Government startup agency LaunchVic has just announced a $2.35m investment to create the next generation of startup angel and venture capital investors in Victoria.
As part of the new deal, LaunchVic will fund the Wade Institute of Entrepreneurship to deliver one of Australia’s first university-affiliated startup investor course, delivered by world-class VC experts and practitioners.
The ground-breaking course will be a six-month program delivered by world-class VC experts and practitioners.
Wade Institute of Entrepreneurship’s VC Catalyst program will be open to local and international high net-worth individuals, family office investment managers, corporate venturing team members, emerging and future venture fund managers, and current and potential angel investors.
LaunchVic is also helping Scale Networks convert their existing investor education materials to an online course to reach prospective investors in rural and regional areas of Victoria.
Startup Genome’s Melbourne Startup Ecosystem Report released in May found that while there is no shortage of capital in Victoria, a key issue is connecting that capital to the startup community and educating investors on how to invest in startups – a gap which today’s funding will go some way in closing.
Minister for Innovation and the Digital Economy Philip Dalidakiss said the government was keen to support the state’s growing startup sector.
“Victoria has no shortage of startup success stories, but we want those startups to be attracting more funding so they can reach their full potential and create local jobs,” Dalidakiss said.
“It’s clear that the money is out there, we just need to educate potential investors and show them the benefits of investing in our strong startup sector.”
LaunchVic CEO Dr Kate Cornick suggested focusing on investor education will help strengthen Victoria’s local angel and VC networks and increase the amount of early-stage startup investment.
“We know from research and discussions with global and local investors, there is more work to do to strengthen our local investment landscape.
“A focus on investor education will help strengthen our local angel and VC networks and increase the amount of early-stage, improving overall outcomes for Victorian startups,” Cornick said.
LaunchVic was established by the Labor Government in 2016. Since then the startup agency has supported more than 800 founders and 50 startup ventures.
Both programs will be underway by late 2018, for more information visit launchvic.org.