Up to $500,000 is available from LaunchVic to help accelerate startups, drive new ideas and create jobs in Victoria.
 

LaunchVic

LaunchVic is an initiative investing in ideas and solutions to grow Victoria’s startup ecosystem for entrepreneurial success.

LaunchVic’s fourth funding grant round will focus on building capability and excellence, by funding organisation(s) to deliver world-class accelerator program(s) that will further enhance the Victorian startup ecosystem.

While LaunchVic has invested in a number of accelerators to date, LaunchVic is seeking to invest in a world-class acceleration program that will support global excellence in the provision of services, and global connectivity to help accelerate the very best startups to achieve on an international scale. The program must be delivered in Melbourne, and help contribute to the growth of the local ecosystem, beyond simply offering an accelerator program.

 

Background

LaunchVic was established in 2016 by the Victorian Government to support the development and growth of the local startup ecosystem. Since its establishment, LaunchVic has run two successful funding rounds, supporting 26 projects that will help grow the ecosystem and ensure the right startup infrastructure is in place for Victorian startups and startup entrepreneurs to grow their businesses.

LaunchVic has also reviewed its strategy to ensure the company is best placed to provide more support to stakeholders and address identified market failures that inhibit the growth of the startup ecosystem. In developing its forward strategy LaunchVic has identified key areas of focus that include: engaging the Victorian community in the startup ecosystem to address market failures; and positioning Victoria as a world-class internationally recognised startup ecosystem.

As a part of its revised strategy, LaunchVic will provide frequent funding opportunities, including grant rounds, for stakeholders to access funds to support programs that will grow the local startup community. Funding opportunities will address specific needs in the ecosystem, including increasing diversity and inclusion; and driving capability and excellence.

 

Objectives

LaunchVic works in partnership with entrepreneurs, industry, business, the community and our educational institutions to strengthen Victoria’s entrepreneurial and startup ecosystem. Its focus is to invest in the infrastructure of Victoria’s startup ecosystem to:

  • Increase Scale – More people, firms and entrepreneurial activity.
  • Improve Capability – Better, more capable startups and entrepreneurs.

Over the next four years LaunchVic will focus on a comprehensive program, including:

  • Support – Expanding the capacity of accelerators and infrastructure in Victoria.
  • Mentoring – Entrepreneur mentoring, scholarships and corporate placement programs.
  • Access – Helping entrepreneurs find ways to better navigate the system.
  • Visibility – Events and marketing campaigns to profile Victoria’s startups locally, and ecosystem internationally.
  • Overseas Talent – Attracting high profile entrepreneurs and global thought leaders to Victoria.
  • Government Policy – Advocacy around Commonwealth legislation and regulation affecting startups and entrepreneurial enterprises.

 

Funding

LaunchVic is seeking to invest between $50,000 and $500,000 per application for programs that run up to 2 years. Applications requesting more than $500,000 will be considered, but must be exceptional!

 

Case Studies

LOKE has developed a cloud-based mobile payment and loyalty platform that enables merchants to deploy and manage their own branded loyalty product. LOKE has just opened funding to raise $1 million that will help facilitate the creation of 50 new jobs over the next three years. This follows a recent announcement that the company will partner with leading digital payment giant PayPal to enable customers to connect their existing PayPal account with any of LOKE’s apps for both in-store and in-app purchases.

Timelio’s unique peer-to-peer lending platform enables Australian businesses to raise funds by selling their customer invoices. Timelio’s service is primarily designed for small to medium enterprises that require cash flow but typically have to wait up to 90 days for their corporate clients to settle invoices.

 

Eligibility

Applicants will need to address the eligibility criteria via the LaunchVic online application system. You must identify the type of organisation and project focus.

Type of Organisation

The types of organisations that are eligible to apply for Round 3 grant funding include a:

  • registered company headquartered in Victoria; or
  • registered company with offices in Victoria; or
  • registered company located outside of Victoria proposing a project to be delivered in Victoria; or
  • unregistered company that agrees to setup a registered company in Victoria

Project Focus

The project must primarily benefit Victorian migrant and/or refugees

The project must also primarily benefit:

  • existing startups; and/or
  • entrepreneurs looking to launch a startup (startup entrepreneurs)

Note: Any unsuccessful application submitted in Round 1 and Round 2 may be resubmitted in Round 3, however applicants must use the LaunchVic online application system and update the application as per the key assessment criteria to be assessed.

 

Round 8 LaunchVic Recipients

OrganisationProjectFundingDescription
Flinders UniversityThe Victorian Medical Device Partnering Program$2,005,100The Medical Device Partnering Program (MDPP)fuels the medical device innovation pipeline. As an ideas incubator, it delivers product prototypes aligned to identified global markets. It takes ideas from companies at all stages of their life cycle and turns them into investable technologies. MDPP has operated for 10 years in the South Australian medical device sector, this funding will allow the expansion of the current program to Victoria.

In partnership with Swinburne University of Technology, CSIRO, The University of Melbourne, Monash University, RMIT, Australian National Fabrication Facility and Biomedical Research Victoria, the Victorian program will support up to: 200 new ideas evaluated by the program leading to fast fail or rapid progress; 120 collaborative workshops that connect entrepreneurs and leverage expertise; 40 proof of concept, prototype or clinical/market validation projects completed with detailed market research reports; 20 new companies established; and 100 jobs created.

The Royal Melbourne HospitalThe Victorian Health Network Accelerator (VHNx)$995,120The Victorian Health Network Accelerator (VHNx) project is led by Melbourne Health, Potential(x) and the Health Round Table in partnership with Bendigo Health. The project consists of two centrally coordinated hospital accelerator programs: The Melbourne Health Accelerator (MHx) program delivered at the Royal Melbourne Hospital in 2019; and the new Bendigo Health Accelerator (BHx) program, delivered at Bendigo Hospital in 2020.

VHNx will provide a clear path for early-stage startups to access hospitals and engage with clinicians where both sectors will thrive in a shared and facilitated platform of networking and collaboration. 20 startups, who aim to solve identified healthtech problems, will be s