LaunchVic unveils program to turn startups into unicorns

LaunchVic unveils program to turn startups into unicorns

Startup agency LaunchVic has announced its new 30X30 program designed to bolster 30 of Victoria’s best scaleups and help them reach unicorn status by 2030.

Created under extensive consultation with scaling founders, the fully subsided bespoke leadership program aims to address some of the biggest pain points in a company’s growth journey, which often occur in day-to-day HR, operations and finance functions.

To be eligible, scaleups must have 50 full-time employees, a valuation between $30 million to $200 million and have a monthly revenue of at least $1 million or have raised a single venture capital round in excess of $5 million.

LaunchVic chair Leigh Jasper said upskilling senior leaders in these areas would be crucial in helping Victoria's best scaleups reach their full potential as unicorns.

"From experience with the Aconex journey, I know that later stage founders face significant challenges scaling up their businesses. Access to LaunchVic's new 30X30 program is exactly what's needed at this stage," he said.

"By providing Victoria's best scaleups with leadership training that helps streamline day-to-day operations, founders can free up time to focus on key strategic priorities.

"So far, Victoria has seen 18 scaleups reach unicorn status, including A Cloud Guru, CultureAmp, MessageMedia, Airwallex and Afterpay. I'm looking forward to seeing more incredible businesses follow in their footsteps after participating in the 30X30 program."

The news comes almost three months after LaunchVic unveiled a new generation of female entrepreneurs who would receive investments between $50,000 and $300,000 under the Alice Anderson Fund.

To date, the agency has activated more than $110 million in private sector capital and supported more than 10,800 aspiring entrepreneurs.

"Having sat in the hot seat as a founder of a scaleup, I understand the feeling of building the car while driving it," LaunchVic GM of Startups Peter Goldsworthy said.

"Some of the biggest challenges came once we crossed the $1 million in monthly revenue and raised more capital.

“Keeping the back-office functions up to the speed of commercial demands is the ultimate balancing act. By leveraging LaunchVic's networks and providing support to the founders' executive team, we can help these founders navigate the road towards unicorn status."

Three four-month programs will run between 2022 and 2024, with the first cohort to commence in May 2022.

Expressions of interest have opened and will close by 14 March at 5pm. Scaleup founders can click here to apply.

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