Government of Victoria supports upcoming tech startups

Nine of Victoria’s promising startups, including Bare, Nutromics and InternMatch, have been chosen to participate in 30X30, a new program from LaunchVic which aims to help 30 Victorian entrepreneurs become unicorns by 2030.

The program helps Victorian scaleups create world-class back-office operations to manage rapid expansion with support from mentors who have developed the HR, operations or finance units at leading companies like Atlassian, Canva, Bumble and SafetyCulture.

Through collaboration with Global Victoria, the trade agency of the Government of Victoria, the program also helps exporters break into new markets.

Melbourne’s startup ecosystem

Melbourne surpassed comparable ecosystems like Hong Kong, Dublin, Barcelona, ​​Kuala Lumpur, Jakarta and New Zealand (in terms of value) in 2022. Melbourne’s early stage ecosystem value increased by 126% in a year, from $10.5 billion (AUD) to $23.6 billion (AUD).

More than 2,650 startups, or companies that use advanced technology and business concepts to grow rapidly and serve international markets, are based in Victoria. By June 2022, Victoria’s unicorns, scale-ups and startups had created 58,572 new jobs for the state.

LaunchVic President Leigh Jasper said one of the biggest challenges facing fast-growing scale-ups is having the time to develop people, operations and finance leaders.

“30X30 allows scale-up founders to focus on their strategic growth while the management team benefits from coaching and mentoring from experienced peers who have already scaled technology companies.”

LaunchVic CEO Dr Kate Cornick said supporting scale-ups to become Victoria’s next unicorns represents a significant economic opportunity for the state. The 30X30 program has just started and two more cohorts will take place in 2023 and 2024.

“To date, just 20 Victorian unicorns have created over $100 billion in value between them – so we have a vested interest in supporting this growth.

“The first cohort of LaunchVic’s 30X30 program is a really exciting roster of scale-ups with strong ‘unicorn’ potential,” she said.

Speaking about the initiative, InternMatch CEO Gerard Holland said, “To be selected in a program like this as one of only nine companies is humbling; to receive affirmation from the wider community, stakeholders and industry that what we are doing has the potential to see InternMatch become a unicorn and bring huge global change is fantastic,” said Gerard.

“The impact the program has already had on InternMatch is immeasurable. LaunchVic identified the importance of supporting the entire leadership team (as opposed to just the founder or CEO) with resources, learnings and guidance from people who have experienced the same accelerated growth that we are experiencing and who have continued to build incredibly influential companies, like Canva and Atlassian.

More here.

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