A software service start-up business that accelerates commercial property contract negotiations has taken out the People’s Choice award in the Westpac Innovation Challenge.
Blenktech, which is being developed through start-up accelerator ilab at UQ, is the brainchild of University of Queensland graduate and lawyer-turned-entrepreneur, Alastair Blenkin.
Future entrepreneur and founder Mr Blenkin said Blenktech would provide cloud-based software that automates high-volume contract negotiation, helping big businesses to accelerate agreement, improve outcomes, reduce costs and mitigate risk.
“We’re building a system to help institutional landlords and their lawyers simplify the contracting process to make everyone’s lives easier,” Mr Blenkin said.
“Australian commercial property provides an enormous opportunity but this is just the tip of the iceberg – we’re building a scalable solution that can add value across industries and around the world.
“I’m thrilled to have been a finalist and won the People’s Choice award at the Westpac Innovation Challenge – it demonstrates to me that I’m on the right path.”
Mr Blenkin stepped away from his job at a top-tier law firm to start his own business and said he has no regrets.
“It’s a new way of thinking, new challenges and there’s no guarantee of success, but I absolutely love it,” he said.
The Westpac Innovation Challenge invited entrepreneurs to develop their own business ideas and concepts that would support Australia’s Professional Services industry.
Blenktech has been developing its business through ilab at UQ’s intensive three-month Germinate Program which helps a rich mix of future entrepreneurs develop their diverse business start-up ideas.
More than 130 start-up companies and their founders have been supported by ilab’s programs since 2012, and more than $17 million in early stage capital has been raised in the past two years alone.
Applications to the ilab UQ Germinate 11 program are now open.
Image: left - Mr Blenkin presenting Blenktech at the Westpac Innovation Challenge.
Media: Alastair Blenkin, alastair.blenkin@blenktech.com, 0404 028 771; Bernie Woodcroft, bernie.woodcroft@ilab.com.au, 0402 893 117.
