Start-ups fuelling job creation in Victoria

A new report highlights the key role Victorian start-ups are likely to play in the state’s Victoria’s economic future in the wake COVID-19.

A Deloitte Access Economics report commissioned by LaunchVic – Victoria’s start-up agency – reveals that Victoria’s early-stage start-up sector generated revenue of $4.6 billion in 2019 and created employment for almost 19,000 Victorians.

Modelling the economic impact of increased start-up density, the Productivity is not an accident – The economics and impact of Victoria’s startup ecosystem report estimates that the Victorian start-up ecosystem could potentially add an extra 15,000 jobs per annum to Victorian economy over the next 20 years.

Deloitte Access Economics found that start-ups not only create more highly-skilled jobs through their growth and business lifecycle. Through their innovation and

the competition they create, start-ups also push other businesses in their sector into taking on more of their own highly-skilled new employees.

LaunchVic CEO, Dr Kate Cornick, said the report shows that with the right care and attention to grow the ecosystem, start-ups could become a very important part of Victoria’s future economy.

“The risk is that we become a purchaser of global technologies developed overseas rather than a creator and lose the high-skilled jobs that come with this,” Dr Cornick said.

Partner at Deloitte Access Economics Head, Dr Pradeep Philip, said that start-ups and start-up ecosystems, provide the link between the current economic growth curve and the creation of a new growth trajectory with the potential to drive growth, income and jobs in the future.

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