LaunchVic is no more, ending a decade-long run, following its merger with the government’s $2 billion investment fund, Breakthrough Victoria, to form Innovation Victoria.
Former LaunchVic boss Dr Kate Cornick is now running industry lobby group The Tech Council of Australia, while BV CEO Rod Bristow has stepped into the chief exec role at the merged entity.
Former LaunchVic chair Leigh Jasper has also left the scene, with fellow director Geoff Tarrant stepping up to chair the Innovation Victoria board, with Monique Conheady as deputy chair.
Tarrant, a former banking exec, is the cofounder of construction tech startup Payapps, which was acquired by Autodesk in 2024. Conheady’s startup CV includes cofounding Flexicar and leadership roles at Wavemaker Impact, Hysata, and JET Charge.
“This marks the beginning of an exciting new chapter for Victoria’s innovation ecosystem, bringing together the support, capital and networks needed to help innovation thrive,” Tarrant said.
The , behind both the Coalition opposition and One Nation in the polls ahead of a state election on November 28, was keen to sell the merger as a win for everyone.
Innovation Victoria hung out its shingle on July 1, with the government’s announcement describing it as “a single, connected organisation focused on helping more ideas turn into successful companies that can scale, compete globally and contribute to Victoria’s future economy” with “a clearer ‘front door’ for founders, researchers, investors and partners”.
Personally, we’re disappointed the portmanteau selected for the merged organisations isn’t BreakVic.
“Victoria is now home to more than 4,400 startups valued at $139 billion. Melbourne is ranked third globally for startup creation, overtaking Sydney, Singapore and Berlin,” premier Jacinta Allen’s media release said.
“LaunchVic helped grow the number of Victorian startups nearly 20-fold.
“Breakthrough Victoria has committed more than $500 million across 100-plus investments, attracting $1.5 billion in additional funding from other investors.”
Obviously, they were both so wildly successful they needed to be merged, to the bewilderment and concern of LaunchVic supporters at the time.
Of course Breakthrough Victoria, which posted a $5.7 million loss in FY2025, and faced sustained industry criticism in recent years, and copped a $360m haircut – $90m annually over four years – in the FY2025 Victorian budget, has been grappling with the fickle nature of startup investments, from portco Seer Medical being placed in voluntary administration. There have been wins too, including a 5x uplift when Infleqtion listed on the NYSE earlier this year.
The focus of Innovation Victoria is “giving founders access to the tools, programs, advice, networks and investment they need to move forward, while strengthening connections across the ecosystem and attracting more capital into Victoria” the government said.
New CEO Rod Bristow said the state already has one of the world’s fastest-growing startup ecosystems.
“Innovation Victoria is about building on a great legacy and taking that to the next level,” he said.
“We’re aligning the right capability, capital and connections so more local ideas can scale faster, attract investment and compete globally.”
