Victoria Government to invest funding on accelerators that will aid startups through LaunchVic
According to the announcement made by the Victoria Government, three world-class accelerators will be starting programs exclusive to the state of Victoria as part of the LaunchVic funding round to benefit startups.
Minister for Innovation and the Digital Economy Philip Dalidakis said, “We’re making an unprecedented investment in accelerator services so that Victorian startups can grow to their full potential and create the jobs that will sustain our future economy.”
The Andrews Labor Government invested A$ 13.45 million to establish three world-class accelerators in Victoria, which will benefit more than 170 Victorian startups.
Two Australian teams, SBE Australia and Skalata Ventures, will start and run accelerator programs exclusive to Victoria as part of the LaunchVic funding round. The third accelerator, Techstars, is an international organisation that is in the early stages of establishing a Melbourne-based program.
Startups ranging from early-stages to mid-stages are perfect for the programs. Aforementioned programs will include a generalist accelerator and two specialist accelerators in order to reflect Victoria’s startup strengths in life sciences and sports tech.
Participating startups are in for a major advantage since the selected accelerators have funding in the form of cash and in-kind. They also have powerful connections and access to global network, which may benefit startups looking to grow and access international markets.
Minister Dalidakis said, “Victoria is Australia’s tech capital and growing our startup sector will help us maintain that reputation while boosting our economy and creating local jobs.”
LaunchVic funds were granted to Techstars so it can establish a Melbourne sports tech accelerator program for 20 startups in over two years.
Techstars is searching for partners to support a series of startup community events such as the Techstars Startup Weekend and the Techstars Startup Week. Partners are also needed for the establishment of an accelerator that will connect founders and their teams with other entrepreneurs, experts, mentors, alumni, investors, community leaders and corporate partners.
LaunchVic funds were granted to SBE Australia for it to expand its world-class Springboard Enterprises accelerator program to Melbourne through the launch of a female-focussed life sciences accelerator. This will benefit up to 20 startups in over three years.
SBE will also deliver the E3 business accelerator program benefiting up to 60 early-stage startups.
Skalata Ventures will use the funds from LaunchVic to open a new accelerator program that will support Victoria’s most promising scaleups.
Skalata Ventures was founded by the former leadership of the Melbourne Accelerator Program by the University of Melbourne. The program will support 60 scaleups over three years.
LaunchVic CEO Dr Kate Cornick said, “We’re delighted to be supporting these accelerators which will leverage world-class local and global talent to support the growth of the Victorian startup ecosystem.”
She added, “These globally connected accelerators complement the strengths of Victoria’s startup sector and will help priority sectors including life sciences and sports tech.”
A recent announcement that was released earlier reported on the funding that the Andrews Labor Government invested to increase access and participation of regional Victorian communities to the booming startup sector of Victoria.
An announcement that was released earlier reported on the funding invested by the Victoria Government through LaunchVic in order to accelerate the growth of health startups and capitalise on the strong medical industry in Victoria.