How do you define a Startup?
We know startups mean many different things to different people, but it is important to have a shared understanding of who LaunchVic supports. Our definition of a startup is a business with high impact potential that uses innovation and/or addresses scalable markets. Startups are not limited to just tech. We support high growth businesses right across the economy. They aren’t small or micro businesses, or businesses with a small number of employees – if you are one of these check out Small Business Victoria. Successful startups, also known as ‘scaleups’, are important in a startup ecosystem because they contribute to the economy and provide valuable role models for budding entrepreneurs.
How do you define an Entrepreneur?
LaunchVic’s funds programs that support startups and entrepreneurs who are seeking to launch a startup, these are referred to as ‘startup entrepreneurs’.
What is a startup ecosystem?
The startup ecosystem is made up of founders, investors, startup teams, community organisations, corporates and government. Working together, we can collectively create a pipeline of successfully scaling startups that contribute to jobs and Gross Domestic Product.
How do you define a Migrant?
For the purposes of this grant round, LaunchVic defines migrants as first generation migrants i.e. they were born overseas.
Why are you focussing on Migrants and Refugees?
Migrants and refugees are recognised as important contributors to successful startup ecosystems. They are known to have high risk appetites, having chosen or been forced to start a new life in a new country – often with no capital, no credit history, no assets, and no security. The risk-taking that defines a migrant’s experience often continues to as they embark on entrepreneurial journeys to establish themselves. Migrant entrepreneurs have been shown to be twice as likely to start businesses begun and lead some of the world’s most successful and innovative organisations such as Tesla, eBay, Google and more locally, Kogan.
Why are you funding diversity focused programs?
LaunchVic’s role is to help grow and assist Victoria’s startup ecosystem to achieve its potential as a diverse and internationally recognised centre of startup activity. LaunchVic’s third funding round focuses on increasing diversity and inclusion. The goal of this stream of funding is to engage and grow the Victorian startup community. We believe by funding programs under this stream, this will increase the pipeline of founders and celebrate diversity in the Victorian startup ecosystem.
Why are you not funding co-working spaces?
We are aware of many (over 100) co-working spaces across Victoria who are operating successfully. LaunchVic does not want to disrupt a successful market that is already operating without support by tax payers (LaunchVic is funded by the Victorian State Government). As such we are not seeking applications for co-working spaces under this round.
Do you have examples of a grant application that you have funded?
For this round, we have moved to a new online application system so we don’t have an example to provide you. We recommend that you keep your answers succinct and focussed.
I applied in a previous round and want to apply for round 3 – do I need to resubmit?
Any unsuccessful application submitted in Round 1 and Round 2 may be resubmitted in Round 3, however applicants must use the LaunchVic online application system and update the application as per the key assessment criteria to be assessed.
Is it possible to have more than one submission?
It is possible to submit more than one application, however it is strongly recommended that you focus on one outstanding application that shows how you and your team can strengthen the ecosystem rather than multiple applications.
How many applications will be funded?
This depends on how many projects we get that fit with the strategic direction of LaunchVic and the focus of this funding round.
Do you fund Startups?
LaunchVic invests in the infrastructure of the startup ecosystem that in turn supports startups and startup entrepreneurs in Victoria. Our role is to enhance competition, collaboration, and quality in the ecosystem, and advocate for the sector. Startups can apply under this funding round but their project must primarily benefit Victorian migrant and/or refugees. LaunchVic is specifically looking to invest in organisations (that may be startups) to deliver quality educational, acceleration, incubation, mentoring, or other programs that will support Victorian migrants and/or refugees to develop startup businesses.
What other funding programs are you planning on running?
As a part of its revised strategy, LaunchVic will provide frequent funding opportunities, including grant rounds, for stakeholders to access funds to support programs that will grow the local startup community. Funding opportunities will address specific needs in the ecosystem, such as increasing diversity and inclusion and leveraging the key strengths of Victoria.
Are you going to run another open grant round?
In 2016, we received over 700 applications in Round 1 and Round 2 that included an array of ideas which contributed to our thinking during our strategy review in early 2017. We want to make sure we are best placed to provide more support to founders and investors, address any identified market failures inhibiting the growth of the startup ecosystem and meet our goals of:
1) Engaging the Victorian community in the startup ecosystem
2) Positioning Victoria as an internationally recognised startup ecosystem.
So, between 2017 – 2019 we plan on running a number of funding programs to achieve our goals.
My question doesn’t appear in the above, how can I seek help?
Please contact the LaunchVic Grants Team firstname.lastname@example.org We are a small team but we will do our best to get back to you within 1-2 business days!