Victoria has taken a major step towards strengthening its innovation economy with the launch of Innovation Victoria, a new organisation bringing together the expertise of LaunchVic and Breakthrough Victoria under one roof.
Designed as a single entry point for founders, researchers, investors and industry partners, Innovation Victoria aims to make it easier for innovative ideas to grow into globally competitive businesses. By combining startup support, commercialisation expertise and investment pathways, the organisation will help founders access the programs, networks, advice and capital they need at every stage of their journey.
The launch builds on the success of two organisations that have helped shape Victoria's innovation landscape over the past decade.
Since its establishment, LaunchVic has played a pivotal role in expanding Victoria's startup ecosystem from around 1,000 startups to more than 4,400, with the sector's value growing from $7 billion to $139 billion. Melbourne is now ranked among the world's top 30 startup ecosystems, reflecting the state's growing reputation as a hub for entrepreneurship and innovation.
Meanwhile, Breakthrough Victoria has invested more than $500 million in research, startups and emerging industries, supporting more than 100 investment commitments and attracting $1.5 billion in co-investment to help commercialise Victorian ideas and accelerate business growth.
The impact extends beyond investment. According to new research by dandolopartners, employment in Victoria's startup sector has grown at an average annual rate of 12.9 per cent over the past decade, significantly outpacing overall employment growth across the state. The ecosystem is also becoming more inclusive, with almost half of Victorian startups now founded by women and more than one-third including at least one culturally diverse founder.
Innovation Victoria will be led by Chair Geoff Tarrant and Deputy Chair Monique Conheady, bringing together leadership experience from both predecessor organisations.
As Victoria looks to the future, Innovation Victoria will continue to back founders, support research commercialisation, attract investment and help build the next generation of companies that will drive economic growth, create jobs and solve real-world challenges.
By creating a more connected innovation ecosystem, Innovation Victoria is positioning the state to turn more ideas into successful businesses that can scale globally while delivering long-term benefits for Victoria's economy and communities.
