Publicly listed technology startup IODM Ltd has announced an exclusive industry partnership with innovation hub York Butter Factory (YBF), which will enable IODM to connect and collaborate with its burgeoning startup community and corporate partners seeking to innovate.
The partnership will give IODM access to some of the industry’s emerging and established technology startups, and joins an impressive list of existing corporate partners including ANZ, EY, IBM and global brand agency Dentsu Aegis Network.
YBF was established in 2011 by Adventure Capital inside an 1850s heritage-listed space in Melbourne’s CBD and currently hosts more than 50 start-ups.
IODM listed on the ASX in July, raising more than $3 million to fund rollout of an aggressive sales and marketing program with aims to grow its subscriber base to more than 5,000 within 12 months. It intends to capture a slice of the multi-billion dollar debtor management market with its fully automated accounts receivable and collection management software platform.
IODM managing director Damian Arena said the partnership with YBF offers significant mutual opportunities and practical outcomes for both parties.
“Being plugged into the YBF ecosystem gives us huge scope to tap into best of breed thinking, insights and spirit of innovation as we progress on our own business journey.
“We’ll also have the opportunity to showcase our technology platform to YBF’s growing ecosystem of startups and corporate partners, potentially opening up distribution opportunities which is timely given we’re in the process of rolling out our cloud-based platform through various paths to market.
“The partnership also enables us to value add within our own hub of 40-plus clients, partners and alliances, creating possibilities to connect into the YBF ecosystem.”
Mr Arena said the partnership with YBF has already reaped benefits for the company, with high level introductions to YBF’s other corporate partners planned over the coming weeks.
Grant Thomson, CEO of YBF said: "We’re delighted to have IODM as a new corporate partner for YBF. We love the fact that IODM’s mission is to use technology to truly reduce the friction of doing business for startups and large corporates alike.
“Helping companies of any size become more efficient when it comes to cash flow and receivables is a real value add that can make a big difference when it comes to scaling a business. Damian and the team at IODM have been great to deal with and we look forward to a fruitful relationship helping everyone in our ecosystem.
“This partnership with IODM also puts a spotlight on a Melbourne success story that has been through the early-stage start-up journey, a successful capital raise and is now scaling its business to make a dent in the debtor management software market. It speaks to the support we have for the startup community, in all stages of their journey,” he said.
Mr Arena continued: “We’re also keen to share our insights and learnings from other startups, having been through early stage development on the road to commercialisation. It’s an exciting journey, and if we can support other innovative businesses, collectively it helps accelerate Melbourne’ vibrant startup community and next crop of entrepreneurs,” Mr Arena said.
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