We know hard it can be to first set up and FRC Team. This biggest obstacle to starting one, is the expense that comes with running a team. Using formal business analysis tool, we were able to identify the biggest issue for teams to find funding: teams struggle to find funding without having a robot to demo, but need that that funding to build the robot.
We used the surplus from our team budget, along with funding from the New South Wales Government to create the Microbank. Using this funding, we give teams no interest loans of up to $6,500 towards their Kit of Parts. This funding allows teams to build a robot they can demonstrate to potential sponsor, allowing them to become self funded. With the money they make, teams pay us back the initial seed funding. This allows that money to be lean out to more teams
Since 2012, $500,000 has cycled through the Microbank, and we have been able to help XX teams, globally.