Melbourne startup sector laments the 'damaging, short-sighted' loss of LaunchVic
The Victorian government's startup support agency is being merged into controversial $2 billion innovation fund Breakthrough Victoria in a move investors say is 'crazy' and a 'real shame'.
After eight years and more than $1.5 billion in unlocked private capital, LaunchVic is coming to an end—and Victoria's startup community isn't happy about it.
The Victorian government confirmed last week that it will merge the startup support agency into Breakthrough Victoria, the state's technology investment fund. For many in the sector, the news landed with a thud.
“I think it’s crazy,” outgoing chief executive of Startmate, Michael Batko told Capital Brief. "Whenever I’m asked how government should support startups, I always point to LaunchVic,” he said.
“It’s the gold-standard model: public funding entrusted to an independent team with a clear strategy, real expertise and genuine accountability. Unlike most government agencies that promise a lot but deliver little, LaunchVic consistently follows through, and the results speak for themselves.”
