The University of Victoria will benefit from a state government announcement to help universities take world-class ideas and research and help them become businesses.
Prime Minister Daniel Andrews and Treasurer Tim Pallas on Thursday announced $100 million for Breakthrough Victoria – University Innovation Platform, with universities matching investments to create pre-seed investment funds, giving great ideas the best chance to progress through crucial early stages of development.
Breakthrough Victoria is a government-owned independent investment fund manager established to manage the $2 billion Breakthrough Victoria Fund and fuel a portfolio of more than 15,000 jobs, investing in innovations with commercial potential to transform health, technology, manufacturing, agri-food industry and carbon sectors.
All Victorian universities, including VU, will be part of the five-year initiative and each university will have the opportunity to co-design their fund, to ensure it is fit for purpose and ecosystem.
Trade agreements will mean that Victorians will share in the success as new products and services develop, enter the market and grow.
The funding will help startups secure their intellectual property, develop prototypes, conduct tests and refine business plans.
Andrews said that Breakthrough Victoria is supporting great ideas that will save lives, change the way we live and provide jobs for generations to come.
“This is about supporting promising ideas at a crucial stage so we can keep our best and brightest innovators here at home, which is good for jobs and good for Victorians.”
Breakthrough Victoria President John Brumby said stimulating business thinking and entrepreneurship with knowledge and capital at the state’s universities is a very exciting prospect.