A $16 million fund for property start-ups is being set-up with support from the Australian government, SCMP reported. This is meant to bring "technology-led innovation and solutions" to different markets in the Asia-Pacific region, including the Hong Kong market. RealTechX is the incubator program supported by the government which will bring together the market startups.
RealTechX has received funding from the Australian government and is launched by venture capital firm Taronga Ventures, itself under the Sydney-based Taronga Group, an investment house. RealTechX is accepting applications up until July 31.
After that, its first program will be running from October 2019 up to March 2020.
Karen Andrews, the minister for industry, science, and technology of Australia, said that the initiative was meant to connect entrepreneurs with top-quality research, business advice, and talent.
This was also made to help them realize the heights where their economic potential could go. Other startups will be receiving at least $1 million if they are accepted into the program per batch.
Avi Naidu, the managing director at Taronga Ventures, said that RealTechX has always been meant for Asia. It was designed to be the first Asian industry-led, government-backed program, Naidu cleared up. He also said that there is an opportunity to set up Hong Kong and Greater China-the Bay Area in particular-as a technology hub of sorts.
Yahoo! Singapore also reported that Australia was already leading the way into innovation, particularly in construction technology. That was cleared up by Jonathan Hannam, Taronga Group managing director.
RealTechX will be offering tailor-made services to meet the needs of participating companies under its group. This included direct access to corporate customers, investment paths to strategic capital and expert advice on growth strategy.
Other participants are also encouraged to expand across the Asian region through a 'market linkages program.'
JLL commented on the expansion. The company also operates its own venture capital fund and accelerator program and said that the proptech sector-in Hong Kong particularly-has a wealth of opportunities that it had already opened.
The rise of RealTechX and the expansion of incubator companies like it goes a long way for startup real estate companies. With most of them going into the real estate business for the sole purpose of digital disruption, now is a good time as any to take advantage of these incubators.