Growing Victoria’s Startup Community LaunchVic’s Strategic Focus 2017–2019
What we have done The Victorian Government established LaunchVic in March 2016 to support the development and growth of the local startup ecosystem. Since being established, we have run two successful funding rounds, supporting 26 projects that will ensure the right startup infrastructure is in place for Victorian startups and entrepreneurs to grow their businesses. We have also reviewed our strategy to ensure we are best placed to provide more support to founders and investors, address any identified market failures inhibiting the growth of the startup ecosystem, and meet our goals of:
Engaging the Victorian community in the startup ecosystem.
Positioning Victoria as an internationally recognised startup ecosystem.
Startup ecosystem highlights Nov • LaunchVic announced 2015 Jan • LaunchVic Board appointed 2016 Mar • LaunchVic established 2016 as a company Apr • Round 1 funding opens 2016 Aug • Round 1 recipients announced 2016
Jan • LaunchVic engages with over 2017 125 stakeholders across the startup ecosystem • Round 2 recipients announced Feb • Pause Fest 2017 2017 Mar • Girl Geek Academy 2017 #SheHacksVic program launch • Ecosystem mapping survey opens • Round 2 recipient 500 startups announced
Sept • Round 2 funding opens 2016
Apr • Western BACE Digital BACE 2017 makerspace launch • Runway Geelong launch
Nov • Fintech Australia Collab/Collide 2016 2016 Summit
May • Outcome-Hub launch 2017
Dec • Bright Sparks program launch 2016
June • Round 3 funding opens 2017 • LaunchVic announces revised focus Watch this space!
LaunchVic’s focus In refining our focus, we looked at globally competitive and leading ecosystems; reviewed Victoria’s key strengths that could become major strategic advantages; and spoke to more than 125 stakeholders from across Victoria’s startup ecosystem. GOALS
Engage and grow the Victorian startup community.
Leading with diversity and inclusion, support programs that encourage more new founders to engage with the Victorian startup community and start their own business.
Encourage connections and collaboration across the startup ecosystem, communicate Victoria’s strengths and raise awareness of opportunities across the ecosystem.
Position Victoria as an internationally recognised startup ecosystem.
Support the Victorian startup community to grow world-class companies, by supporting existing founders to scale up; encourage a stronger investor community; and attract talent.
Leverage key strengths in health and wellbeing to create a critical mass of startup expertise and achieve global recognition for our startup community.
OUTCOMES Increase the pipeline of founders. Celebrate diversity.
Greater recognition and understanding of the Victorian startup ecosystem. Celebrate our successes! Support existing founders as they scale their businesses. Create a strong investor community. Encourage more people to work in startups. Increase the pipeline of startups' focused on health services, medical and bio technologies, pharmaceuticals, sport and wellbeing. Celebrate our successes!
What we mean by startups We know startups mean many different things to different people, but it is important to have a shared understanding of who LaunchVic supports. Our definition of a startup is a business with high impact potential that uses innovation and/or addresses scalable markets. Startups are not limited to just tech. We support high growth businesses right across the economy. They aren’t small or micro businesses, or businesses with a small number of employees – if you are one of these check out Small Business Victoria. Successful startups, also known as ‘scaleups’, are important in a startup ecosystem because they contribute to the economy and provide valuable role models for budding entrepreneurs.
How can you help? While we have a vibrant and active startup community, we need to do more to achieve our global potential. LaunchVicâ€™s role is to help grow and assist Victoriaâ€™s startup ecosystem to achieve its potential as a diverse and internationally recognised centre of startup activity. We have developed a startup funnel, which outlines the startup lifecycle and where LaunchVic is focusing its efforts. But founders and investors equally play an important role in developing the ecosystem. We want to see more founders with big ideas that have global reach; we want to develop a stronger investor community; we want to work with existing founders to ensure they have maximum chance of success; and we want startups to be better connected to corporates.
LAUNCHVIC 2017 TO 2019 FOCUS AREAS
The startup ecosystem The startup ecosystem is made up of founders, investors, startup teams, community organisations, corporates and government. Working together, we can collectively create a pipeline of successfully scaling startups that contribute to jobs and Gross Domestic Product.
AS THE ECOSYSTEM GROWS, THE FUNNEL WIDENS
LaunchVic Door 34, Goods Shed Village Street Docklands Vic 3008 www.launchvic.org @launchvic