Innovation Victoria

What Innovation Victoria does

Innovation Victoria is a Victorian Government-backed statutory body formed in 2024 by combining Breakthrough Victoria and LaunchVic into a single integrated innovation support organization. It operates as the exclusive "front door" for Victoria's innovation ecosystem, connecting founders with funding, programs, capability development, and investment pathways from ideation through global scale. The organization does not develop proprietary technology products; instead, it functions as an aggregator and capital deployment platform serving approximately 4,400 startups across the state.

Its core offerings span three categories: capability programs (Office Hours for ecosystem navigation, 30X30 for scaleup leadership coaching, Basecamp for first-hires education, CivVic Labs for government-challenge venture creation, NOVA for program manager professional development); funding mechanisms (a $7.5M Fellowship Program offering up to $150K per research entrepreneur, a $10M Alice Anderson Fund for women-led startups, a Venture Growth Fund offering $50K-$5M in venture credit through OneVentures and Lighter Capital, and a $75M cornerstone investment program across five VC funds); and university commercialization infrastructure (a $100M University Innovation Platform partnering with seven Victorian universities). All programs and grants are delivered at no cost to eligible recipients, with funding sourced entirely from Victorian Government appropriations.

The business model is government appropriation rather than commercial revenue. Innovation Victoria deploys capital through grants, direct equity investments, debt/venture credit, and LP commitments in external VC funds, leveraging a co-investment model that has attracted $1.5 billion in private co-investment and delivered $86.7 million in capital returns. The organization targets five priority technology verticals (advanced manufacturing, health technologies, clean and circular economy, digital technologies, agribusiness) and reports that 88% of early-stage investment in Victoria in 2024 came from IV-backed investors. Its customer base comprises Victorian founders, researchers, and universities rather than commercial buyers, with portfolio companies spanning AgTech (YieldX), Clean Energy (Amber Electric), MedTech (Diag-Nose.io, InnovaIVF, DeepDerm), and Advanced Materials (Kite Magnetics, EntroMat).

Name

Innovation Victoria

Legal name

Innovation Victoria Pty Ltd

Website

https://innovationvictoria.com

Company type

Private

Operating status

Operating

Short description

Innovation Victoria is the Victorian Government's statutory innovation support body, formed in 2024 by combining Breakthrough Victoria and LaunchVic. It deploys capital and capability programs to help Victorian founders start, scale, and succeed across priority technology sectors.

Ownership category

akta.pro rank

Product category

Government Innovation Ecosystem Support

NAICS

Grantmaking and Giving Services (81321), Educational Support Services (611710)

SIC

Miscellaneous Business Credit Institution (6159), Services-Educational Services (8200)

akta.pro primary industry

Impact Investment & Development Investment Funds (BPADACAO)

akta.pro secondary industry

Youth Business Incubators & Accelerators (EDAMAHAC)

Keywords

• Innovation ecosystem support
• Startup funding programs
• Research commercialization
• Venture capital funds
• Government innovation grants

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Government Funding: Innovation Victoria is funded by the Victorian Government as a statutory body. They deploy this funding through grants, investments, and program support to the innovation ecosystem. The organization does not generate commercial revenue from products or services.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels7 records

Core offering

Innovation Victoria is a Victorian Government-backed organization that provides funding, capability programs, and ecosystem connections to founders and startups across Victoria. It combines the former Breakthrough Victoria (investment and patient capital) and LaunchVic (founder support and ecosystem building) into a single front door, offering grants, fellowships, accelerator programs, co-investment, venture credit, and strategic limited-partner investments in venture capital funds.

Product overview

Innovation Victoria is a unified innovation ecosystem organization that combines Breakthrough Victoria and LaunchVic to provide a single front door for founders in Victoria, Australia. The platform offers a comprehensive portfolio of programs and funds including Office Hours (navigation services), 30X30 (scaleup coaching), Basecamp (founder education), CivVic Labs (government challenge program), NOVA (program manager development), the Fellowship Program (research entrepreneurship), University Innovation Platform ($100M university commercialization), Alice Anderson Fund (women-led startups), Venture Growth Fund (venture credit), and Venture Capital Funds (LP investments). These offerings are organized across three pathways—Start, Scale, and Succeed—to support founders from ideation through to global expansion.

Differentiator

Problem solved

Functional benefit

Products and services

• Office Hours Innovation Victoria's entry point to Victoria's innovation ecosystem, providing one-on-one navigation assistance to help innovators understand available opportunities and connect with relevant programs, funding, networks, and support across the Victorian innovation landscape.
• 30X30
• Basecamp
• CivVic Labs
• NOVA
• Innovation Victoria Fellowship Program A $7.5 million multi-year initiative fostering research entrepreneurship in Victoria, projected to establish up to 50 new startup companies and create at least 50 jobs, offering up to $150,000 per startup (with fellows receiving salary between $60,000 and $90,000 and remaining funds for hiring or product development).
• University Innovation Platform (UIP)
• Alice Anderson Fund
• Venture Growth Fund
• Venture Capital Funds

Quantifiable outcome

• 4,400+ startups in Victoria (4x growth)
• +6 more outcomes

Named customers12 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered core, minor and major.

