The Victorian Government has launched a scaleup program that would provide support to local tech businesses to enable them to expand and create more jobs.
The Cremorne Digital Hub (CDH) Scaleup Program is intended to help fast-growing tech businesses with talent acquisition, operations and business development.
Minister for Jobs and Industry Natalie Hutchins, who officially launched the CDH Scaleup Program today, said the initiative will help even more local tech companies to become well-known tech brands globally.
“By supporting Victoria’s tech industry, we’re creating opportunities for local jobs, investment and innovation that will continue to fuel our economy,” Hutchins said.
Scaleups under the program will receive industry-specific support and gain access to a network of potential investors, corporate partners and customers.
Networking opportunities will be created within the Cremorne startup scene – a passionate and growing community, the Victorian government said in a media release.
Victoria’s startup ecosystem has reached a value of $91 billion from 2020’s $50 billion. The CDH Scaleup Program is intended to nurture tech scaleups and keep them in the state.
The Cremorne Digital Hub has partnered with Artesian’s Boab AI to deliver the program. Boab AI has an exceptional track record of supporting AI scaleups and achieving a $365 million aggregate company value.
The state government invested $10 million to establish the Cremorne Digital Hub to accelerate the growth of the state’s tech sector and position Cremorne as a top global destination for innovation.
“All companies in scaleup mode have different challenges and require the most time and cost-effective solutions to meet those challenges. The CDH scaleup model identifies each company’s critical needs and delivers bespoke services,” said Cremorne Digital Hub Director Matthew Clunies-Ross.
The program will begin by supporting four scaleups with high investment and job creation potential. Applications are now open and the program is slated to kickstart in February 2024.
