Victoria has strengthened its innovation ecosystem with the launch of Innovation Victoria, a new agency designed to support startups, entrepreneurs and investors from early-stage development through to global growth. The agency brings together the capabilities of LaunchVic and Breakthrough Victoria, creating a single pathway for innovation support and commercialisation.
A stronger platform for innovation-led investment
For investors, the establishment of Innovation Victoria signals Victoria's continued commitment to building a globally competitive innovation economy.
Businesses will benefit from tailored programs, expert advice and investment at every stage of growth.
Victoria already has one of the fastest-growing startup ecosystems in the world – Innovation Victoria is about taking that to the next level. We’re aligning the right support, capital and connections so more local ideas can scale faster, attract investment and compete globally.
CEO Rod Bristow
Innovation Victoria
Victoria's innovation ecosystem continues to grow
Victoria is home to more than 4,400 startups with a combined value of approximately $139 billion, reflecting the scale and maturity of the state's innovation sector.
Melbourne has also emerged as one of the world's leading startup hubs, ranked third globally for startup creation, overtaking Sydney, Singapore and Berlin.
The new agency builds on the achievements of LaunchVic and Breakthrough Victoria:
- LaunchVic helped grow the number of Victorian startups nearly 20-fold.
- Breakthrough Victoria has committed more than $500 million across 100-plus investments, attracting $1.5 billion in additional funding from other investors.
Supporting the next generation of high-growth businesses
Innovation Victoria will be led by Chair Geoff Tarrant, Deputy Chair Monique Conheady and Chief Executive Officer Rod Bristow.
By uniting the strengths of LaunchVic and Breakthrough Victoria, we are creating a stronger and more connected pathway which will enable more Victorian ideas to scale, attract investment and further build the tech sector in this state.
Chair Geoff Tarrant
Innovation Victoria
The launch aligns with Victoria's broader economic strengths, including a decade of strong economic growth, a highly skilled workforce, world-class research institutions and a track record of supporting innovation-driven industries.
