Victorian government announces $5 million for startup programs

The Victorian government has announced funding of $5.1 million to accelerator programs and the Wade Institute of Entrepreneurship, in an announcement they said will support “up to 165 early-stage startups”.

According to a statement from minister for economic growth Danny Pearson on Tuesday, the funding will assist startups in accessing “resources, mentorship and vital capital”.

The funding involves $4.1 million in funding to accelerators including ANDHealth, MAP, the MedTech Actuator, Startmate and Startupbootcamp, and a further $1 million to the Ward Institute to “to help early-stage investors develop expertise in the critical areas of due diligence, capital raising and portfolio management”.

“We’re backing Victorian founders so they have the skills and contacts they need to seek out new opportunities, expand their networks and scale their businesses,” said Pearson.

The release claims the new funding will build on the success of 15 accelerator programs by LaunchVic – the state’s startup agency – which have “supported over 600 startups, helping them secure more than $328 million in critical capital” so far.

Picture: credit LaunchVic

Further reading

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AgTech gets a boost in Victoria

Victorian MedTech Actuator program gets $2.4 million, three-year funding increase