The Andrews Labor Government is ramping up support for early-stage and scaling startups thanks to a $1.9 million investment through LaunchVic.
The funding will support 12 programs to connect startups from a range of disciplines with investment opportunities.
Grants ranging from $10,000 to $250,000 were awarded as part of LaunchVic’s Grant Round X and follow-on funding of high-performing programs.
Recipients include Impact Investment Group to establish the Impact Angel Network and Startup Victoria to establish peer-to-peer mentoring groups for 50 of Victoria’s most promising Scaling Startup founders and CEOs to share learnings and challenges and accelerate growth.
In the past three years LaunchVic-funded programs have backed 386 companies and organisations and more than 4,800 entrepreneurs, providing mentorships, accelerator programs, bootcamps and other support to help early-stage businesses reach their potential.
Victoria has a record of success when it comes to transforming startups to high-value firms. The state is home to eight “unicorns” – businesses valued at more than $1 billion – in REA Group, Carsales.com, Seek, MYOB, Aconex, Pexa, Airwallex and Envato.
Victoria has more than 2,700 startup companies valued at $3.2 billion, contributing significantly to jobs and driving economic growth.
Through LaunchVic, the Labor Government has played an instrumental role in driving this growth, with over $45 million invested in grants, research, sponsorship, events and other programs.
Quotes attributable to Minister for Jobs, Innovation and Trade Martin Pakula
“These grants are further evidence of our commitment to supporting early-stage businesses and helping entrepreneurs learn from industry experts, navigate the difficult start-up phase and reach their potential.”
“We’re getting on with encouraging more people to start and grow innovative businesses that can create the jobs of the future right now.”
Quote attributable to LaunchVic chief executive Dr Kate Cornick
“Continuing to support growth in early-stage startups is critical in ensuring a continued pipeline of scaling companies that can contribute to Victoria’s economic prosperity.”
Reviewed 19 August 2020