What is Frank Lab?
Frank Lab is a six-month program that offers legal support and networking opportunities to help selected startups (for profit and for impact) grow their business.
Hall & Wilcox’s accelerator program for emerging businesses, Frank Lab provides legal support and networking opportunities to help selected startups grow their business. Throughout the whole program, successful applicants get to work with experienced lawyers as their trusted advisors to help prioritise their legal and commercial needs. They have regular meetings with their advisors and receive an initial $5000 to spend on legal services.
By participating in Frank Lab, companies will receive 50 points of the 100 points required to qualify as an Early Stage Innovation Company (ESIC). Investors in eligible startups receive significant tax incentives, such as an immediate tax offset or rebate equal to 20% of their investment, capped at $200,000 in each income year, and can access modified capital gains tax treatment for their shareholding.
As an additional benefit, Frank Lab runs masterclasses for program members and provides them with access to Hall & Wilcox networks, including accountants and investors. They also get to use Hall & Wilcox office space nationally and the firm’s Smarter Law technology solutions.
As part of the six-month program, participants will receive:
- $5000 to spend on legal services/documents.
- Allocation of an experienced lawyer as your own trusted advisor.
- Regular meetings to assist in prioritising your legal and commercial needs.
- Access to space, technology and Smarter Law solutions.
- Access to networks e.g. accountants, investors etc.
Frank Lab is for startups (for profit or for impact) that:
- Solves a genuine problem or serves a genuine need (which definitely includes social impact-focused startups).
- Has traction with customers or market validation.
- Are preparing to capital raise.
- Are looking to scale or move into other markets.
Applicants will be assessed based on the following broad criteria:
- The problem you are solving/your value proposition.
- Your team and people.
- Traction and customers
- Legal and other professional support likely to be required in the next 12 months.
Applications close 17 January 2020.
Ten businesses were selected to participate in Frank Lab 2020, which runs for six months (March to September). It follows the success of the 2019 program, which helped accelerate a broad range of businesses and entrepreneurs – from rocket engine engineers to contraceptive technology designers, from Neobank developers to social enterprise creators.
The Frank Lab 2020 businesses are:
|Advice RegTech||An innovator and specialist in compliance-tech, with an initial focus on the efficient assessment of financial advice files and responsible lending reviews.|
|Communiteer||A crowdsourcing community that connects and mobilises volunteers to tackle the world’s greatest social challenges.|
|Mindset||Mindset is an iOS application that provides clinical hypnosis audio recordings on areas like anxiety, IBS, sleep and low self-esteem.|
|Modron||Provides dispute resolution software to courts, tribunals, governments, major retail brands, enterprise and professionals.|
|OutofBox Solutions Tech||Creates and delivers solutions for the agriculture and conservation sectors using Artificial Intelligence and IoT technologies.|
|PlastOil||PlastOil tackles the problem of plastic waste with a technological solution, which turns plastic waste into fuel.|
|QuietGrowth||QuietGrowth is a digital investment management service, which manages clients’ investments to achieve risk-optimised returns over the long term.|
|rePrecinct||Real estate precinct, ‘rePrecinct’, is a commercial real estate deal management platform. It allows commercial real estate landlords to more efficiently manage their pipeline of leasing vacancies.|
|The Father Hood||Designed to help dads survive and thrive in the only job that really counts. The Father Hood is a lifestyle resource that delivers information, inspiration and light relief, disarming dads with humour then arming them with life-changing strategies.|
|YiaYia Next Door||Imagine communities where people feel safe, and neighbours connect and care. YiaYia Next Door inspires, educates and innovates to help prevent family violence.|