{"id":44840,"date":"2023-10-20T15:39:03","date_gmt":"2023-10-20T15:39:03","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/victorias-startup-momentum-growing-as-launchvic-receives-overwhelming-interes-startupsmart\/"},"modified":"2023-10-20T15:39:03","modified_gmt":"2023-10-20T15:39:03","slug":"victorias-startup-momentum-growing-as-launchvic-receives-overwhelming-interes-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/victorias-startup-momentum-growing-as-launchvic-receives-overwhelming-interes-startupsmart\/","title":{"rendered":"Victoria\u2019s startup momentum growing as LaunchVic receives \u201coverwhelming\u201d interes – StartupSmart"},"content":{"rendered":"
\"LaunchVic<\/div>\n

The first funding round for Victoria\u2019s $60 million innovation fund<\/a> has received nearly 400 applications in a testament to the local ecosystem\u2019s growing momentum, LaunchVic board member Phillip Kingston says.<\/p>\n

LaunchVic\u2019s first round opened last month<\/a>, offering funding for \u201cbright ideas\u201d that would \u201cbuild the infrastructure and grow the ecosystem\u201d.<\/p>\n

Instead of funding individual startups and trying to \u201cpick winners\u201d, LaunchVic CEO Pradeep Philip says the fund wants to find ideas that would 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 first round closed last week and received \u201coverwhelming\u201d interest, a further sign that the local ecosystem is becoming more established, Kingston says.<\/p>\n

\u201cThere\u2019s no doubt that momentum is building \u2013 major companies are moving here, bringing operating systems, talent and global connections,” Kingston says.<\/p>\n

He says the especial focus on building infrastructure is crucial to transform the state into a global startup destination.<\/p>\n

\u201cThe best infrastructure to support entrepreneurial and startup ecosystems across the planet is soft,\u201d Kingston says.<\/p>\n

\u201cIt\u2019s about leadership, stories, networks, culture and attitude. These are features of Austin, San Francisco, New York and other great entrepreneurial centres. There\u2019s no reason Melbourne can\u2019t offer the same.\u201d<\/p>\n

LaunchVic\u2019s first funding round is split into \u201csmall ideas\u201d \u2013 which will be eligible for up to $100,000 \u2013 and bigger concepts that can receive far larger amounts of money.<\/p>\n

The applications will now be evaluated by an assessment panel, with the successful ideas announced by the end of the month.<\/p>\n

Those that focus on the community will have a good shot at getting funding, Philip says.<\/p>\n

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

\u201cOur vision is of a Victoria that harnesses creativity and innovation and embraces risk to generate the businesses and growth for a vibrant society.<\/p>\n

\u201cOur mission is to make Victoria one of the top places in the world for startups, scale-ups and entrepreneurs.\u201d<\/p>\n

Kingston says he wants to help the local ecosystem reach its full potential, and LaunchVic will play a crucial role in this process.<\/p>\n

\u201cThrough my role at LaunchVic I want to help reduce barriers to Victoria\u2019s startup evolution,\u201d he says.<\/p>\n

\u201cThis is essential. I also want to help ensure that government intervention strikes the right balance. I\u2019ve got huge ambition for the state. LaunchVic will, and already is, playing a big role in making this a reality.\u201d<\/p>\n

Follow StartupSmart on<\/em> Facebook,<\/em> Twitter,<\/em>LinkedIn <\/em>and <\/em>SoundCloud.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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