Victoria backs new Monash program to support researchers commercialise deep-tech innovation

Victoria is strategically bolstering its burgeoning deep-tech sector with a A$400,000 grant from LaunchVic, awarded to Monash University and Illume Ventures for their new Future Frontier AI & Deep-tech Pre-Accelerator Program. This initiative aims to bridge Australia's persistent gap between world-class scientific research and successful commercial ventures, specifically targeting AI and deep-tech innovation. Announced by Minister for Economic Growth and Jobs Steve Dimopoulos at the recent Victorian Startup Gala, the program is a critical component of a broader A$3.5 million investment across nine pre-accelerator initiatives designed to supercharge the state's startup pipeline. This funding arrives as Victoria's startup ecosystem has exploded, growing nearly 20-fold over the past decade to boast over 4,400 startups and a collective valuation of A$139 billion, with Melbourne now ranking third globally for startup creation. The Future Frontier program, spearheaded by Monash AI Institute Director Professor Shonali Krishnaswamy and Illume Ventures founder Laxmi Pun, will deliver four intensive 10-week cycles over two years, equipping at least 80 researchers with the entrepreneurial acumen needed to transform their discoveries into investment-ready companies. This move directly addresses a longstanding challenge where groundbreaking research often stalls due to a lack of commercialisation skills like customer discovery, intellectual property strategy, and securing capital. Looking ahead, the program is expected to cultivate a new generation of deep-tech founders, providing crucial hands-on training in product development, market validation, and fundraising. It aligns with the Victorian Government broader economic development strategy, which seeks to position the state as a global leader in emerging technologies and foster job creation. The integration of LaunchVic and Breakthrough Victoria into the new 'Innovation Victoria' entity signals a concerted effort to create a streamlined 'single front door' for innovators, further accelerating the translation of scientific breakthroughs into tangible economic and societal impact.