Grants for World Class Accelerator Programs FAQs

Why are you funding a world-class accelerator program? This funding grant round focuses on building capability and excellence, by funding organisations to deliver world-class accelerator programs 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.

How many applications will be funded? LaunchVic is seeking to invest up to $2,000,000 per application. The number of applications that will be funded is dependent on the quality of applications received. Applicants will need to demonstrate their experience in delivering a world-class accelerator that will help Victoria’s best and brightest startups to achieve on an international scale to be successful.

My proposed program doesn’t fit the eligibility category, can I still apply? LaunchVic is specifically looking to invest in programs that will deliver a world-class accelerator that supports established startups to scale their businesses. Programs that do not fit this category are ineligible to apply under this funding round.

Are there any key areas you want to see addressed in the Accelerator program? Accelerator programs may wish to concentrate on an area of strength and growth in Victoria’s startup ecosystem or can be sector agnostic. For more information about the sector strengths of Victoria’s startup ecosystem visit findingstartups.launchvic.org.

How do you define a Startup? Startups are technology-based businesses with high impact potential, that use innovation and/or address scalable markets. Their product/service/platform/hardware is driven by technology. Examples of technology include software / applications, artificial intelligence (AI), blockchain, advanced manufacturing & robotics, Internet of Things (IoT), big data analytics, augmented / virtual reality, 3D printing, advanced materials, genomics & life sciences (including biotech & medtech) and autonomous vehicles.

What is the definition of a new accelerator entity? A new company that is completely new. The first deliverable will include the set-up of the company. The application will need to be led by key personnel with significant experience working in an accelerator to meet the eligibility requirement.

Over what time period will the grant support the Accelerator program? LaunchVic is seeking to invest up to $2 million per application for up to three years. Applicants are required to propose a start and end date for the funded program as part of the application.

How many startups should the program support? This is dependent on the applicant’s accelerator methodology and the proposed program, but the number of startups the program will be supported should be outlined in your application. The assessment committee will review how many startups are proposed to be accelerated against the funding requested and the quality of the program.

Can you please share with us what success will look like for this program? LaunchVic views success in two segments. In the long term, success is based on a sustainable program producing highly successful companies. In the short-term, success is the number of companies going through the program, the quality of the program they are receiving, and additional programming for the Victorian startup ecosystem.

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.

Can an international partner apply with a local entity for a joint venture? Yes. Joint venture applications can apply however the application must be led by one organisation.

Can I speak to someone at LaunchVic to discuss my proposal? LaunchVic is not offering calls or meetings for applicants under this grant program based on our probity policy – operating under a fair and transparent process for all applicants. However, if anything is unclear in the program guidelines or you are unsure if you are eligible to apply, please contact us via email on grants@launchvic.org. We generally respond to emails within 48 hours during the working week.

APPLICANT & PARTNER CONTRIBUTIONS

Is there an advantage in providing matched funding? Does the lead applicant need to have matched funding? Cash and/or in-kind contributions are required and must be included in your proposal. We would encourage you to include a letter of support for any cash or in-kind contributions committed.

Are there restrictions on what type of partner organisations can provide contributions? Contributions are welcome from a variety of partners and institutions, which can include government, university and research organisations, commercial or other parties, who support the proposed project. We would encourage you to include a letter of support for any cash or in-kind contributions committed from partners.

Do the cash / in-kind contributions need to add up to a similar ‘value’ as being requested? No, however, LaunchVic is very much in favour of higher levels of contributions.