LaunchVic and Breakthrough Victoria to merge into single entity
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The news: The Victorian Government plans to merge startup support agency LaunchVic and technology investment fund Breakthrough Victoria following reviews recommending the government consolidate and streamline the entities’ offering.
The numbers: A press release shared by the Allan Government on Friday said that since 2017, Victoria’s startup ecosystem has grown to more than 4,300 companies, with LaunchVic unlocking more than $1.5 billion in private sector capital.
Breakthrough Victoria’s portfolio is on track to generate $5.3 billion in economic impact for Victoria by 2035.
The context: The release said that while Victoria’s innovation ecosystem is “strong and well supported, with government investment playing a critical role”, it also found that there was duplication across government initiatives and there is an opportunity to provide end-to-end support for businesses as they move through the commercialisation lifecycle.
The Government said it will now work closely with the two entities to identify the best path forward, with LaunchVic and Breakthrough Victoria continuing to operate “to ensure continuity and momentum.”
On Thursday, InnovationAus.com reported that the state government’s revealed its decision in response to the Silver Review from Helen Silver, who had been commissioned to identify inefficiencies and possible costing savings across the public sector. The review found “substantial opportunities to reduce and streamline entities and their staff numbers through carefully targeted cessation, merging and streamlining” across the public sector and recommended abolishing LaunchVic as a standalone entity.
What they said: Minister for Economic Growth and Jobs Danny Pearson said: “LaunchVic and Breakthrough Victoria play vital roles in growing startups, businesses, jobs and economic value across Victoria’s priority sectors. We are uniting the capabilities of Breakthrough Victoria and LaunchVic into a single entity to strengthen and streamline support, ensuring they continue their critical work.”
The sources: Government of Victoria, InnovationAus.com
