Unleashing Victoria's Innovation: A Bold Move for Growth
In a groundbreaking initiative, the Allan Labor Government is taking a decisive step to bolster Victoria's innovation landscape, uniting two pivotal entities to foster economic prosperity and impact.
The Vision for a Stronger Innovation Ecosystem
Minister Danny Pearson, championing economic growth and jobs, has unveiled a plan to merge LaunchVic and Breakthrough Victoria, creating a unified force to empower businesses and drive Victoria's economic engine.
A Review for Effectiveness and Impact
Earlier this year, the Labor Government embarked on a comprehensive review of its innovation and commercialization entities, aiming to ensure their continued relevance and impact. The Innovation and Commercialization Review revealed a robust and well-supported innovation ecosystem in Victoria, with government investment playing a pivotal role in nurturing key sectors and capabilities.
Addressing Duplication, Unlocking Potential
The review also identified areas of duplication across government initiatives, highlighting an opportunity to provide seamless support for businesses throughout their commercialization journey. This targeted review underscored the valuable contributions of LaunchVic and Breakthrough Victoria in addressing critical challenges and improving access to knowledge, skills, networks, and capital.
A Thriving Startup Ecosystem
Since 2017, Victoria's startup ecosystem has flourished, boasting over 4,300 companies. LaunchVic has been instrumental in unlocking more than $1.5 billion in private sector capital, while Breakthrough Victoria's portfolio is poised to generate a staggering $5.3 billion in economic impact for Victoria by 2035.
Consolidating for Strength and Streamlining
Building on the insights from the review and the Silver Review, the Government is taking action to consolidate the strengths of LaunchVic and Breakthrough Victoria. This strategic move aims to fortify and streamline innovation support, propelling Victoria's long-term economic growth.
A Collaborative Path Forward
The Government is now engaged in close collaboration with both entities to chart the best course of action for sustainable growth through a consolidated function. During this transition, LaunchVic and Breakthrough Victoria will continue their vital work, ensuring continuity and momentum in their respective fields.
Investing in Victoria's Future
The Victorian Budget 2025/26 has allocated a substantial $627 million investment to support businesses and fuel the growth of the Victorian economy. This includes a dedicated $240 million to fully implement the Economic Growth Statement and its comprehensive suite of over 40 initiatives.
A Powerful Statement from Minister Pearson
Minister Danny Pearson emphasizes Victoria's status as a powerhouse for innovation and startups, stating, "Bringing these entities together will secure and strengthen Victoria's position, making it easier for startups to thrive and reach new heights."
"LaunchVic and Breakthrough Victoria are indispensable in nurturing startups, businesses, jobs, and economic value across Victoria's priority sectors. By uniting their capabilities, we ensure a stronger, more streamlined support system, allowing them to continue their vital work."
This bold initiative promises to unlock new possibilities for Victoria's innovation landscape, sparking curiosity and inviting discussion on the potential impact and future directions.
