Major Boost For Geelong Startup Community

The Andrews Labor Government is accelerating Geelong’s startup community and helping create the jobs of the future through a $1.7 million funding boost from the State’s new $60 million startup initiative LaunchVic.

Minister for Small Business, Innovation and Trade Philip Dalidakis and LaunchVic Chair Ahmed Fahour today announced the projects that will share in the first round of funding.

Geelong’s ambitions to become a global centre for innovation and entrepreneurship is another step closer with two projects among the recipients of large-scale grants.

The Runway project will receive $1.25 million over four years to establish a major startup hub in Geelong.

Runway will act as a catalyst for innovation in the region, creating new businesses and jobs through mentoring, networks, training and access to venture capital.

A separate $450,000 LaunchVic grant will allow Dimension Data and Deakin University to set up a cyber security incubator to accelerate the development of unique cyber security solutions and intellectual property.

Located at Deakin’s Waurn Ponds campus, the incubator, along with the new cybersecurity degree program being developed at Deakin University to commence in 2017, will help address the massive skills shortage in the Australian cyber security industry.

The Labor Government has fulfilled its election commitment by creating LaunchVic to accelerate startups, drive new ideas and create jobs in Victoria.

A full list of grant recipients can be found at www.launchvic.org

Applications for the second round of funding will open next month, opening the door for even more great ideas to receive funding and realise their potential as part of Victoria’s thriving startup ecosystem.

Quotes attributable to Minister for Small Business, Innovation and Trade Philip Dalidakis

“We want Victoria to be the location of choice for startups across the Asia Pacific Region and LaunchVic is making it happen.”

“These projects will help young companies and ideas develop to create jobs and industries that will support Victoria for decades to come.”

Quote attributable to Member for Geelong Christine Couzens

“This is great news for Geelong. This funding helps to ensure that Geelong’s startup and tech sector has every opportunity to thrive. This means jobs in the future for Geelong.”