LuminaX Accelerator Program FAQ
Does LuminaX take equity?
LuminaX has partnered with Venture Crowd’s $10 million HealthTech Fund, who will invest $50,000 in each startup on a convertible note basis. If preferred to have a valuation instead of convertible notes, startups can choose to get the $50,000 investment for 5% equity. We will match the last valuation for those who have previously raised.
The $50,000 investment will be paid to successful startups who are accepted into the program in two installments – one at the beginning and one at the conclusion of week 14. The terms provided by Venture Crowd are designed to be as founder-friendly as possible and the LuminaX team and program mentors and coaches will work closely with you every step of the way. By the end of the program you will be 100% investor ready, received your first $50k investment or will have added another health focused investor to your cap table. There will be follow on opportunities with the Fund, and opportunities to raise crowd-sourced capital on the VC platform as well.
What’s considered Health Tech?
Health Tech uses technology (databases, applications, mobiles, wearables) to improve the delivery, payment, and/or consumption of care, with the ability to increase the development and commercialization of medicinal products.
What are the program key dates?
- Application Open: 28 Feb
- Application Close: 12 April
- Interviews: 20/21 April
- Selection Committee: 22 April
- Applicants Notified: 25 April
- Program Start: 9 May
- Program Ends: 5 August
- Demo Day: 11 August
If I'm in BioTech, MedTech or Sportstech can I apply?
Yes, any startup in the health & wellnes space can apply.
Am I eligible to apply?
Only startups in the Health space, including HealthTech, MedTech, BioTech, SportsTech and wellness will be considered. We also require having a Minimum Viable Product – MVP to apply. Product build and traction will be regarded as advantageous. We highly encourage applying even if you’re not sure you completely fit the profile. Every application will be determined individually.
I don’t live in Queensland. Can I apply?
YES! We certainly expect to have participants from all over the country. This is an accelerator for Australian startups that is located on the Gold Coast.
What’s the application timeline?
- Application opens to apply on this link from 28 February
- Application closes on 12 April at 11:59pm
- Screening of Applications take place
- Short interviews take place on 20/21 April for those invited
- The selection committee decides on the final applications on 22 April
- Applicants get notified 25 April
What are the investment terms?
The investment will be $50,000, signed as a non-redeemable convertible note with the Venture Crowd HealthTech Fund. Convertible notes will be based on 24 months with a discount. For more information about convertible notes, please reach out to the team. If preferred to have a valuation instead of convertible notes, startups can choose to get the $50,000 investment for 5% equity. We will match the last valuation for those who have previously raised.
Receiving investment will require a term sheet, company shareholders agreement and constitution – the good news is, we will work with each step of the way, to help create these if you haven’t already done so. We will also work with you to ensure IP and other legal considerations are inline with general investor expectations. Startups will be responsible for their own legal advice and costs, however, some of the upfront $50k investment can be allocated to this.
The investment will occur by the following schedule: The first tranche of $25,000 happens after the first two weeks of the program, while the second and final tranche of $25,000 happens on the completion of the program and demo night.
What’s the commitment?
The program is delivered in-person in Gold Coast and successful applicants must be able to commit at least one founder to participate a minimum of 1.5 days each week for 14 weeks, including the demo night.
How many founders can join?
The accelerator is tailored for up to two founders from each startup. We have a dedicated coworking desk for up to two founders during the 14-week program.
What happens after the program?
Three startups have the chance to win a further 12 months of the support package that includes access to Cohort resources, support and free coworking space.