Singled out were Wollongong-based biotechnology company Cenofex Innovations and automated welding specialist Verbotics, which was founded by UOW robotics researchers Nathan Larkin and Dr Andrew Short.

After getting started in 2017, last year Verbotics rolled out its software to clients “in Australia, New Zealand, North America and Europe,” sold its 50th licence, attracted seed investment, was awarded a $632,000 federal Accelerating Commercialisation grant, and won the Australian Technologies Competition’s Advanced Manufacturing Award.

“iAccelerate and UOW have been the backbone for our transition from academics to founders,” said Larkin. 

“The programs have provided us with so many of the skills we now have to run a business, and to take our idea from a research project to a successful product.”

Picture: Larkin and Short (supplied)

Further reading

Verbotics, Hypersonix among award winners at Australian Technologies competition

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