Technology businesses in Victoria will receive increased support to expand locally and create jobs, thanks to a new initiative supported by the Allan Labor Government.
The Cremorne Digital Hub (CDH) Scaleup Program, announced by the Minister for Jobs and Industry, aims to support fast-growing tech companies in areas such as talent acquisition, operations and business development.
Commencing in February 2024, the CDH Scaleup Program will initially support four scaleups with significant investment and job creation potential. Applications for participation are now being accepted.
In addition to specialised support, the programme will facilitate meetings between scaleups and potential investors, corporate partners and customers. Networking opportunities within Cremorne's vibrant startup community will also be a key component.
Over the past three years, Victoria's startup ecosystem has experienced significant growth, increasing in value from $50 billion to $91 billion. The CDH Scaleup Program aims to nurture tech scaleups and encourage them to remain in the state.
As a global hub for tech innovation, the Cremorne Digital Hub, supported by the Victorian Government, plays a key role in positioning Cremorne as a leading destination.
In partnership with Artesian's Boab AI, known for its successful track record in supporting AI scaleups and achieving a total enterprise value of $365 million, the CDH Scaleup Program is poised to make a significant impact.
With a $10 million investment from the Victorian Government, the Cremorne Digital Hub is contributing to the growth of the state's technology sector. This aligns with broader initiatives such as the Digital Jobs Program and the Made in Victoria - Industry R&D Infrastructure Fund, announced in the 2023/24 Victorian Budget.