Victoria University will benefit from a state government announcement to help universities to take world-class ideas and research and help them grow into businesses.
Premier Daniel Andrews and Treasurer Tim Pallas on Thursday announced $100 million for the Breakthrough Victoria – University Innovation Platform, with universities matching investments to create pre-seed investment funds, which gives great ideas the best chance of progressing through the 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 drive a pipeline of more than 15,000 jobs, investing in innovations with commercial potential to transform the health, technology, manufacturing, agri-food and carbon sectors.
All Victorian universities, including VU, will be part of the five-year initiative with each university having the opportunity to co-design their fund, to make sure it’s fit for their purpose and their ecosystem.
Commercial agreements will mean Victorians will share in the success as new products and services are developed, enter the market and grow.
The funding will help new companies secure their intellectual property, develop prototypes, conduct trials and finetune business plans.
Mr Andrews said Breakthrough Victoria is backing great ideas that will save lives, change the way we live and provide jobs for the generations that will follow us.
“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.”
Breakthrough Victoria chair John Brumby said stimulating commercial thinking and entrepreneurial spirit with know-how and capital across the state’s universities is a very exciting prospect.