Businessmen

Destination: Start-up Partner Program

Frequently Asked Questions

Who are the team at uSpark?


You can find out about the uSpark team here




How are applicants selected?


Applicants are selected based on having a technology proposal that has strong market potential and is aligned with our development capabilities.




Are there any attendance requirements?


You will need to meet with us on a regular basis (in-person or remotely) so we can jointly develop your product.




Can I participate in the uSpark Destination: Start-up program remotely?


Yes, although at some stage we will need to meet up to collaborate on certain tasks.




What happens if I am selected to join the uSpark Destination: Start-up program?


We will negotiate a partner agreement with you setting out our mutual rights and responsibilities and then arrange to onboard you into our development environment so we can start to work together.




How does uSpark decide on the entry gate that is right for my product?


uSpark will allocate your program entry gate based on the maturity of your technology proposal and the types of resources required from us to collaborate with you.




What are your investment terms and program fees?


There are no program fees. Our investment terms are simple. If you proceed through the validation or acceleration gates of our program, we will provide our technology services in return for an equity stake in your company that we both agree on. The amount will depend on the maturity of your product and/or the valuation of your company. Whatever gate you come in, we will both retain the ownership of any intellectual property we have developed independently prior to collaborating and will grant each other a license to use whatever we jointly develop.




How do you determine the value of your development services?


We value our development services for your product build based on our internal costs – that is the cost to us, not the external cost we would charge one of our customers.




How do you manage Destination: Start-up partnerships?


When you join our Destination: Start-up program, you will be allocated with a project manager. Your project manager will set up your product build in our system, allocate a development team and schedule work with key dates and milestones. The development team will be supervised by the uSpark Steering Committee, which obtains necessary approvals from the uSpark Board for development activities as required.




What happens if I want to leave the uSpark Destination: Start-up Partner Program?


Either you or we can leave our partnership at any stage. If either of us makes that decision there are a range of exit options available: Either of us may buy out the other’s equity; A third party may buy out the equity of either one or both of us; Either of us may use our jointly owned property in an independent venture with the other’s approval. No matter what happens we will undertake not to use any of the property we have developed during our collaboration together in a way that would directly compete with your commercial activities when you leave us.




Who do I contact if I have more questions?


Please use our Contact form to send us any other queries you may have.





Disclaimer

uSpark does not guarantee that the information on this website is complete, although it is considered to be correct at the time of publishing. We are not liable for any loss or damage suffered by any person or body relying directly or indirectly on any information contained within this website, or through the use of this website. This website and its use are governed by the laws of Victoria, Australia, and by using this website you agree to submit to the jurisdiction of the courts of that State.

uSpark Pty Ltd

Level 5, 5 Queens Road, Melbourne, Victoria 3004 Australia