The Victorian Startup Growth Report shows that Victoria’s startups are now valued at $132 billion.
The report reveals that Victoria will be one of the world’s leading startup hubs within the next five years.
“The report highlights the incredible growth of Victoria’s startup ecosystem since 2016,” said LaunchVic CEO, Dr Kate Cornick.
“If we continue this trajectory for the next five years, we will be on par with some of the world’s leading startup hubs.”
Victoria has also outpaced key global hubs including Singapore, Sydney, Tel Aviv, Stockholm, Amsterdam and Berlin over the past decade.
This success is supported by the Victorian government’s startup agency LaunchVic established in 2016.
The report shows that more than 3,500 startups have launched in Victoria since then – a 26-fold increase.
Additionally, it found that Victoria’s venture capital landscape has grown faster than the Australian and global average.
More than $841 million has been invested in startups over the past decade – this is 7.5 times higher than in 2014 and is outpacing the global average by 3.4 times over the same period.
The Victorian startup sector has also generated 63,900 new jobs since 2004.
The state is home to more than 50 per cent of Australia’s startups across the Enterprise Software and Healthtech sectors and a third of the nation’s Fintech startups.
‘Frontier technology’, which includes deep tech, biotech, and advanced manufacturing, is now a leading segment in Victoria, highlighting the state’s strengths in innovation.
Commercialisation of university innovation in Victoria is home to 180 university spinouts, making 5 per cent of the state’s startups and contributing $2.9 billion in value.