The Breakthrough Victoria Fund is an opportunity to supercharge the commercialisation of world-leading research and put the Victorian innovative mindset at the forefront of the economy.
The estimated $2 billion government fund will be invested in eligible Victorian businesses over the next 10 years.
What is the Breakthrough Victoria Fund?
Breakthrough Victoria is a Victorian Government-owned company that will provide eligible businesses with flexible forms of funding. For example, direct investments could be done through convertible grants, equity, commercial support, convertible loan or debt, or have institutional co-investors alongside Breakthrough Victoria.
The resources will be dedicated to the local start-up ecosystem to develop homegrown talents. The fund will drive the commercialisation of intellectual property (IP) by providing the right conditions for the growth of existing businesses and innovation precincts in the following priority sectors:
- Health and Life Sciences
- Clean Economy
- Advanced Manufacturing
- Digital Technologies
What Types of Funding Are Available?
The Breakthrough Victoria Fund offers four different funding streams:
Foundation Technology and Platform Projects
This stream will invest in enabling and sharing technology facilities, research platforms and research infrastructure for start-ups to underpin new discoveries, as well as the prototyping, translation and commercialisation activities required to bring discoveries towards commercialisation.
Entities with IP having cross-sector applications that provide innovative solutions to current socio-economic problems will be given an opportunity to scale up their discoveries and have an impact on the community.
Available funding for this stream is typically $25 million.
Creating the Pipeline
This stream will focus on bridging the notable funding gap between research discoveries and the commercial development of new technologies.
The businesses with early-stage breakthrough ideas with the potential to solve current issues within our community will be supported within this stream.
Available funding for this stream ranges between $500,000 and $2 million.
Catalyst for Change
This stream will focus on leading investments; to make higher risk investments, and to support companies to enter the market. Similar to the businesses with early-stage breakthrough ideas, entities that are yet to enter the market will be chaperoned and given the right tools to grow and contribute to the different industry sectors.
Available funding for this stream is typically $10 million.
Catalyst for Growth
The aim of this strategy is to make significant and long-term investments in established and well-performing companies. This stream has the objective of ensuring the majority of their operations remain in Victoria, generating significant jobs, resulting in local and domestic economic benefit.
Available funding for this stream is typically $30 million.
What are the Benefits of the Breakthrough Victoria Fund?
Benefit 1: Self-Sustainability of the Fund
Breakthrough Victoria’s strategy is to invest over the long term across an array of available opportunities within the different sectors (health and life sciences, agri-food, clean economy, advanced manufacturing, and digital technologies). This will work to create jobs for Victorians and ensure its self-sustainability beyond the current 10-year lifespan.
Benefit 2: More Jobs for Victorians
The flexible flow of investment will also contribute to the development of new opportunities for the supported businesses and the public. From software to manufacturing, the fund will provide the opportunity to create new jobs for more Victorians.
Benefit 3: Available to More Businesses
Victorian companies, research organisations, and joint ventures will also be able to submit a proposal for the fund, and be given access to investment opportunities.
Benefit 4: Opportunity for Investors to get Involved
Additionally, private and institutional investors are encouraged by Breakthrough Victoria to become involved in the fund as investments partners.
For further support in confirming your eligibility, or for assistance in preparing your application, please reach out to our Melbourne-based grants and incentives team for a free consultation today.