Startups set to pop up

State adds $1.25m to enterprise fund

GEELONG is poised to generate hundreds of jobs as an Australian regional magnet for smart startup businesses after the State Government tipped $1.25 million into support program Runway.

Leaders aim to generate 70 new enterprises and create 500 jobs within five years with Runway at the centre of an “ecosystem”, identifying best sustainable ideas and providing support and guidance.

Founder and successful Sky Software startup entrepreneur Nick Stanley said, with the State Government backing, about $2 million of a required capital pool of $10 million had been raised.

He said Runway, formerly known as the Silicon Bay Project, would launch 10-15 startups during its first year before accelerating during the next four years.

“By year three we expect to see some really exciting traction and growth in the busi- nesses that said.

Small Business, Innovation and Trade Minister Philip Dalidakis will today announce the allocation from the state’s new $60 million startup fund LaunchVic.

“We want Victoria to be the location of choice for startups across the Asia Pacific region and LaunchVic is making it happen,” Mr Dalidakis said.

“These projects will help participate,” he young companies and ideas develop to create jobs and industries that will support Victoria for decades to come.”

Runway chief executive Peter Dostis said the program would further establish the Geelong region as an innovation hub.

“We will attract smart people, smart businesses and smart investment into our economy,” he said. “We will bring a global focus to this.

“You can hear that the sound (of the waterfall) was dominant over the sound of the ocean.”

Mr Cuthell also posted a video to the 12 Apostles Australia Facebook page, which emphasised the waterfall’s 50m drop onto the beach and into the ocean.

BODEY DITTLOFF Runway will position Geelong as a great place to launch and grow startup businesses and we expect to attract talent from all over the world.”

Mr Stanley said Runway would seek further underpinning support from the Federal Government and investors for a venture fund. He said startup enterprises needed to be more than bright ideas.

“For every 10 startups we launch, the numbers show that one will be a huge success, three will become successful and sustainable businesses, three will struggle to get traction and three will fail fast,” Mr Stanley said.

“Failure is part of innovation and any successful startup culture needs to embrace it.

“It comes from testing and refining new ideas, new technologies and new ways of doing business.

“For Runway it is about identifying the best, most commercial ideas and putting them in an environment where they can flourish.”