Together with private sector energy leaders, LaunchVic will provide almost $1.5 million to help Victorian EnergyTech entrepreneurs create clean energy solutions as part of a new Startupbootcamp program.
LaunchVic’s investment includes a $250,000 grant to fund the operations of three Startupbootcamp programs:
- EnergyInc, a new pre-accelerator program supporting entrepreneurs looking to break into EnergyTech
- EnergyNext Accelerator, which supports startups to scale
- EnergyTech Hub, which will connect later stage scaleups with commercial opportunities
In a new investment approach for LaunchVic, another $250,000 will be taken as equity in Startupbootcamp’s fund that, in turn, invests in startups going through the EnergyNext accelerator.
LaunchVic recently unveiled plans to take an equity stake in certain for-profit entities as part of its four-year strategy, which intends to reinvest any returns back into the ecosystem.
Australian energy leaders Energy Australia, NISA and the Clean Energy Fund will fund an additional $975,000 to the EnergyTech program to accelerate the country’s clean energy transition.
Victorian Minister for Innovation, Medical Research and the Digital Economy, Jaala Pulford, said the Startupbootcamp program would support startups at all stages of the entrepreneurship journey.
“LaunchVic’s investment is helping startups grow, while also seizing the economic advantages of our clean energy transition – advancing technology, investing in new industries and creating Victorian jobs,” Ms Pulford said.
LaunchVic CEO, Dr Kate Cornick, said Victoria is home to 87 EnergyTech startups and the funding will support more Victorian entrepreneurs to make the jump into the startup world.
“Supporting Startupbootcamp’s important work of creating more EnergyTech startups and equally, investing in those further along in their growth lifecycle, is one of the ways we are seeking to increase startup density in Victoria,” Dr Cornick said.
“Victoria’s startup ecosystem has more than tripled in value since 2018, but there is still a lot of work to be done to increase its startup density.
“Leading ecosystems are averaging 1,000 startups per million population, while in Victoria, the number is just 348.”
Startupbootcamp Australia CEO, Trevor Townsend, hopes the program will create the next batch of EnergyTech success stories.
“Evolution of the energy sector will be paramount in meeting the global challenges of climate change.
“Innovation is needed for Australia to optimise its natural resources and become a global leader in clean energy.
“Our programs deliver support for early-stage entrepreneurs from diverse backgrounds with structured entry into new and evolving markets, and acceleration for mature businesses,” Mr Townsend said.
“Combined EnergyInc, EnergyNext and Energy Tech Hub will assist in seeing the energy sector transformed.”