Start-up and scale-up businesses will have the opportunity to showcase their innovations at next week’s International Mining and Resources Conference (IMARC) in Melbourne.
IMARC will be offering its new ASCENT Village, which gives emerging businesses a platform for businesses to gain brand awareness, funding and networking opportunities with more than 7000 attendees.
This comes after Jolimont Global performed an analysis revealing Australian start or scale-up businesses in the mining, equipment, technology and services (METS) sector fighting for investment funds are facing a $1.2 billion annual shortfall.
Start and scale-up companies will also have the opportunity to compete in a Shark Tank-style METS investment pitch battle at IMARC, pitching and showcasing their ideas and solutions to a panel of investors and financiers.
According to Jolimont chief executive Lex McArthur, every year METS companies sought about $1.2 billion, making it difficult for start and scale-up businesses to secure funding.
McArthur recently participated in a Mining Beacon webinar, discussing the value of start and scale-up businesses in the mining industry.
The participants, including RFC Ambrian executive Chris Vinson, agreed that under the right conditions, start and scale-up businesses can deliver significant contributions to the industry.
However, there are many challenges in finding the right collaboration, as Vinson pointed out.
“If you are a venture capital firm, you have return thresholds to meet,” he said. “It’s difficult to choose that over an application that could be, in its simplest form, an app one computer programmer developing it and it’s a much shorter time frame.
“To overcome that, we have to look at the earlier stages, at some of these research projects and make them more customer ready to make it enticing for venture capital.”
Companies featured at the ASCENT Village will include Universal Field Robotics, Automated Infrastructure Monitoring, Clarity, DataProphet, GEM Innovation, Glass Terra, MineExcellence, MX3 Diagnostics, National Drones, Optimize and Thoroughtec.