Starting Up Victoria’s Economy

Last Updated: Tuesday, 2 June 2020

A new report from Deloitte Access Economics has found that Victorian startups will continue to create thousands of high-skilled jobs and have the potential to play an important role in Victoria’s economic future in the wake of coronavirus (COVID-19).

Commissioned by LaunchVic, Victoria’s startup agency, ‘Productivity is not an accident – The economics and impact of Victoria’s startup ecosystem’ found that Victoria’s early-stage startup sector revenue was $4.6 billion in 2019, representing almost 19,000 jobs.

Modelling the economic impact of increased startup density, Deloitte Access Economics found the Victorian startup ecosystem had the potential to add on average an additional 15,700 jobs each year to the broader Victorian economy over the next 20 years.

Deloitte Access Economics found that while startups challenge existing business models, they ultimately create more high skilled jobs through their growth and business lifecycle. But the job creation does not stop at the startup’s doorstep.