Round 4 Grant Funding
World-Class Accelerator Program Guidelines (Round Closed)
Date of issue: Monday, 28 August 2017
Closing date: 10:00am AEDT, Tuesday 10 October 2017
Contact for queries on this EOI: firstname.lastname@example.org
LaunchVic was established in 2016 with support from the State Government of Victoria to drive the growth of the local startup ecosystem, including in its capital city Melbourne, Australia. LaunchVic’s goals are to encourage greater engagement of Victorians in the local startup community and position Melbourne as an internationally recognised startup ecosystem.
To date, LaunchVic has supported a range of programs and initiatives that are listed on our website here. These programs are supporting the growth in diversity and inclusion and the capability and excellence of Melbourne’s thriving startup scene which has produced three ‘unicorns’, each valued at more than $2 billion – more than any other state in Australia.
LaunchVic has recently commissioned a survey of the Victorian startup ecosystem, which received over 1,100 responses from local startups. The survey result are available here. This demonstrates the sophisticated and diverse mix of startups across a variety of industries, with particular strengths in health, enterprise & corporate services, and media & entertainment. Fintech, edutech and agtech also feature strongly and build on Melbourne and the State of Victoria’s strengths in financial services, education and agriculture.
Round 4 Grant Funding Program - World-Class Accelerator: Overview & Objective
LaunchVic’s fourth funding grant round will focus on building capability and excellence, by funding organisation(s) to deliver world-class accelerator program(s) that will further enhance the Victorian startup ecosystem.
While LaunchVic has invested in a number of accelerators to date, LaunchVic is seeking to invest in a world-class acceleration program that will support global excellence in the provision of services, and global connectivity to help accelerate the very best startups to achieve on an international scale. The program must be delivered in Melbourne, and help contribute to the growth of the local ecosystem, beyond simply offering an accelerator program.
LaunchVic’s Round 4 grant funding program is open to local (Australian) accelerators, international accelerators and teams with proven track records of success.
LaunchVic is seeking to invest up to $3 million per application.
How to apply
Applications must be submitted through the LaunchVic online application system and must address eligibility and key assessment criteria, and include a completed declaration. A preview of the online form can be downloaded via the application system before starting a submission. Click here to get started.
Applications must be submitted via LaunchVic online application system by the due date and time, 10am AEDT Tuesday 10 October 2017. Applications will not be accepted after this time and will not be accepted outside of the LaunchVic online application system. Any unsuccessful application previously submitted to LaunchVic may be resubmitted in Round 4 however applicants must use the LaunchVic online application system and update the application to address the eligibility and key assessment criteria.
Applicants will need to address the following eligibility criteria via the LaunchVic online application system:
- Type of Program
The type of program that is eligible includes an accelerator program that supports established early stage startups to scale their businesses.
- Type of Organisation
The types of organisations that are eligible to apply include a:
- registered company/organisation headquartered in the State of Victoria, Australia; or
- registered company/organisation with offices in the State of Victoria, Australia; or
- registered company/organisation located outside of the State of Victoria, Australia proposing a project to be delivered in Melbourne, Australia; or
- unregistered company/organisation located in the State of Victoria, Australia that agrees to setup a registered company in Melbourne, Australia; or
- international company/organisation that agrees to setup a registered company in Melbourne, Australia
- Experience of applicant
The applicants that are eligible include:
- An established startup accelerator program; or
- A new accelerator entity that is led by key personnel who have previously held an executive role at an established accelerator program.
Applicants must provide details on the company including: Company Name; ABN (if registered in Australia); Company Address including Country of Origin; Countries of Operation; Website and Social Media details; and Primary and Secondary Contact Details via the online application form.
Proposed Program Details
Applicants must provide application details including: Title; Summary; Start and End Dates; and Funding details (Requested Amount, Applicant contributions, Partner Contributions) via the online application form.
