LaunchVic has unveiled a new grants round that will provide additional funding to pre-accelerator programs that support early-stage start-ups belonging to specific sectors or founded by those belonging to underrepresented groups.
Grants of up to $400,000 are available to run programs that provide aspiring entrepreneurs with advice, support and networks to test out their start-up ideas and find potential customers. Focus areas for the programs may include a specific industry (e.g. MedTech, ClimateTech), technology (e.g. AI) or social demographic (e.g. under-represented founders).
LaunchVic CEO Dr Kate Cornick said the number of start-ups in Victoria had more than tripled since 2018 to more than 3400 but there was still work to be done to ensure the sector’s sustainable growth.
“Victoria’s start-up sector is valued at $103 billion,” Dr Cornick said. “To ensure we have a strong pipeline of new start-up creation we are giving founders access to the best possible mentors, subject matter experts and potential investors with deep knowledge of their chosen fields. By offering grants for targeted programs, LaunchVic hopes to double down on our key sector strengths and ensure underrepresented groups get the same opportunity to launch and grow their start-ups.”
Since 2017, LaunchVic programs have upskilled more than 11,600 budding entrepreneurs and is looking to support more entrepreneurs in the future through the new round.
Applications for the grants are open to local and international programs looking to support founders in Victoria.
