Breakthrough Victoria Fund

Breakthrough Victoria Fund

What is the Breakthrough Victoria Fund?

The Breakthrough Victoria Fund is an initiative to drive investment in translational research, innovation and commercialisation outcomes to accelerate growth in key industry sectors and create jobs.

 

Background

The $2 billion Breakthrough Victoria Fund will drive investment in research, innovation and commercialisation.

Key industry sectors will be:

  • health and life sciences
  • agrifood
  • advanced manufacturing
  • clean economy
  • digital technologies

This Fund is expected to catalyse significant investment from other industry, university and government sources and is expected to create 15,700 new jobs over 10 years.

The Victorian Government has established a new company, Breakthrough Victoria Pty Ltd, to oversee the Fund. The company, overseen by an expert independent board, will develop an investment plan to identify priority investments and facilitate partnerships between industry and research institutes.

The company will harness the expertise of leaders from industry, business, knowledge institutes and the finance sector. It will also draw on best-practice approaches from other leading jurisdictions.

 

Objective

We know Victoria has some of the best scientists and knowledge institutes in the world, producing some of the best research – that’s why investing now is critical to accelerate translational research, innovation and commercialisation outcomes.

This approach is estimated to create 15,700 jobs over 10 years in key industry sectors such as agri-food, advanced manufacturing, clean economy, health and life sciences, and digital technologies.

The Fund will cement Victoria’s international reputation as a destination for investment, research and global talent.

 

Funding

Up to $2 billion funding will be available.

 

Eligible Projects

The Breakthrough Victoria Fund will support research and development adoption and commercialisation outcomes across Victoria. It will support projects delivered in partnership with knowledge institutes and industry stakeholders, anchored at key innovation and employment precincts, including Parkville, Arden Macauley, Fishermans Bend, Latrobe Bundoora and Monash Clayton.

Investments will prioritise projects that have strong commercial potential to accelerate productivity, grow exports, support domestic manufacturing and create jobs.

An investment plan will be developed to guide the Fund’s investments. This plan will focus on projects that foster collaborative partnerships between industry, business and research institutes to deliver sector-wide, or multi-sector, benefits.

State funding will seek to leverage contributions from industry, research institutes and other partners, including from the finance and philanthropic sector.

 

Timing

It is anticipated that the first investments will be made in calendar 2021.

 

More Information

 

Latest News

24 June 2022 – $100 M is available to universities to turn ideas into businesses

The Victorian government will provide $100 million in pre-seed investment funding to the state’s nine universities over five years to support research commercialisation. Each university will co-design their own funds with university startups and spinouts to receive up to $1 million each.

The money comes from the state’s $2 billion Breakthrough Victoria initiative, the government-owned, independent investment fund manager established last year to support commercialisation over a decade.

The $100 million Breakthrough Victoria – University Innovation Platform was announced by the Premier on Thursday. The platform will provide University startups with investments between $200,000 and $1 million. It made its first investment last week in the University of Melbourne’s $15 million Genesis Fund.

Source

20 June 2022 – University of Melbourne unveils two investment funds worth $115m

The University of Melbourne will partner with the Victorian government to launch a $15 million fund targeting pre-seed startups. The university will also invest in a $100 million fund for later stage tech firms. Breakthrough Victoria, an independent company, will provide grants, repayable loans, equity and joint ventures to local companies.

The other fund will see the University of Melbourne partner with private funds manager Tanarra Capital to invest in university-affiliated companies from the seed stage to pre-IPO.

The Genesis Fund will aim to address Australia’s long-running disparity between its research and commercialisation performance.

Source

17 February 2021 – VIC opposition pledges manufacturing boost

The Victorian opposition has pledged $2.5 billion to secure manufacturing jobs with $1 billion earmarked for the regions. Manufacturing sector hit hard by COVID-19 lockdowns and restrictions. Victorian Nationals leader Peter Walsh said the announcement would bring a “dose of positivity” to the state.

The government was also supporting innovation in advanced manufacturing through its $2 billion Breakthrough Victoria fund, the spokesperson said.

Source

 



 

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