{"id":37334,"date":"2023-10-20T14:49:30","date_gmt":"2023-10-20T14:49:30","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/victorias-60-million-startup-fund-is-now-open-for-business-startupsmart\/"},"modified":"2023-10-20T14:49:30","modified_gmt":"2023-10-20T14:49:30","slug":"victorias-60-million-startup-fund-is-now-open-for-business-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/victorias-60-million-startup-fund-is-now-open-for-business-startupsmart\/","title":{"rendered":"Victoria\u2019s $60 million startup fund is now open for business – StartupSmart"},"content":{"rendered":"
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Victoria\u2019s $60 million startup fund is officially open for business, with the independent body overseeing its allocation calling for applications that will \u201cbuild the infrastructure and grow the ecosystem\u201d.<\/p>\n

Individuals or organisations can now apply to LaunchVic <\/a>with \u201cbright ideas\u201d that can create a \u201cmore collaborative working environment, add diversity and creativity, generate global interest in Victoria and deliver positive economic returns for the startup community\u201d.<\/p>\n

The independent body was established late last year by the Victorian government<\/a> to oversee the state’s $60 million innovation fund, announced way back in the 2015 budget.<\/p>\n

LaunchVic CEO Pradeep Philip says the purpose isn\u2019t to fund individual startups in the state.<\/p>\n

\u201cLaunchVic is not in the business of funding individual startups but instead supporting the infrastructure which supports startups, entrepreneurs and scale-ups,\u201d Philip says.<\/p>\n

\u201cProposals that demonstrate their benefit to Victoria and the ecosystem, which highlight how they will \u2018give back\u2019 to the ecosystem, and which promote gender, culture and economic diversity will be viewed favourably in the assessment for funding.\u201d<\/p>\n

Guidelines have been released by LaunchVic, and each application will be viewed be an assessment panel as well as the LaunchVic board, which includes many big corporate names.<\/a><\/p>\n

The funding allocation will be split up into two categories, with “small ideas” eligible for up to $100,000 and “large ideas” focusing on collaboration able to receive more sizable amounts.<\/p>\n

The guidelines <\/a>include the criteria that startups should address:<\/p>\n