• MedTech ActuatorcoreStrategic or Co-development PartnerLaunchVic-funded accelerator program supporting clinical entrepreneurs with international platform. Diag-Nose.io participated in this program after relocating from Perth to Melbourne.
• ANDHealthcoreStrategic or Co-development PartnerLaunchVic-supported accelerator. Diag-Nose.io completed ANDHealth Activate program in 2023, strengthening growth strategy and investment readiness.
• CoLabs Notting HillminorStrategic or Co-development PartnerMelbourne-based facility where Diag-Nose.io established operations following seed round, supporting clinical and manufacturing capability expansion.
• StartmatecoreStrategic or Co-development PartnerAustralia's leading tech accelerator. Amber Electric was selected for 2018 cohort, brought to Victoria with LaunchVic grant. Supported early idea testing and pilot launch.
• E.ON NEXTmajorStrategic or Co-development PartnerUK's leading energy provider. Partnered with Amber Electric to bring real-time pricing and battery automation to UK homes through 'Next Optimise' service.
• BYDmajorStrategic or Co-development PartnerElectric vehicle manufacturer. Partnered with Amber Electric for vehicle-to-grid trials. Confirmed warranty for all 1,000 vehicles in V2G expansion program.
• Meat & Livestock AustraliaminorStrategic or Co-development PartnerMulti-year co-investment partnership with Number 8 Bio to bring BetterFeed methane-reducing feed supplement to market.
• LKSDminorStrategic or Co-development Partner10-year partnership with Samsara Eco for commercialization and scale-up of recycled materials using enzymatic recycling technology.
• Fraunhofer Institute for Laser TechnologyminorStrategic or Co-development PartnerGermany's Fraunhofer ILT signed MoU with EntroMat to collaborate on advanced manufacturing technologies.
• ToyotaminorStrategic or Co-development PartnerPartnered with Rampey (CivVic Labs alumnus) to develop and scale automated robotic ramps for public transport.
• Monash UniversitycoreStrategic or Co-development PartnerKite Magnetics is a Monash University spinout. University relationship supports commercialization pathway and ongoing research collaboration.
• Minderoo FoundationminorStrategic or Co-development PartnerPreviously funded Ochre pre-accelerator program for First Nations founders before funding was cut. Kyle Turner stepped in to fill gap with Innovation Victoria funding.

Scale indicators17 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Techstars: Global accelerator network with presence in Australia. Comparable in running cohort-based programs and connecting founders to investors, though commercially funded rather than government-backed.
• European Innovation Council (EIC): EU-level innovation funding body providing grants and equity investments to breakthrough startups. Comparable in providing blended finance (grant + equity) and accelerator support, but at supranational rather than state scale.
• UK Research and Innovation (UKRI): UK government body funding research and innovation across universities and businesses. Operates at a larger national scale with similar dual mandate of research commercialization and innovation ecosystem support.
• CSIRO: Australia's national science agency with an active commercialization arm and venture fund. While not a state entity, CSIRO's Main Sequence Ventures and research commercialization mandate overlaps significantly with IV's University Innovation Platform.
• Y Combinator: World's largest startup accelerator providing seed funding, mentorship, and ecosystem access. Provides a global benchmark for accelerator-driven ecosystem development that Innovation Victoria's Basecamp and 30X30 programs emulate.
• SOSV: Global multi-stage venture capital firm operating vertical-focused accelerator programs (Hax, IndieBio, Chinaccelerator). Comparable as a fund-of-funds and accelerator operator, though with global rather than regional concentration.

Direct peers

• Callaghan Innovation: New Zealand government agency that supports technology businesses through R&D funding, capability programs, and commercialization support. Most direct international analogue to Innovation Victoria's government-backed innovation ecosystem mandate.
• Advance Queensland: Queensland Government's flagship innovation and investment attraction program. State-level peer providing funding programs, accelerator support, and ecosystem development similar to Innovation Victoria's portfolio.
• Cicada Innovations: Australia's largest deep tech incubator with backing from NSW and Australian governments. Operates a venture-building model supporting university spinouts in medtech, agtech, and clean tech — a close functional comparator to Innovation Victoria's University Innovation Platform.
• Investment NSW: NSW state government agency driving investment and innovation in New South Wales. Operates as a state-level innovation and economic development counterpart to Innovation Victoria, with overlapping mandates in supporting startups and attracting capital.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@InnovationVictoria
• LinkedInlinkedin.com/company/innovationvictoria
• Instagraminstagram.com/innovationvictoria

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Innovation Victoria