#3

globally for startup creation

$2.4B

raised in 2025

68,000+

people employed

86%

employment increase since 2020

Victoria’s startup ecosystem has changed significantly over the past decade. 

Melbourne now ranks third globally for startup creation rate at 124%, ahead of cities including Sydney, Singapore and Berlin. 

Victorian startups raised $2.4 billion in 2025, leading the country. More than 68,000 people now work in Victorian startups, up 86% since 2020. 

Innovation Victoria will build on this momentum and support the next phase of ecosystem growth. 

What this means for our ecosystem

Innovation Victoria, which will officially start operating early in the second half of the year, brings together all existing activities currently delivered by Breakthrough Victoria and LaunchVic into a single, integrated organisation.

This means:

  • LaunchVic’s startup and ecosystem programs continue, and
  • Breakthrough Victoria’s investment, commercialisation and patient‑capital activities continue.

The move reflects a maturing ecosystem: one that builds on strong foundations, strengthens what already works, and makes it easier for founders, researchers and investors to navigate support from early idea through to scaling and success.

Leadership

Innovation Victoria will be led by Rod Bristow, who has been appointed Chief Executive Officer.

Rod brings deep experience across innovation, investment and public purpose leadership. As the current CEO of Breakthrough Victoria, he has overseen the execution of a globally benchmarked patient‑capital model and strong partnerships across government, universities, founders and investors.

As part of the transition, LaunchVic Chair Leigh Jasper will step down after almost six years in the role. Breakthrough Victoria Chair The Hon. John Brumby AO will also step down.

The new Board is yet to be announced.

“LaunchVic has been a massive catalyst for the rapid growth of our startup sector. Victoria now has more startups, more investment in innovation and more technology jobs than ever before. The foundations are in place for this important work to continue.”

– Leigh Jasper

Co-Founder, Aconex | Co-Founder & Co-CEO, Firmable | Chair, Glitch Capital | Chair, SecondQuarter Ventures.

FAQs

When is this happening?

Innovation Victoria will begin operations early in the second half of 2026. 

What does this mean for founders?

For founders, the most important message is continuity.

  • LaunchVic’s existing programs continue
  • Existing investments and agreements remain in place, to be managed by Innovation Victoria

Over time, you should expect a more connected experience across programs, capital and support but no disruption as the transition progresses.

Are LaunchVic programs continuing?

Yes.

All existing activities currently delivered by Breakthrough Victoria and LaunchVic will continue under Innovation Victoria. This includes:

  • LaunchVic’s ecosystem and founder programs, and
  • Breakthrough Victoria’s investment, follow on capital and commercialisation activity.

Will my investment agreement or grant change?

No.

Existing agreements, funding arrangements and obligations remain exactly as they are. Innovation Victoria assumes responsibility for these arrangements and obligations, but the terms do not change as part of the transition.

Will grants continue as part of Innovation Victoria?

Current grants allocated under LaunchVic will continue as planned. Future grant rounds will be determined by Innovation Victoria as part of its future strategy.

Do I need to do anything right now?

If you are currently part of a LaunchVic program, funded grant or portfolio company, we will be in touch if there are any specific requirements before 30 June.

Will the LaunchVic team move over to Innovation Victoria?

Existing employees at LaunchVic will have roles in the new entity.

Is Innovation Victoria a new organisation or a rebrand?

Innovation Victoria is a new, integrated organisation, not a rebrand of LaunchVic or Breakthrough Victoria.

Innovation Victoria grows the innovation ecosystem by enabling more people to turn good ideas into successful companies built to scale and compete globally.

It provides a single front door for founders, researchers, entrepreneurs and investors to navigate support.

Through practical tools, tailored programs, expert advice and clear pathways to capital and customers, Innovation Victoria helps innovators take their next step and make great ideas a commercial reality.

Where can I go for updates?

Updates will be shared through:

  • existing Breakthrough Victoria and LaunchVic communication channels,
  • direct updates to founders, partners and portfolio companies, and
  • Innovation Victoria’s website and social channels as they come online.

Have a question?