Victoria is consolidating key innovation support to help businesses grow and create jobs. Two major innovation entities will combine into a single organisation to streamline support for startups and scale-ups.
The move follows a review of the state’s innovation and commercialisation programs. The review found Victoria has a strong startup ecosystem. Government investment has played an important role in supporting growth across key sectors.
The review also identified overlap in existing programs. Combining resources will provide businesses with end-to-end support throughout their commercialisation journey. The goal is to make it easier to access skills, networks, knowledge, and investment.
Since 2017, more than 4,300 startups have launched in Victoria. LaunchVic has helped unlock over $1.5 billion in private sector funding. Breakthrough Victoria’s projects are expected to generate $5.3 billion in economic impact by 2035.
The consolidated entity will continue to deliver support while new structures are put in place. Work will focus on ensuring sustainable growth, job creation, and economic value across priority sectors.
The Victorian Budget 2025/26 includes $627 million for business and economic development. Of this, $240 million is allocated to the Economic Growth Statement and its 40 initiatives.
The new structure aims to make innovation support simpler and more effective. Startups and businesses will have access to clearer pathways to grow, attract investment, and create jobs.