From UNSW to Silicon Valley: young entrepreneur attracts major funding

One UNSW student’s experience with a startup company illustrates the unpredictable nature of entrepreneurship and the value of programs like UNSW Startup Launch.

Last year, UNSW Sydney Computer Science and Engineering student Stefan Qin was accepted into the University’s Startup Launch pre-accelerator program for high-potential founders with innovative startup ideas.

His start-up, Dime, went on to win first prize at a Startup Launch pitch night, with a concept that used blockchain technology to significantly reduce the cost and time delay of foreign exchange transactions.

Now, the 20-year-old has closed a $US3.18 million funding round for his new business, Virgil Capital, a global venture in cryptocurrency trading and investment management in the US, China, Korea and Australia.

Dime morphed into Virgil Capital when Qin realised the startup could not work as he had planned. But his experience with UNSW’s Startup Launch, including $3,500 in seed funding from the UNSW MVP Grant Fund, and support from UNSW alum entrepreneur and investor Dorjee Sun, who would later play an instrumental role in the Virgil Capital fund raising, meant Qin could still pursue his interest in blockchain technology and cryptocurrency.

Dime was ahead of its time, says Qin, who is now based in the San Francisco Bay area.

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Source: From UNSW to Silicon Valley: young entrepreneur attracts major funding | UNSW Newsroom