A new agency has been launched to support Victorian startups, entrepreneurs, and investors at different stages of business growth.
Innovation Victoria brings together LaunchVic and Breakthrough Victoria. The new organisation will provide tailored programs, expert advice, and investment support to help local businesses develop and expand.
Victoria is now home to more than 4,400 startups with a combined value of about $139 billion. Melbourne has become one of the world’s leading cities for startup creation, ranking third globally.
Over the past decade, Victoria’s economy has grown strongly and added around 500,000 new jobs. The state has also recorded strong business and investment activity.
LaunchVic previously helped increase the number of Victorian startups by almost 20 times. Breakthrough Victoria has committed more than $500 million across more than 100 investments, attracting an additional $1.5 billion from other investors.
Innovation Victoria aims to create a stronger support system for businesses by connecting startups with funding, advice, and industry networks. The goal is to help more local ideas grow, attract investment, and compete in global markets.
The new agency will focus on strengthening Victoria’s technology sector and supporting future business growth.