LaunchVic start-up partnerships terminated
Partnerships with 500 start-ups will be terminated by LaunchVic following the resignation of its Melbourne lead, Rachael Neumann.
Without strong local leadership, the organisation believes that it will be too difficult for the start-up companies to build enough social capital and roll out its accelerator program in Victoria.
“While I am deeply disappointed at how this has ended, I feel confident in LaunchVic’s strong course of action over the past month to give 500 start-ups an opportunity to show leadership to improve culture in the start-up sector and fix the issues at hand,” said LaunchVic CEO Dr Kate Cornick.
“Unfortunately, as we’ve expressed to 500 start-ups, without Rachael Neumann at the helm we don’t believe it will work.”
Growing talent and expertise has been a core part of LaunchVic’s strategy, and something that will be crucial to assisting Victoria in becoming a destination for start-up companies.
Due to the contractual arrangements in place, LaunchVic retains the funds reserved for 500 start-ups. No public funds have been placed at risk.
LaunchVic will reinvest the funding in a world-class accelerator program to build capability and expertise in the local ecosystem.
“Of the grant funding we have allocated to date, 70% has been invested in local home-grown programs and we will continue to invest at a local and a global level to drive outcomes that will position Victoria’s start-up ecosystem as a leader,” Cornick said.
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