Friday, February 5th, 2010 - Magnetized Markets
Victorian technology based start-up Magnetized Markets has been selected to participate in the Victorian Government’s Plug and Play initiative based at the Melbourne Australian Pavilion (MAP) in Silicon Valley.

Announced in October 2009, the pilot program is designed to assist Victorian information and communication technology (ICT) and life sciences companies gain valuable access into the lucrative US market.

Magnetized Markets Managing Director James Leathem said that the MAP pilot program is a fantastic opportunity for companies to accelerate entry into the US market and make the most of the growth opportunities.

“Having designed and developed leading technologies here in Australia, this program offers us a lower risk and lower cost way of getting into the enormous and strategically important US market,” Mr Leathem said.

The program enables approved Victorian companies to receive a three-month lease on office pods at Plug and Play Tech, allowing companies to establish export, capital raising and partnership opportunities within the Valley. Victorian companies can network with peers at the centre and access into industry giants such as Yahoo, Microsoft, SAP, Nokia, eBay and Google for mentoring, idea exchange and support through various networking events.

The offices are within a Melbourne Australia Pavilion funded by the Victorian Government. The 12-month pilot program is operating on a rotational basis, with facility to support up to five Victorian companies at a time.

The Plug and Play Tech Centre has a community of over 150 technology start-up companies in the ICT and life sciences sectors covering a range of areas including Web 2.0, software (SaaS) systems, semiconductor and telecom verticals. There are 25 country pavilions including Canada, Israel, China and Japan.

To be eligible for the ‘Plug and Play’ pilot program, Victorian ICT and life sciences organisations must meet the following eligibility criteria:
• be based and headquartered in Victoria
• produce products and services in Victoria that have an Australian content of at least 50 per cent of the total sales value (can include IP value)
• be a commercial Victorian company that employs fewer than 200 people and is not government owned
• work primarily in the ICT sector (including telecommunications, interactive applications, creative content and specialist manufacturing) or in the life sciences sector (including biotechnology, medical devices and diagnostics).

The Victorian Government also offers an Information and Communication Technology (ICT) Trade Events and Export Assistance Program to support export ready ICT companies planning to attend recognised overseas trade fairs and missions.

By combining these two programs, eligible companies can receive funding for flights, conference attendance and office facilities in the US market for three to six months. Some operational costs and living costs must be funded by the company.

ICT companies interested in the program are encouraged to contact:
David Thomas
Multimedia Victoria
Department of Innovation, Industry & Regional Development
t: 03 9655 1048
e: [email protected]

For media enquires, please contact:
Janna Wilkinson
Communications Officer, Department of Innovation, Industry and Regional Development
t: 03 9655 6074
e: [email protected]

To speak to Magnetized Markets contact:
James Leathem
Managing Director, Magnetized Markets
t: 03 9095 6181, USA +1 650 492 5164
e: [email protected]

Contact Profile

Magnetized Markets

Magnetized Markets is an innovative technology business that has developed the 'attract engine' as the basis for a range of business-to-business marketplaces and web based sourcing tools.

Our tools help organisations to find the right service providers and suppliers based on their specific needs… without searching.

Magnetized Markets powerful attraction engine brings together buyers and sellers in a way that eliminates unnecessary searching and administration, radically reduces the time involved, and ensures users have the visibility and tools they need to be in control.

What’s really interesting and unique, is that Magnetized Markets actively encourages other organisations to benefit from its leading technology, and enables them to setup their own customised gateways to access the market. This is good for everyone - organisations benefit from access to cutting edge technology without the R&D investment, while users also benefit from being able to access a richer and more vibrant marketplace.
James Leathem
P: 03 9095 6181


ICT, Procurement, Victorian, technology, start-up, Magnetized Markets, Plug and Play, Silicon Valley



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