The heads of a quartet of start-ups discuss what’s to come in the year ahead, and how they’re prepared to take it on.
As we head into 2023, we catch up with the founders of four innovative start-ups to find out what the new year holds for them. These businesses have all come out of UNSW’s accelerator programs, which are designed to equip the next generation of entrepreneurs with the skills, networks, and investment capital they need to grow their businesses. David Burt, director of entrepreneurship at UNSW, explains, “As Australia’s most entrepreneurial university, we want to ensure that all the innovations and discoveries produced from our programs are translated into positive economic, social, and environmental impact. Our Founders programs are home to some of the most promising start-ups, which are solving global issues in health, tech and synthetic biology. Australia’s future rests on innovative entrepreneurs and UNSW will continue to nurture these values as we develop Australia’s next leaders.”
Here are four businesses that encapsulate UNSW’s mission. We find out what they do and the founders tell us in their own words about their plans for the next 12 months.
footpath.ai
Dr Meead Saberi and Tanapon Lilasathapornkit are the co-founders of footpath.ai, an AI-powered global sidewalk view imagery and map data platform. Footpath’s data enables cities to become more pedestrian-friendly and walkable by helping governments transform cities with better map data.
Many cities around the world have set out net-zero emissions targets but struggle to find low-cost, effective interventions to reach them. One promising and inexpensive approach is to improve walkability in cities, thereby encouraging people to choose walking over driving more often. However, governments have very little data on the status and conditions of their walking infrastructure. With footpaths so underrepresented in maps, filling this gap in the street mapping industry has been the driving idea behind footpath.ai.
2023 plans
Since the introduction of the Ford Model T in 1908, cities have become overly reliant on cars, but things are changing. Cities have realised that total car dependency isn’t a sustainable way forward. With governments investing in walking infrastructure in record numbers, we expect to see growing investment in and discussion on ‘walkable cities’ in 2023 and beyond.
“True connection, loyalty and trust are the only risk mitigators for competition in 2023.”
For us as a business, we’re planning to raise our seed round in January 2023. We’re in the process of inviting all interested investors to join us on our journey in making the world a more walkable place for everyone.
GoodX
Goodx was born from a simple question but a complex problem: how do you accurately value a small business? In turning to AI, machine learning, and a few million data points, to create their algorithm, co-founders Therese Lynch and Edward Johnson discovered it wasn’t just valuations small businesses lacked, but also an informed means to sell and buy as, shockingly, nowhere provided live market data. So, they adapted, developing a business acquisition marketplace allowing small-business owners to enter the sale process easily and get rewarded for their hard work. The platform provides small businesses with all the tools and services necessary for signing on that dotted line. They have partnerships with legal firms, insurance agencies and financial lenders.
2023 plans
We believe there will be a lot of consolidation in the market for small businesses in 2023. A lot of businesses have been treading water after COVID-19, and with the economic downturn, which we will continue to experience for the next six to 18 months, a lot of businesses will look for an exit opportunity. We’ve prepared for this by upgrading our acquisition marketplace to handle the volume of businesses that will be looking to sell.
We’ve seen a rise in automated processes, particularly in companies that are combining multiple automated processes or models to create a streamlined product. We’re learning to cherry-pick from the vast sea of great technologies to choose those that will best elevate our product. Heading into 2023, it’s key to keep an open mind about which technologies could be implemented into our system; we’d recommend this for everyone.
MaxiMinds
MaxiMinds’ founder Georgina Jarvis and marketing and communications expert Nic Jarvis are on a mission to prevent the continuing growth of mental health disorders among young people. As a registered practising psychologist who’s regularly inundated with young people needing urgent mental healthcare, Georgina scaled the evidence-based tools she uses to build a digital platform that offers one-on-one psychotherapy telehealth sessions, as well as unlimited access to mental health subscriptions, including quizzes, strategies, activities, videos and articles.
Georgina Started MaxiMinds after observing the uptick of anxiety and depression amongst young people during COVID-19. There was a shortage of school counsellors and up to a nine-month wait to see a psychologist; Georgina saw leveraging qualified support through a better use of technology as a most efficient way to fill this gap.
2023 plans
It’s predicted that by 2030, one in two young people will have a mental health problem. It’s self-explanatory, then, that current statistics can only increase to this mark. However, Gen Z is characterised by a greater likelihood to seek mental health help as compared with other generations. Then consider the fact that they’re spending 10 hours online a day, and expectations of increased patient engagement via technology makes sense. In fact, the market size of engagement solutions (wearables, educational resources, and mobile apps) is set to reach $109 billion by 2030.
In this case, with foundations for our product already laid, it’s a matter of ensuring that young people aren’t only reached on their own stomping grounds – but are given all-encompassing solutions that reduce navigation within a highly fragmented digital healthcare market. So in 2023, we plan to enter trials with multiple schools – as well as actively engaging Gen Zers through their favourite platforms – TikTok, Instagram and BeReal.
AmpleFolk
Holly Richards has been plus-size her entire life, so she understands the struggle to find clothing that fits. During Sydney’s first lockdown, Holly started to embrace exercise for the first time in my life. “I went to buy a sports bra but I couldn’t find one in my size,” she bemoans. “And it turns out it’s not just me – 67 per cent of women are plus size, but only 6.7 per cent of clothing brands cater to this market.” So, to help the one billion plus-size women in the world exercise, Holly created AmpleFolk, whose key product is a patent-pending radically adjustable sports bra. Its design is five times more adjustable, with easy access at the front to create the perfect fit.
2023 plans
I believe the body positive movement is only gaining in traction. This will not only increase interest in my business and our products, but also bring competitors. This is why building a community of likeminded people is so integral to AmpleFolk. We are a brand that’s created by plus-size people, for plus-size people. True connection, loyalty and trust are the only risk mitigators for competition in 2023.
As for our own pipeline, AmpleFolk will launch the bra with leggings and a towel via a Kickstarter campaign in the first half of 2023, with more than 600 people already on the waitlist. We recently sold out our first towel pre-order campaign in less than 24 hours, with a $0 marketing spend
This article first appeared in issue 39 of the Inside Small Business quarterly magazine
