Australia to invest $2.9M in educating thousands of Victorian startups

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Southbank, Victoria, Australia
A recent study found there has been a 42 percent rise in failure rate across the nationwide startup sector. Mike Wilson/Unsplash

The Australian government announced on Tuesday that it will invest $2.9 million to educate a number of startups in Victoria. Founder education support courses will be provided, with 16 service providers running education programs for Victorian startups.

The courses will be provided though LaunchVic, a leading startup ecosystem development agency. The program seeks help to fill the gap in founder education services.

Based on estimates, only 15 percent of Victorian startups go through an accelerator program. Several believe they are not prepared or have moved beyond needing intensive support.

For Minister for Innovation and the Digital Economy Philip Dalidakis, there has never been a better time to establish a startup in the state. “By building a stronger startup sector we create innovative businesses, attract international talent, bring money into the local economy and create local jobs,” he said in a statement.

Topics will include growth and export skills, investment support, corporate governance, marketing support, personal leadership and development. The programs will vary in format and length and will include short courses, intensive three-day workshops, courses, mentoring and online learning. Startups in Victoria can get the courses at low costs or for free.

Dr Kate Cornick, CEO of LaunchVic, said that supporting early-stage startups is important if the country is to grow a strong pipeline of innovative businesses from Victoria. “We’re proud to offer diverse yet specialised support to our startups – this will help our local startup founders and executives grow their businesses and strengthen Victoria’s reputation as a leading startup hub,” Cornick added.

One of the funded LaunchVic service providers is BioMelbourne Network, which supports HealthTech founders of companies with the strategic intent to expand into international markets. The program will bring international experts to Melbourne.

Another is Burch + Co Lawyers, which seeks to educate founders on the basic legal considerations through the lifecycle of a startup. Catapult Business Accelerator will deliver an investor education program. It will provide deep insight into what gets investors on the founder’s side, the appropriate time to connect with investors and how to build relationships with them.

Established in 2016, LaunchVic has already funded 46 projects through its grants program. According to its Strategic Focus 2017- 2019, the organisation’s focus lies in the areas of funding, global recognition and community building to ensure that the right startup infrastructure is in place for startups and entrepreneurs.