LaunchVic maps Victoria's startup ecosystem

Published: 31 August 2017

LaunchVic, in collaboration with Startup Vic and dandolopartners have published the findings of the largest and most in-depth survey of Victoria’s startup landscape ‘Mapping Victoria’s Ecosystem.’

The report defines a startup as any business with high impact potential that uses disruptive innovation and addresses scalable markets. Of the 1600 plus firms that responded to the survey, 1137 met this definition.

The findings have revealed that Victoria is leading the way when it comes to turning startups into high value, high growth companies.

Already, three ‘unicorns’ have emerged, each valued at more than $1 billion – more than any other state in Australia. These include REA Group ($8.7bn) in digital advertising, SEEK ($5.9bn) in the recruitment space, and Carsales.com.au ($2.8bn), demonstrating a real breadth of sectors.

‘Mapping Victoria’s Ecosystem’ will be an annual report used to track the changes in Victoria’s startup landscape.

CEO of LaunchVic, Dr Kate Cornick said the report is an important asset for the sector. “It is a useful tool for key decision makers in terms of better understanding the makeup of the Victorian startup ecosystem and how best to support it.”

For complete findings, the report can be downloaded from the Launch Vic's website.