I am a startup – I have a great idea/product/business – I just need some seed funding/capital. Should I apply for LaunchVic Funding?
LaunchVic has been set up by the Victorian Government to help the industry: startups, entrepreneurs and scaleups – but that doesn’t mean we’re here to fund individual businesses.
Our role is to grow the startup ecosystem whether that’s by making it easier for startups to attract investors or capital, improve capabilities and skillsets through training or helping to facilitate collaboration.
Our job is to enhance the environment and grow the ecosystem – effectively we want to help you help yourself. If we can do that your great idea/product/business won’t need our direct funding.
Is there a specific format that I should use for my application?
As long as it’s in a format that is easily compatible with normal software suites like Microsoft Office it should be fine.
There is no word or page limit – but we’d encourage you to be succinct. Be sure to make your best case -but your idea shouldn’t need pages and pages of documentation. If we can quickly get an understanding of your idea but we need a bit more information we will come back to you for it.
Is it possible to have access to previous successful applications as a guide?
A list of successful Round 1 applicants can be found at http://launchvic.org/funding_recipients. It is our standard practice that we do not disclose funding applications to any external parties and internally on a very strict basis.
I applied for funding in round one and want to be considered for round two – do i need to resubmit?
Thank you for your submission to Round 1 of LaunchVic funding. Compliant applications that were unsuccessful in the first round of LaunchVic funding may be considered for the second round of funding, however, proposals must be resubmitted and be updated in-line with new objectives and criteria as well as address any non-compliance issues.
Round 2 Funding Guidelines can be found at http://launchvic.org/funding-g...
Why has launchvic extended the submission deadline?
LaunchVic received requests from applicants to extend the deadline, and we have listened to this and agreed to extend the deadline by 1 week.
Who should/will get the benefit of launchvic funding?
Our funding will be divided into different streams of initiatives – the largest stream will be dedicated to what we call ecosystem infrastructure. Other streams will include ecosystem market development, discovery and improving collaboration.
Our role is not to compete with the private sector – our role is to enhance that competition. So where we think that an entrepreneur or startup should be able to attract private sector investment we will not invest. If, on the other, an idea will create value for the ecosystem, has got corporate backing but needs government to step in and help by being the last piece of the puzzle – that’s something that we will take into consideration.
It is possible to submit more than one application?
It is possible to submit more than one application, however it would be preferable to focus on one strong application that shows how you and your team can strengthen the ecosystem rather than multipole applications. Please show us what you think is a priority!
If i have a great idea that will benefit and improve the ecosystem will I automatically get funding from LaunchVic?
The short answer to that is No – but that doesn’t mean the end of your idea.
We get many requests for funding, but we also get requests for other assistance – so it may be that rather providing funding we can facilitate your idea getting off the ground by helping you to collaborate with someone else.
It may also be that your idea was a good one but that we were presented with many other good ideas at the time. We have a very limited budget. That’s why if you’re unsuccessful in getting funding in the opening round, when we open up another round with the same criteria you won’t need to re-submit your idea if you’d like it considered.
How many ideas will be funded?
That all depends on how many ideas we get that fit with the strategic direction of LaunchVic and the Victorian government.
We’re expecting that the first round of funding will provide us with some great ideas that we can fund straight away. But we’re also expecting that it will bring to the surface a wide array of ideas that will help to inform us of where subsequent funding rounds should be directed.
By their nature we would expect that there will be a small number of Large ideas that will be funded and that there will be more small ideas.
I'm a startup/scaleup, my idea will mean that i can employ more people – that’s enhancing the ecosystem isn't it? How do I know whether my idea will benefit the ecosystem?
Yes it is – and one the core reasons that LaunchVic exists is because of the Government’s strong agenda to grow jobs and investment in Victoria. But that doesn’t necessarily mean your idea should receive funding from LaunchVic.
In order to attract funding from us – you’ll also need to show us how your idea is going to grow the ecosystem, not just your business. For instance, if your idea created jobs that were in capacity building for other startups or it meant that the jobs you create also help to open up access to the ecosystem for parts of society that are under-represented – that would make for a much better argument as to why your particular idea should receive funding from us.
Will i have to meet deadlines/milestones?
LaunchVic funding is subject to a funding agreement – and as part of the funding agreement – there will be delivery requirements and milestones that will need to be met.
If those milestones and targets are not achieved then we may ask for the funding back or cancel any subsequent payments. So it’s important that in pitching your idea to us you are realistic about what you will be able to deliver.
But we get it – the funding agreement will not come with miles and miles of red tape. Basically if you deliver what you said you’d deliver there shouldn’t be any problems.