Unearthed is launching an Accelerator program this month to support budding mining technology entrepreneurs boost the sector at large.
The Unearthed Accelerator is a six month long program that will provide support in the form of seed capital, extensive mentorship, co-working space with River City Labs, legal advice and access to mining industry executives.
The mining industry has long been a dominant player in Australia’s economy, employing more than 380,000 people. It accounts for 50 per cent of Australia’s export earnings, with the top 40 sector companies alone producing more than $400 billion in annual revenues, according to the ABS, 2016.
However extreme volatility in commodity markets, coupled with increased operating costs, have placed significant demands on efficiency measures on mining companies.
The mining sector has also experienced a more than 33 per cent decline in productivity over the past ten years.
In order to cut costs, many companies have reduced staff numbers, maintenance and capital expenditure, all of which are short-term solutions.
In addition, the sector is facing more than $1 trillion in economic impact from digital transformation for the industry over the next decade.
Therefore, future gains in efficiency and competitiveness will be driven by adoption of innovative technologies and processes.
Unearthed has selected five teams that will become mining technology startups delivering commercially ready products to the global resources sector at the end of the 6 month long program from July to December 2017.
Unearthed’s industry partners include Origin Energy, Advance Queensland, METS Ignited and River City Labs.
The Accelerator program will launch on July 14.