Two years ago, would you have said that cyber startup bootcamps could be a thing? In 2017, CyRise itself had only just started with its first accelerator cohort for early-stage founders.
What a difference two years makes. We had over 70 bootcamp applications from people across Australia who wanted to test out their cyber security ideas.
Here at CyRise, having delivered this pilot program, it’s a good time to reflect upon this growth. We’ve now helped 45 aspiring bootcamp founders, from all over Australia, take their first steps towards turning an idea into a startup. The injection of all this growth potential into Australian cyber startup community is huge.
Equally remarkable is the way that the cyber security community rallied around these bootcamps. We called upon 200 people to help us with their expert knowledge: Founders, industry professionals, academics, subject matter experts. Everyone was super-keen to dive into the world of entrepreneurship with us, and give a helping hand.
Shine the light on cyber entrepreneurship
Until now, there hasn’t an easy way to make a jump in cyber security startups here in Australia. CyRise applied for AusIndustry funding for these bootcamps because we wanted to shine a light on the opportunities of entrepreneurship, and give people a path into the life of a startup founder.
Our idea was to design a 5-day program, which would educate, inspire, and connect. It would leave participants enthusiastic and excited, with the tools and knowledge base to build a startup, and a strong community around them. With these key elements, we felt we could materially improve the likelihood of future success for new and exciting cyber startups to go global.
EDUCATE — Skillsets to build a global startup
We brought on board the startup guru Alan Jones to help us deliver the content we knew these people would need. He also has some seriously awesome pitch coaching techniques.
Whether it was discussing the importance of evidence-driven entrepreneurship, building up a Lean Canvas, or how to go about finding a co-founder or herding angel investors, Alan gave our future founders the confidence to move forward, methods to test their assumptions with clarity, and how to reframe failure in a positive light.
INSPIRE Founder Stories
CyRise put together a wishlist of cyber founders and put out the call. Each one agreed. We had a stellar line-up.
Casey Ellis of Bugcrowd Zoomed into each of the three bootcamps; Pieter Danhieux shared his inspiration for Secure Code Warrior just days before his $47 million raise; and Sam Crowther of Kasada rang from an Uber in New York to discuss the In-Q-Tel raise and bot-fighting. Michael Watts talked through the serendipity of Cloud Conformity funding while Alasdair Faulkner shared the unvarnished truth of ThreatMetrix from its humble beginnings. Daniel Schell of Airlock Digital shared the challenges of winning weighty contracts as a 7-person startup.
There were plenty of personal experiences shared as well : Jeff Paine of ResponSight shared his tips for longevity as a corporate refugee founder, Mike Baukes of Upguard outlined the highs and lows of his personal growth story, and Matt Wilson spoke about the unique Penten cofounder dynamic and its role in their success.
CONNECT — a building block for success
Connections are everything for a startup founder. They can make or break a startup, with the support they provide to the individual and the business itself.
The Customer Discovery sessions brought the founders into direct contact with potential industry customers. Over the three bootcamps, 72 different cyber security professionals shared their time and expertise. This group ranged from CISOs to Security Architects, Threat Analysts to cyber startup founders from companies such as NTT, Thales, NAB, Optus, Telstra, Westpac, Melbourne Water, Tanium and NBN Co, as well as organisations like Deakin University, the ACSC and the Victoria Department of Premier and Cabinet. And more than one bootcamp participant walked away with a valuable proof-of-concept offer, based on the credibility of their product idea.
One group, often overlooked, are the connections created with others sharing the same journey. Because of these bootcamps, each of our aspiring founders have another 44 people whom they can call upon for help along the way. They come from all parts of the country, with a rich mix of experience, pulling together knowledge from academia, corporates, consultants and vendors.
Have we made a difference?
We’d love to think so. It is too soon to tell, although the first signs are encouraging. We’ll keep you posted on the bootcamp startups and their success.
All our bootcampers have clear plans for their next steps and feel confident in what they should do. They are checking in regularly with us, and with each other, and are diligently following up warm leads from the Customer Discovery sessions.
What is clear is that there is a deep well of goodwill in the Australian cyber ecosystem, ready to help these aspiring founders to succeed. And with this support behind them, our new founders have every chance to grow innovative businesses.
