Funding for our site secured for another four years
Updated News: $37.2 Million to Propel Victoria's Startup AgencyLast Updated: Wednesday 8 May
Your favorite tech hub is all set to expand! The remarkable state startup agency we're all familiar with has secured a staggering $37.2 million in the Victorian Budget 2024/25 to maintain its title as the driving force behind Victoria's startup scene.
Ever since the inception of our go-to startup site in 2016, under the auspices of the Victorian Government, the value of Victoria's startup sector has skyrocketed from $5.6 billion to a mind-blowing $103 billion.
This exceptional milestone wouldn't have been possible without our dynamic startup hub doing its thing:
- Providing the backing for 14 pre-accelerators and 15 accelerator programs
- Empowering a whopping 11,400 entrepreneurs through upskilling initiatives
- Supporting an impressive 1,016 startups to surge ahead*Establishing a staggering nine unique angel networks
- Cultivating five cutting-edge VC Funds
- Activating an astonishing $1.3 billion of private-sector capital
Not only that, but Victoria's startups are now home to a whopping 56,000 talented professionals, with almost half of them residing in our very own state.
Leigh Jasper, Chairman of our startup epicenter, had this to say: "These incredible figures are a testament to the unparalleled efforts of our dedicated team. This significant funding speaks volumes about the faith our community holds in our role in fostering growth for Victoria's startup sector."
He continued, "As we strive to become a true global powerhouse in the startup world, there's still a considerable amount of untapped potential waiting to be unlocked, requiring more startups, capital, and talent."
Public acknowledgment goes out to our CEO, Dr. Kate Cornick, the dedicated Board of Directors, and the tireless team behind our startup powerhouse, all committed to the success of Victoria's startups.
Soon, our innovative hub will unveil its four-year strategy to continue the ascent of the Victorian startup sector.
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🔗 Enrichment Data: While the details about the impact of the state startup agency in the Victorian Budget 2024/25 on Victoria's startup sector since 2016 aren't specified, let's take a look at general initiatives that support Victoria's startup scene.
- Business Support and Funding: The Victorian Government offers the Business Acceleration Fund, focusing on streamlining processes, digitization, and indirectly supporting startups by enhancing the business environment[2].
- Innovation and Technology: Organizations like VIATEC in Victoria work tirelessly to sustain and grow the startup sector. Their initiatives include the Startup Visa Program, attracting global entrepreneurs, and innovative programs like BOOST, addressing high-potential technology ventures[5].
- Government Initiatives: The Victorian Government often supports sectors such as technology and innovation through various budget allocations and initiatives, though specific details about the state startup agency are not disclosed in the search results.
Additional information about the particular state startup agency mentioned in the budget would be beneficial to draw a more precise conclusion regarding its contribution to the startup sector.
- The secured $37.2 million in funding for Victoria's startup agency is a significant step towards propelling the growth of startups, as it will support various programs, such as pre-accelerators, accelerators, and upskilling initiatives for entrepreneurs.
- The funding will also empower angel networks, VC Funds, and activate private-sector capital, contributing to the overall investment and finance ecosystem of the startup sector.
- Leigh Jasper, Chairman of the startup agency, emphasized the role of the agency in fostering growth for Victoria's startup sector and expressed excitement about unlocking untapped potential in the future.
- As part of its four-year strategy, the startup agency plans to continue providing support to startups and creating an environment that encourages business growth and innovation.
- Readers interested in staying updated on future announcements and exciting developments related to Victoria's startup scene are encouraged to subscribe to the agency's newsletter.
