Victorian Government’s $60 million startup fund, LaunchVic’s third round of funding for start-up projects and businesses is now open.
LaunchVic in its third round of funding wants to encourage more migrants and refugees to get involved in Victoria’s start-up sector.
Minister for Small Business, Innovation and Trade Philip Dalidakis said, “We want our start-up sector to reflect the diverse, multicultural place that Victoria is.”
“Victoria’s start-up sector is creating the jobs and companies that will drive our economy and LaunchVic plays a major role in that.”
Some of the world’s most successful and innovative companies have been started by immigrant entrepreneurs including Tesla, eBay, Google and Victoria’s own Kogan.
Research shows that migrants and refugees are twice as likely to start a business as those born locally and are more willing to take business risks – meaning they are perfectly suited to the start-up world.
LaunchVic is now seeking applications and will invest between $50,000-$500,000 per application.
This round of funding will focus on organisations, businesses and ideas that deliver quality educational, acceleration, incubation, mentoring or other programs for Victorian migrants and refugees.
LaunchVic defines start-ups as businesses with high impact potential, that use innovation and/or address scalable markets.
LaunchVic funds programs that support start-ups and entrepreneurs who are seeking to launch a start-up, these are referred to as ‘start-up entrepreneurs’.
LaunchVic CEO Kate Cornick said, “It’s very clear what we need to do if we are to grow the potential we have right here on our doorstep and position Victoria as a global ecosystem.”
LaunchVic was established in March 2016 and since then has held two successful funding rounds and invested in 26 projects that aim to grow Victoria’s start-up sector.
LaunchVic has refreshed its focus for the next two years to ensure it is meeting the needs of the start-up sector and addressing market failures. This means higher quality start-up founders and a stronger investor community.
Applications for Round 3 funding opened on 1 June 2017 and will close on 5 July 2017.
Funding guidelines and more information is available at launchvic.org.
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