Credit: Start-up concept, new business project start up
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
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.