A Victorian government initiative, Breakthrough Victoria, is set to fuel innovation, startups and jobs - turning university research into commercial success.
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A $100 million addition for the fund was announced earlier this month giving great ideas the chance to flourish in the marketplace.
Breakthrough Victoria is a government-owned, independent investment fund manager established to manage the $2 billion Breakthrough Victoria Fund and drive a pipeline of more than 15,000 jobs, investing in innovations with commercial potential to transform the health, technology, manufacturing, agri-food and carbon sectors.
La Trobe University vice-chancellor Professor John Dewar AO said although it was too early to detail the La Trobe projects that may receive such funding, the program was a positive for the future of research.
"We warmly welcome the recent announcement of $100 million for the Breakthrough Victoria - University Innovation Platform, which will help transform university research into commercial success, driving innovation and creating jobs," Dr Dewar said.
"La Trobe has been working closely with Breakthrough Victoria since the fund was established last year, exploring key sectors in which the university is world-leading across our metropolitan and regional campuses, such as agri-food, health, advanced manufacturing and digital technology, and identifying projects for potential investment.
"While it is too early to say which La Trobe projects might be funded through this initiative, we look forward to continuing our positive dialogue with Breakthrough Victoria, recognising the huge potential the fund provides in making Victoria the destination state for innovation."
Every Victorian University will be invited to be part of the five-year initiative and be given the opportunity to co-design their fund. Investments will be made through the platform in a range of $200,000 to $1 million.
Breakthrough Victoria chair John Brumby AO said the program was promising for future research.
"Stimulating commercial thinking and entrepreneurial spirit with know-how and capital across the state's universities is a very exciting prospect," he said.
Examples of companies commercialising RMIT-developed technology include the development of an ingestible, pill-like device - being commercialised by Atmo Biosciences - which measures gas concentrations in human and animal guts to diagnose conditions like irritable bowel syndrome, and Snoretox - a muscle toning toxin-based therapeutic for treating sleep apnoea and snoring.
Premier Daniel Andrews said the fund would not only help provide jobs, but also provide lifechanging technology and research to the community.
"Breakthrough Victoria is backing great ideas that will save lives, change the way we live and provide jobs for the generations that will follow us," Premier Andrews said.
"This is about supporting promising ideas at a crucial stage so we can keep our best and brightest innovators here on home soil - something that's good for jobs, and good for Victorians."
Victorian startups have created more than 60,000 jobs in Victoria since 2017 with support for the industry including $40 million for LaunchVic, $10 million for the Alice Anderson Fund for female founds and $60.5 million for the Startup Capital Fund.
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