LaunchVic and their partner private sector energy leaders have announced that they will provide almost $1.5 million in funding to Victorian EnergyTech entrepreneurs delivering clean energy solutions, as part of the Startupbootcamp program.
LaunchVic’s investment includes a $250,000 grant to fund the operations of three Startupbootcamp programs:
- EnergyInc, a pre-accelerator program supporting entrepenuers looking to break into EnergyTech.
- EnergyNext Accelerator, which supports start-ups to scale.
- EnergyTech Hub, which will connect later stage scaleups with commercial opportunities.
In addition, another $250,000 will be taken as equity in Startupbootcamp’s fund that, in turn, invests in start-ups going through the EnergyNext accelerator. Australian energy leaders Energy Australia, NISA and the Victoria Clean Technology Fund will fund an additional $975,000 to the EnergyTech program to accelerate the country’s clean energy transition.
Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford said that the Startupbootcamp program would support start-ups at all stages of the entrepreneurship journey.
“LaunchVic’s investment is helping start-ups grow, while also seizing the economic advantages of our clean energy transition – advancing technology, investing in new industries and creating Victorian jobs,” MinisterPulford said.
LaunchVic CEO Dr Kate Cornick said Victoria is home to 87 EnergyTech start-ups and the funding will support more Victorian entrepreneurs to make the jump into the start-up world.
“Supporting Startupbootcamp’s important work of creating more EnergyTech start-ups and equally, investing in those further along in their growth lifecycle, is one of the ways we are seeking to increase start-up density in Victoria,” Dr Cornick said. “Victoria’s start-up ecosystem has more than tripled in value since 2018, but there is still a lot of work to be done to increase its start-up density. Leading ecosystems are averaging 1000 start-ups per million population, while in Victoria, the number is just 348.”
Startupbootcamp Australia CEO Trevor Townsend hopes the program will encourage more EnergyTech start-ups to participate in future editions.
“Evolution of the energy sector will be paramount in meeting the global challenges of climate change. Innovation is needed for Australia to optimise its natural resources and become a global leader in clean energy,” Townsend said. “We are delighted to be partnering with LaunchVic to elevate the next big ideas in energy and advance towards a carbon-zero future.
“Our programs deliver support for early-stage entrepreneurs from diverse backgrounds with structured entry into new and evolving markets, and acceleration for mature businesses. Combined EnergyInc, EnergyNext and Energy Tech Hub will assist in seeing the energy sector transformed,” Townsend added.