The initiative, happening for first time in Victoria, will see five Indigenous startups receive a funding total of $50,000 in grants, also receiving support through free co-working space, mentoring and training from industry experts at the Victorian Innovation Hub, Goods Shed North.
The program aims to have the startups grow their businesses over three months, with a final showcase at its demo pitch night.
In the lead up to it, Barayamal is also running a two-day Pre-Accelerator in late March at KPMG’s Melbourne office, with training and mentoring to help potential contenders start.
Barayamal CEO Dean Foley, said an accelerator typically helps startups to gain access to business networks, knowledge, expertise and early-stage funding they need to build successful businesses.
He added Aboriginal and Torres Strait Islander entrepreneurs can make a valuable contribution to momentum towards innovation if they build and grow companies with a global impact.
Stone & Chalk said it has raised more than $330 million in capital for fintech startups to date.
Applications for the program open on 8 April and close 7 June 2019.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.