Breakthrough Victoria launches groundbreaking fellowship program to boost research entrepreneurship
Breakthrough Victoria is excited to announce the launch of the Breakthrough Fellowship Program, a pioneering initiative designed to ignite research entrepreneurship talent across Victoria. The Breakthrough Fellowship Program is a $7.5 million, multi-year initiative aimed at fostering research entrepreneurship in Victoria. It is projected to establish up to 50 new startup companies and create at least 50 jobs, thereby nurturing entrepreneurial talent and enhancing future investment pipelines. The program addresses critical market gaps and aims to cultivate the next generation of startup founders from Victorian universities and medical research institutes. Data from the U.S. National Science Board highlights the pivotal role of STEM founders in attracting investment and creating high-paying jobs. Despite this, internal analysis by University College London (UCL) revealed that the optimal time for starting companies is during the PhD level, particularly when multiple PhDs collaborate on varied research topics to uncover commercial possibilities. In Victoria, however, there is a notable lack of awareness about entrepreneurship and startup careers among students. A post program review of the University of Melbourne’s PhD Innovators program led by the Melbourne Entrepreneurial Centre’s Professor Colin McLeod found that 89 per cent of participants were interested in becoming venture founders yet faced a scarcity of investment opportunities. The Breakthrough Fellowship program is designed to bridge this gap. This unique fellowship program is the first in Australia to offer a tangible salary and research commercialisation funding, alongside mentoring and skills development. Under the Breakthrough Fellowship Program, Breakthrough Victoria will invest up to $150,000 per startup. Each startup must focus on commercialising research conducted by the founders or associated university professors. Fellows will have to draw a salary between $60,000 and $90,000 from the invested capital, ensuring financial stability during their entrepreneurial journey. The remaining funds will support additional hiring or product development. Applicants must […]