Story image

Trans-Pacific partnership helps startups to survive 'Valley of Death'

09 Aug 17

Sydney-based company Monevation and New York-based TechSuite have joined forces to reduce failure rates in startups by combining financial assessment tools with an application development model that supports both technology and growth.

Graham Chee, Monevation chief executive officer, says that the statistics show over 80% of startups fail somewhere between product creation and customer traction.

“Founders simply don’t gain the momentum they need to survive what’s known as the Valley of Death,” Chee says.

Chee is the developer of Monevation's iBop, an interactive business operational planning tool that’s used to assesses a startup’s concepts and conducts due diligence on their ideas.

TechSuite is an application development company that uses lean methodologies to makes it fast and affordable to take startups to market.

“I was looking for solutions for my own clients when I found out about TechSuite,” Chee says.

“I decided to go to their New York offices and found the best process for development I’d ever seen in my work with over 200 startups over the past four years.” 

Chee has leveraged his existing ventures, MyMoney and Local Knowledge.

MyMoney is a financial services marketplace for self-management of financial services.

Local Knowledge is an accounting firm with 20 years’ experience advising business startups, including taxation, intellectual property management, accounting, research development and information technology advisory.

The company is a corporate authorised representative of Global Mutual Funds that holds an Australian Financial Services and Credit License with ASIC, which enables it to manage capital raising.

The company was named as a finalist in the Australian Accounting Awards 2017 for boutique firm of the year and innovator of the year.

“We give the startup founder broad insight across all the areas they need to be successful, with the ability to customise and tailor the mix to give the most appropriate options,” Chee says.

“The partnership with TechSuite gives us immediate global reach, with both groups now be able to share knowledge of our respective local markets.”

Mitchell Sapoff, TechSuite co-founder and COO, shared his enthusiasm for the partnership and for the opportunity to learn more about the Australian market.

“The collaboration will essentially allow both parties involved to significantly broaden the impact of our toolkits while offering a comprehensive set of services,” Sapoff says.

“TechSuite will assist Australian startups in the areas of product strategy, rapid prototyping, and MVP development, whereas Monevation will provide American startups with business development and funding resources.  

“The goal is to help startups and businesses grow on an international level and further develop their offerings and professional networks.”

HPE promotes 'circular economy' for end-of-use tech
HPE is planning to show businesses worldwide that throwing old tech and assets into landfill is not the best option when it comes to end-of-use disposal.
This could be the future of ridesharing
When you hear the words ‘driverless vehicle technology’, the company Bosch may not immediately spring to mind.
2019 threat landscape predictions - Proofpoint
Proofpoint researchers have looked ahead at the trends and events likely to shape the threat landscape in the year to come.
InternetNZ welcomes Govt's 99.8% broadband coverage plan
The additional coverage will roll out over the next four years as part of the Rural Broadband Initiative phase two/Mobile Black Spots Fund (RBI2/MBSF) programme expansion.
Commerce Commission report shows fibre is hot on the heels of copper
The report shows that as of 30 September 2018 there were 668,850 households and businesses connected to fibre, an increase of 45% from 2017.
Dr Ryan Ko steps down as head of Cybersecurity Researchers of Waikato
Dr Ko is off to Australia to become the University of Queensland’s UQ Cyber Security chair and director.
Businesses in APAC are ahead of the global digital transformation game
“And it’s more about people and culture - about change management - along with investing in the technology.”
HubSpot announces fund for 'customer first' startups
HubSpot is pouring US$30 million (NZ$40 million) into a new fund to support startups that demonstrate ‘customer first’ approach of not only growing bigger, but growing better.