LaunchVic funding boosts Victorian start-ups and jobs

Monday, 31 August, 2020

LaunchVic funding boosts Victorian start-ups and jobs

The Victorian Government will provide $1.3 million in pre-accelerator funding to support the new generation of start-up innovators, programs for female entrepreneurs and aspiring founders from regional Victoria and Melbourne’s western suburbs. Launched through LaunchVic, the funding will support up to 700 entrepreneurs, with sports technology another special focus.

LaunchVic, Victoria’s start-up agency, has selected six service providers to deliver pre-accelerator programs for aspiring founders: SBE Australia, Atto Accelerator, Latrobe City Council-Startup Gippsland, Australian Sports Technologies Network (ASTN), the University of Melbourne’s Melbourne Accelerator Program (MAP) and Roshambo. Pre-accelerator programs provide entrepreneurs with access to support, advice and networks to build new companies that will help shape the future economy and grow jobs.

LaunchVic Chief Executive Dr Kate Cornick said that successful start-ups are job multipliers. “For every tech job they create, they create an additional five jobs in non-technical areas. Understanding this will help provide an alternative pathway to build our future economy,” said Dr Cornick.

Roshambo will act as a network of pre-accelerators in partnership with local councils in Melbourne’s west, while Startup Gippsland will help entrepreneurs built the capability and networks needed to successfully run tech-based businesses. MAP will expand its Velocity program to support entrepreneurs across Victoria. Female founders will benefit from the programs being delivered by SBE Australia and Atto Accelerator.

Deloitte Access Economics revealed that the Victorian start-up sector supports almost 19,000 jobs and could contribute an additional 15,000 jobs each year over the next 20 years. Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford highlighted the importance of supporting people to start new tech companies.

“We’re supporting our next generation of start-up founders to have a go, because we know young companies will create high-value jobs for Victorians. The number of jobs in start-ups was growing before the pandemic and the rate of that growth is now set to accelerate rapidly,” said Pulford.

Start-up density in Victoria is currently at 300 start-ups per one million people, compared with territories such as Vancouver, Singapore and New Zealand that have at least 500 start-ups per million of the population.

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