Breakthrough Victoria launches $7.5m program to fund 50 startups
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The news: Breakthrough Victoria has launched $7.5 million fellowship program aimed at fostering research entrepreneurship talent across the state.
The numbers: The Breakthrough Fellowship Program is multi-year initiative, projected to establish up to 50 new startup companies and create at least 50 jobs.
The Victorian government's investment company will invest up to $150,000 per startup.
Fellows will have to draw a salary between $60,000 and $90,000 from the invested capital, with the remaining funds going to support additional hiring or product development.
The context: Breakthrough Victoria said its new program addresses critical market gaps and aims to cultivate the next generation of startup founders from Victorian universities and medical research institutes.
The fellowship program is the first in Australia to offer a tangible salary and research commercialisation funding, alongside mentoring and skills development, it said.
The program will accept applications from undergraduates, postgraduates, or recent graduates from a Victorian university or medical research institute, with investments made upon successful graduation or PhD completion.
What they said: "The Breakthrough Fellowship empowers recent graduates to dive into entrepreneurship right after graduation," Breakthrough Victoria acting chief executive Lauren Morrey said.
"This program bolsters Breakthrough Victoria's strategy to back high-potential research and ensure it doesn’t lose momentum in the critical early stages."
The source: Breakthrough Victoria media release
