Scaling Up - Victoria Startup Impact Report | LaunchVic

Scaling up: Growing the economic opportunity for Victoria’s startup ecosystem

Victoria’s startup ecosystem is outperforming growth predictions.

An updated report from Deloitte Access Economics has found the Victorian startup ecosystem has out-performed growth expectations from those forecast in its 2020 report.

Commissioned by Victoria’s Startup Agency, LaunchVic, ‘Scaling up: Growing the economic opportunity for Victoria’s startup ecosystem’ highlights that Victoria’s entire ecosystem value has almost doubled since the last report in 2020 up from $50 billion to $91 billion.

It also shows that despite Victoria’s population falling for the first time in almost 30 years, the Victorian startup ecosystem experienced a rapid expansion of its startup workforce, which increased from 37,000 in 2020 to 52,000 FTE jobs in 2022.


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Victorians now employed in the sector.


Jobs growth between 2018-2020


New jobs to be created by 2042

+$10.2b in GSP

If the sector matches the growth rate of Tel Aviv

In a period of just two years we have seen startup jobs grow by 20 per cent annually and in fact double from those recorded between 2018 and 2020.

The fundamentals are in place for strong ecosystem growth in Victoria but to keep this momentum going and build on this rapid growth to date, continued investment is essential.

Dr Kate Cornick, CEO, LaunchVic