Key Assessment Criteria
Applicants are required to address the following Key Assessment Criteria via the LaunchVic online application system that includes a word count for each section. A preview of the online form, including word count, can be downloaded via the application system before starting a submission.
|PART A: EXPERIENCE (40%)|
|1. Accelerator Experience||List the accelerator’s success and achievements to date including number of startups accelerated and other metrics (number of startups that remain in operation, capital raised, corporate partnerships/sponsorship etc.).|
|2. Accelerator Methodology||Outline your accelerator program methodology (length of program, number companies accelerated per batch, curriculum, revenue model etc.). List any sectoral clusters identified/emerged from previously run programs e.g. healthtech, fintech, agtech (optional).|
|3. Key Personnel||Provide details on the key accelerator personnel (program management and delivery team members etc.) who will be involved in the Melbourne program and outline their roles, relevant experience including experience establishing new programs. Please include LinkedIn profile links and/or website links.|
|PART B: PROPOSED MELBOURNE PROGRAM (60%)|
|1. Accelerator Overview||Outline the proposed Melbourne program, including delivery mechanisms, number and length of batches and how it will deliver impact and benefits to Victorian startups, and promote Melbourne as an international startup hub.|
|2. Additional Programming||Outline the additional program elements, over and above the proposed Melbourne accelerator program, that will build capability and excellence and support diversity & inclusion in Victoria’s startup ecosystem.|
|3. Measures of Success||Outline short and long term measures of success including but not limited to the number of companies that will be accelerated per batch.|
|4. Organisational Strategy including Operational Structure||Outline the proposed organisational strategy for the Melbourne operations, including reporting lines to group management and role of Key Personnel listed in Part A. Please upload an organisational chart (1 page file).|
Provide details on the following:
|6. Budget||Outline the income and expenditure for the proposed Melbourne program.|
|7. Sustainability||Explain how the program will be sustained beyond the term of LaunchVic funding.|
|8. Pitch Deck||A pitch deck will need to be uploaded with your application. This is an opportunity to succinctly tell the story of the accelerator and the proposed Melbourne program. A PDF is required. You may also include a video pitch (maximum 3 minutes) with your application, in addition to the pitch deck.|
Assessment and Selection
Applications must be submitted via the LaunchVic online application system by the specified deadline.
All applications will be assessed for eligibility by LaunchVic. Applications that do not meet the eligibility criteria will not be assessed.
Eligible applications will be evaluated against the Key Assessment Criteria by an “Assessment Panel” (comprising at least two LaunchVic staff and one representative from the Victorian Department of Economic Development, Jobs, Transport and Resources) and a subcommittee of the LaunchVic Board, the “Grants Committee” (comprising at least two Board Members). LaunchVic may at its discretion appoint external members to the Grants Committee.
Shortlisted applicants will be invited to deliver an online pitch session to the Assessment Panel and Grants Committee.
Following the pitch session, a final shortlist is generated and these applicants undergo further due diligence by LaunchVic and the Victorian Department of Economic Development, who conduct a Financial Risk Assessment. Applicants will be required to provide additional information, including but not limited to financial statements. Information provided will be kept strictly confidential.
Following the final due diligence process, the Grants Committee makes a recommendation for funding to the LaunchVic Board. This may include a recommendation to negotiate program outcomes with applicants. LaunchVic may enter negotiations with shortlisted applicants to refine project proposals.
Funding outcomes are ultimately determined by the LaunchVic Board and their decision is final.
Successful applicant(s) will be required to enter a contract with LaunchVic and provide project reporting and/or evidence of project progress to receive payments under agreed milestones.
All applications are made at the applicants’ own cost and will not be reimbursed, whether the application is successful or unsuccessful.
Indicative timings for the Round 4 Grants Program is as follows:
- Funding round open: Monday 28 August 2017
- Information session 1 (online): 9am – 10am AEST Wednesday 27 September 2017
- Information session 2 (online): 5pm – 6pm AEST Wednesday 27 September 2017
- Funding round close: 10am AEDT Tuesday 10 October 2017
- Shortlisted applicants pitch session (online): 3 November 2017
- Successful recipients announced: Early December 2017 Early 2018
LaunchVic may make updates to timings at its discretion, and recorded via the LaunchVic website during the round.
If you have a question about the funding round or require assistance, please contact the LaunchVic Grants Team