Victorian universities to receive $100 million backing to push projects execution

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Victoria
Image Credit: www.premier.vic.gov.au

The Victorian government is partnering with universities in the state through a landmark initiative aimed at pushing lab ideas towards execution.

Breakthrough Victoria – University Innovation Platform will receive a $100 million allocation from the state government. As part of the program, universities will match investments to create pre-seed investment funds that will push projects through the early stages of development.

Breakthrough Victoria is a government-owned investment fund manager established to manage the $2 billion innovation funding. The program seeks to create more than 15,00 jobs in the manufacturing, technology, health, agri-food, and carbon sectors.

“This is about supporting promising ideas at a crucial stage so we can keep our best and brightest innovators here on home soil – something that’s good for jobs, and good for Victorians,” Victorian Premier Daniel Andrews said.

Each participating university will co-design its fund to ensure that it is tailored to its purpose and ecosystem. Expert investment advice will also be provided as part of the program.

Universities invited to join the five-year initiative include RMIT University, Swinburne, Monash, Melbourne, Victoria, La Trobe, Deakin, Federation and the Australian Catholic University.

The latest funding is expected to help new companies secure their intellectual property, develop prototypes, conduct trials, and fine-tune business plans.

“This is a real breakthrough moment that will allow amazing potential to be transformed into reality, and Victorians will be partners in the journey,” said Treasurer Tim Pallas.

The startup ecosystem in Victoria has been experiencing a boom since 2019, growing from a valuation of $3 billion to more than $23 million. The growth has created more than 60,000 jobs in Victoria since 2017.