Airwallex co-founder and CEO Jack Zhang has launched Latitude 37, a new initiative to support Australian AI startups. The annual program will provide ten promising young founders with a share of AUD $100,000 in equity-free capital. Named after Melbourne's geographical coordinates where Airwallex began, the program aims to nurture the next generation of local tech talent.
Addressing a Critical Funding Gap
Jack Zhang launched the program to address what he sees as an uneven landscape for early-stage AI funding in Australia. He noted that too many promising ideas fail within the first year because founders cannot secure necessary capital. This initiative seeks to close that gap and provide a crucial runway for innovation and growth.
The AUD $100,000 in capital is notably equity-free, a core principle of the program's design. Zhang explained that the first year is when founders are most vulnerable to ceding significant ownership on unfavorable terms. By removing this pressure, Latitude 37 allows entrepreneurs to protect their equity while focusing on development.
Fostering a New Generation of AI Innovators
Beyond financial backing, the program offers invaluable access to Airwallex's extensive global network of partners and customers. Participants will also receive direct exposure to the company's proprietary AI-native infrastructure. These resources are designed to equip startups with the tools needed to scale internationally from their inception.
A key component of the initiative is an immersion tour to Airwallex's offices in San Francisco and Singapore. This provides founders with firsthand experience in major global technology hubs and direct engagement with international markets. The tour is intended to broaden their strategic perspectives and help build a global network.
Championing Australia's Global Potential
Zhang described artificial intelligence as a "fundamental rewiring" of how businesses operate and software is built. He believes AI acts as a force multiplier for productivity, dramatically lowering the cost of launching a startup. This technological shift enables smaller, agile teams to compete with large, established incumbents on a global scale.
The Airwallex CEO believes this is a pivotal moment for Australian entrepreneurs, who are conditioned to think globally from day one. He pointed to the country's strong research universities and multicultural depth as key advantages in the AI era. This global mindset is a crucial asset for building companies that can compete internationally.
Reflecting on his own experience, Zhang noted that the challenges Airwallex faced outside Silicon Valley ultimately became a source of strength. The necessity of navigating complex regulations and raising capital in a tougher environment forged a resilient, global business. Latitude 37 aims to provide the next generation with the support his team wished they had.
Latitude 37 stands as a significant commitment to nurturing Australia's burgeoning AI sector, directly informed by a successful founder's journey. By providing capital, mentorship, and global access, the program is strategically positioned to help launch the next wave of Australian tech unicorns. Registrations of interest for the inaugural cohort are now officially open to aspiring founders across the country.