State Of HealthTech - Victoria
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LaunchVic estimates there are over 2000 startups. One in four founders are female... How do we know this? Because research is at the heart of what we do. In order to strengthen, develop and grow a competitive and globally recognised startup community in Victoria, we need to continue learning about the people, programs, sectors, employers and capabilities within it.
As confirmed in the recent 2018 Startup Genome Report, Melbourne is one of the most important global health and life sciences ecosystems in the world.
Recognising this, LaunchVic commissioned dandolopartners to undertake a review to understand what the challenges and opportunities were to creating the right environment so that our health startups can thrive.
Startup Genome’s ‘Melbourne Startup Ecosystem Report’, has found that Melbourne’s startup ecosystem is growing at a rapid rate given its current size.
As Melbourne’s ecosystem grows and achieves stronger global status there is the potential to add between $2.5 - $4 billion in value according to Startup Genome’s methodology used to measure the startup ecosystems of over 40 cities around the world.
Despite the size of Melbourne’s startup ecosystem, we have had an extraordinary amount of success in building digital marketplaces. In fact, more than 190 digital marketplaces are currently located in Victoria, with the sector growing at 11% per annum - well above the State’s current industry growth rate of 3%.
LaunchVic has an interest in ensuring the Victorian seed, angel and venture capital markets are strong. This report gives us a detailed understanding of the local investor landscape and a comprehensive snapshot of the investment journey of 385 startups, and 510 unique raises in Victoria.
The largest survey of startups in Victoria to date, this report is a valuable resource for champions of the Victorian startup community and founders looking for the right support to grow their business.
We have just released a Startup Guide and Toolkit for Local Government to identify and tap into startup and entrepreneurial activity in their local areas.
Supporting this is a new funding round for Local Government to run programs that will improve access and participation in the startup ecosystem across Victoria.
Victoria has a strong track record of proven success when it comes to transforming startups into high growth firms. Already, five ‘unicorns’ have emerged (REA Group, Carsales.com, SEEK, MYOB and Aconex) each valued at more than $1 billion – more than any other state in Australia.
There's a sophisticated and diverse mix of startups across a variety of industries with particular strengths in Health and Wellness, Corporate Services, Media and Entertainment and Commerce. Significantly, startups in the health sector create a disproportionately large number of jobs for the number of companies operating in the sector.
Startups in Victoria are successfully executing monetisation strategies very early in their journey, with 60% being revenue positive in their first year, and almost 80% by the second year.
LaunchVic partners with world-class organisations to deliver accelerators, incubators, workshops, competitions and more to a diverse range of startup founders, entrepreneurs and industry trailblazers in Victoria. Check out the Programs section for the latest and greatest to hit our shores.