Innovation Victoria: building the next phase of Victoria’s innovation system

Victoria is taking the next step in the evolution of its innovation ecosystem with the establishment of Innovation Victoria: a new, integrated entity bringing together the strengths of Breakthrough Victoria and LaunchVic into a single front door for innovation.

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 scale, impact and exit.

As Innovation Victoria comes together, the transition also marks a leadership handover, with the Chairs of both foundation organisations stepping down after playing defining roles in shaping Victoria’s innovation landscape.

The Hon. John Brumby AO, Chair of Breakthrough Victoria, and Leigh Jasper, Chair of LaunchVic, will depart their roles following a period of significant leadership and impact.

Under John Brumby’s chairmanship, Breakthrough Victoria was established as a cornerstone institution - created to provide long term, patient capital designed to translate world-class Victorian research into globally competitive companies. His leadership helped set the organisation’s purpose, discipline and confidence at a formative moment for the state’s innovation economy.

“Innovation Victoria is a practical next step in the evolution of Victoria’s innovation system - bringing together capital, capability and founder support in a single front door that’s easier to navigate and more effective in practice,” Mr Brumby said.

“Breakthrough Victoria was always conceived as a long-term institution, and I’m proud of what has been built in its establishment phase. As we bring the strengths of Breakthrough Victoria and LaunchVic together, I’m confident this next chapter will strengthen pathways from early ideas through to scale, impact and global success.

“I also want to thank my fellow Board Directors and the team for their commitment and belief in the importance of this work.”

After just 5 years, BV is delivering strong financial returns and its impact is clearly visible in it’s portfolio:

• Xefco is moving from Victorian R&D into global deployment with its Ausora® waterless textile dyeing system, with 12 systems already commercially committed;

• Victorian-based Amber Electric is scaling fast - powered by proprietary software and advanced algorithms that help households optimise energy use - and has built standout momentum in-market, including becoming the largest residential battery automation product in Australia (with around 40% of new automated home batteries using its service) while also growing internationally, backed by a $45 million funding round;

• Infleqtion became BV’s first portfolio company to list on the New York Stock Exchange, delivering a ~5x value uplift on BV’s initial investment on it’s first day of trading; and Liquid Instruments has secured fresh growth capital - including a further investment from BV and $28.45 million from the National Reconstruction Fund as part of a $70 million Series C - to scale its Melbourne-based advanced manufacturing footprint while expanding globally.

During his tenure BV has made 91 investment commitments more than $496 million, with more than $1.49 billion in co-investment crowded in.

Leigh Jasper’s tenure at LaunchVic strengthened Victoria’s startup ecosystem, deepening founder capability, global connections and community resilience, while reinforcing Victoria’s reputation as a great place to start and scale a company.

Since 2017 LaunchVic has upskilled 13,777 entrepreneurs, supported 2426 start-ups, and supported an ecosystem that has secured more than $1.8 billion in private capital. They also established key startup supports including; 30 pre-accelerators, 18 accelerator programs, Civic Labs, Basecamp and 30x30.

Together, their leadership has helped shape an innovation landscape that spans ecosystem development, research translation and scaleup investment, creating the conditions for the next, integrated chapter.

“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,” Mr Jasper said.

Welcoming Innovation Victoria's CEO

Innovation Victoria will be led by Rod Bristow, appointed Chief Executive Officer of the new entity.

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

His appointment provides continuity and momentum as Innovation Victoria begins operations.

“This is a really exciting moment for Victoria’s innovation system,” Mr Bristow said. “Innovation Victoria isn’t about starting again - it’s about bringing together what already works and connecting it more purposefully around founders, researchers and investors.”

“By integrating ecosystem development, entrepreneurship and research translation with investment across all stages of startup development and growth, we’re creating a system that’s easier to navigate and better positioned to support ideas from early stage through to global scale.”

What Innovation Victoria is - and what it isn't

Innovation Victoria, which will officially start operating as a new entity in early July, brings together all the programs and activities currently delivered by Breakthrough Victoria and LaunchVic into a single, integrated organisation.

This means:

• LaunchVic’s startup and ecosystem activities continue, and

• Breakthrough Victoria’s investment, commercialisation and patient capital activities continue.

There is no disruption to founders, partners or investors. Existing programs, investments, agreements and points of contact remain in place as the transition progresses.

What changes over time is how these capabilities connect, creating greater clarity, coordination and impact across the innovation pipeline.

“This is an evolution, not a reset,” Mr Bristow said. “Founders should have confidence that the support they rely on today continues - while the system around them becomes more connected, more accessible and more effective.”

A stronger, more connected future

Innovation Victoria represents the next chapter in Victoria’s innovation story - one built on strong institutions, shared leadership and long-term commitment.

It honours the legacy of those who helped build the system, while positioning Victoria to compete, collaborate and lead in a technology driven global economy.

As Innovation Victoria comes together, the focus remains clear: backing ideas, supporting founders, translating research and delivering lasting economic and social impact for Victoria.

For more information that might answer any questions you have on current investments, platforms, programs and focus areas, please visit our FAQ page here.