LaunchVic’s $1.5m investment is a lightning rod for EnergyTech

Dr Kate Cornick, Chief Executive Officer at LaunchVic

Victorian clean EnergyTech entrepreneurs will be supported by close to $1.5m in funding from both LaunchVic and private sector energy leaders as part of Startupbootcamp’s latest program.

LaunchVic’s Startupbootcamp program

LaunchVic’s investment includes a $250,000 grant to fund the operations of 3 programs.

  • EnergyInc, a new pre-accelerator program supporting entrepenuers looking to break into EnergyTech
  • EnergyNext Accelerator, which supports startups to scale
  • EnergyTech Hub, which will connect later stage scaleups with commercial opportunities

In a new investment approach for LaunchVic another $250,000 will be taken as equity in Startupbootcamp’s fund that, invests in startups going through the EnergyNext accelerator.

LaunchVic recently unveiled plans to take an equity stake in certain for-profit entities as part of its four-year strategy, which intends to reinvest any returns back into the ecosystem.

Australian energy leaders Energy Australia, NISA and the Clean Energy Fund will fund an additional $975,000 to the EnergyTech program to accelerate the clean energy transition. 

Commentary on LaunchVic’s Startupbootcamp

Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford said the Startupbootcamp program would support startups at all stages of entrepreneurship.

“LaunchVic helps startups to grow and seize the advantages of clean energy transition by advancing technology, investing in new industries and creating Victorian jobs,” Pulford said.

LaunchVic CEO Dr Kate Cornick said Victoria is home to 87 EnergyTech startups and the funding will support more Victorian entrepreneurs to make the jump into the startup world.

“Supporting Startupbootcamp’s important work of creating more EnergyTech startups and equally, investing in those further along in their growth lifecycle, is one of the ways we are seeking to increase startup density in Victoria,” Dr Kate Cornick said.

“Victoria’s startup ecosystem has more than tripled in value since 2018, but there is still a lot of work to be done to increase its startup density. Leading ecosystems are averaging 1,000 startups per million population, while in Victoria, the number is just 348.” 

Startupbootcamp Australia‘s Chief Executive Officer, Trevor Townsend is hopeful that the program will create the next batch of EnergyTech industry success stories.

“Energy sector evolution is paramount in meeting the global climate change challenges.”

“Innovation is needed for Australia to optimise its natural resources and become a global leader in clean energy. We are delighted to be partnering with LaunchVic to elevate the next big ideas in energy and advance towards a carbon-zero future,” Trevor Townsend said.

“Our programs deliver support for early-stage entrepreneurs from diverse backgrounds with structured entry into new and evolving markets, and acceleration for mature businesses.”

EnergyIncEnergyNext and Energy Tech Hub will assist to transform the energy sector.”