The Victorian government says over the next five years, it will split $100 million between Victorian universities to establish pre-seed investment funds to drive the commercialisation of research.
The Breakthrough Victoria – University Innovation Platform will offer investments from $200,000 to $1 million.
Each university – RMIT, Swinburne, Monash, Melbourne, Victoria, La Trobe, Deakin, Federation, and the Australian Catholic University – will match the government’s investment and be able to co-design their fund to ensure it is fit for purpose and local ecosystem.
The University Innovation Platform is part of the $2 billion Breakthrough Victoria Fund, announced in the 2020 budget and launched last year. Breakthrough Victoria is a government-owned, independent investment fund manager targeted at investing in innovations with commercial potential in the state’s key industry sectors, health and life sciences, agri-food, advanced manufacturing, clean economy, and digital technologies.
It is led by ex-trade official and fund manager Grant Dooley and chaired by former Victorian premier John Brumby.
The fund will operate through a range of grants, repayable loans, equity, and joint ventures. It will also partner with private investors, superannuation funds, venture capital and the federal government.
Premier Dan Andrews said, “This is about supporting promising ideas at a crucial stage so we can keep our best and brightest innovators here on home soil – something that’s good for jobs, and good for Victorians.”
