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From 736 applications to just 23 breakout startups.

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The Winter25 Accelerator selection process is ANZ’s sharpest startup filter. For the first time, we’re pulling back the curtain on what happens behind the scenes.

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❄️ A Record-Breaking Winter

Between 18 May and 23 June, we immersed ourselves in bold visions and early builders - getting up close with the people determined to propel the ANZ startup ecosystem onto the global stage.
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The scale of Winter25 was unmatched:

• 736 applications submitted
• 4,818 reviews completed
• 803 hours of deep evaluation
• An average of 6.65 reviews per company

Where did Winter25 applicants come from?

• 79% Australia
• 11% New Zealand
• 10% International
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🔭What We Saw in 2025

The trend is clear: the sharpest founders aren’t just pitching ideas, they’re building traction and leverage from day one. That’s what sets them apart in this competitive filter.

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“The founders succeeding right now are focused, post-revenue and building tools that create economic leverage from day one.” — Michael Batko, Startmate CEO

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✅ Inside the Startup Selection Process

Twice a year, we run the most rigorous startup selection process in ANZ.

Founders apply across industries, often straddling multiple categories, while the community digs a companies 'spikes'.

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As part of our selection process we encourage voters to use the ‘Spike Framework’ - an ever-evolving process built on 15 years of startup investing to help spot the best breakout founders and give selectors a consistent, high-signal lens to identify stand-out early-stage founders. Some spikes include:

• Team - You would buy stock in this founder? Have they previously built/hacked something together? Do they display unbridled ambition, off-the-charts determination and strive to learn-it-all?
• Progress - Are things happening fast? How many customer interviews have they done? Any users? Any revenue?
• Invention - Have you invented a new technology or a significant leap in technology?

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The process is fast, collaborative and high-stakes - powered by hundreds of investors, operators and First Believers sharpening their judgement in real time.

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🤓 Why This Report Matters

• It’s a snapshot of startup investing in Australia and New Zealand today.
• It reveals the frameworks top investors use to select early-stage founders.
• It highlights the macro and micro trends shaping the ecosystem.

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🫵 Want in on the investing process? 

First Believers helped in selecting the top 1.8% of startups. That could be you.

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"Fantastic program with a well thought out schedule to help you in navigating the start up landscape. The facilitators were amazing - super enthusiastic, approachable, humble … whilst also pushing you to get hands on and lean into the experience" - Heather Paterson, First Believer Cohort 9‍

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Every cohort contributes to the process - reviewing decks, interviewing founders, and sharpening their judgement alongside world-class VCs.‍

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‍The next generation of unicorns are applying for the Startmate Accelerator. The only question is - will you be one of the people who believe in them first?

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🚨 Join us for First Believers Cohort 10 here

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This article is provided for informational purposes only and does not constitute financial product advice. Past performance is not indicative of future results. Angel investing carries risk, and you should seek independent financial or legal advice before making investment decisions.

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