Filling the Void: How Breakthrough Victoria Supports Innovation as Global Appetite for Early-Stage Investment Cools
Rod Bristow, Breakthrough Victoria CEO
As global investment conditions tighten, many large institutional investors are recalibrating their exposure to early-stage ventures. The recent report in the Financial Times ( Singapore’s Temasek cuts back on start-up investments ) reporting a shift by Singapore’s Temasek—a globally respected and long-term investor—to reduce direct investment in start-ups underscores a broader trend. Amid rising interest rates, longer exit timelines, and higher volatility, many are becoming more cautious about backing unlisted, early-stage companies.
This evolving landscape opens up both a challenge and an opportunity.
At Breakthrough Victoria, we were established with a clear purpose: to bridge the funding gap that often prevents world-class innovations from reaching the market. That gap is now widening. As global capital retreats or concentrates on later-stage opportunities, many early-stage ventures—especially in science and deep tech—are finding it more difficult to secure the long-term backing they need.
Our model is designed to fill that void.
We focus on patient capital—committed funding that recognises the long road to commercialisation in sectors like clean tech, life sciences, quantum technologies and advanced manufacturing. These are high-impact fields where Victoria has deep research capability and growing industry strength, but where private capital can be hesitant without early public support.
Unlike traditional venture capital, our approach is to co-invest with aligned partners, catalyse new markets, and take a long-term view of success. We know that early-stage science-based companies face unique challenges—from navigating regulatory frameworks to building industrial capability—and we work closely with founders to provide not just capital, but strategic partnership.
In the wake of shifts like Temasek’s, the need for place-based, government-aligned investment has never been greater. Breakthrough Victoria’s mandate allows us to move deliberately where others may hesitate, and to support innovations that will deliver long-term economic, social, and environmental outcomes for Victoria.
While global investors manage risk by narrowing focus, we are doubling down on the belief that transformative innovation requires early conviction. The capital gap is real—but so is the opportunity. And we are proud to be stepping in to ensure Victoria’s brightest ideas have the backing they need to thrive.
About the author: Rod has 30 years’ experience encompassing the stockbroking, asset management, wealth management, agribusiness and not-for-profit sectors.
His previous roles include CEO of Sydney and Singapore-based VC firm Investible, ICEO of ASX-listed Clime Investment Management Limited, MD of Infocus Wealth Management Ltd, CEO of environmental NGO Greening Australia and Chief Operating Officer and alternate MD of Australia’s largest retail stockbroker, CommSec. He also cofounded a business in the environmental management and carbon offsets space, and his career has been defined by a deep commitment to the intersection of capital and impact.