A new agency will be created to help Victorian startups, entrepreneurs, and investors grow and succeed.
Innovation Victoria will bring together LaunchVic and Breakthrough Victoria. The new organisation will provide support, connections, and investment pathways to help businesses move from early ideas to successful growth.
A new chief executive has been appointed to lead Innovation Victoria. The role will focus on building a stronger innovation system and helping more local businesses develop new products and services.
The creation of Innovation Victoria follows strong growth in Victoria’s startup sector. LaunchVic has helped the state’s startup ecosystem grow almost 20 times. Victoria is now home to around 4,400 startups with a combined value of about $139 billion.
Breakthrough Victoria has committed $497 million across 91 investments. These investments have attracted an additional $1.4 billion in funding from other investors.
Innovation Victoria will support founders, researchers, and investors by improving access to funding, expertise, and industry networks. The agency will focus on helping ideas become commercial products, creating skilled jobs, and building future industries.
The new organisation will also aim to strengthen Victoria’s position as a global centre for innovation and entrepreneurship.
Leadership changes will take place as part of the transition to Innovation Victoria. New appointments for the organisation’s chair and board are being developed.