- Funding
Innovation Victoria Fellowship Program
Empowering the Next Generation of Startup Founders
Innovation Victoria is thrilled to announce the launch of the Innovation Victoria Fellowship program, a pioneering initiative designed to ignite research entrepreneurship across Victoria. This innovative program, resulting from extensive consultations within the ecosystem, addresses critical market gaps and aims to cultivate the next generation of startup founders from Victorian universities.
Why this program?
Addressing market failure and unleashing potential Research has shown that the optimal time to start a company is during the PhD level, particularly when multiple PhDs collaborate on diverse research topics to uncover commercial possibilities. Despite this, there is a notable lack of awareness about entrepreneurship and pathways to create research spinouts among Victorian students. Professor Colin McLeod’s post-program review of the PhD Innovators revealed that 89% of respondents were interested in becoming venture founders but faced a scarcity of investment opportunities. The Innovation Victoria Fellowship program is designed to bridge this gap.
Investment Details
Under the Innovation Victoria Fellowship program, Innovation 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 receive 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.
Eligibility and Selection Criteria
Who can apply? Applicants must be current undergraduates, postgraduates, or recent graduates from a Victorian university or research institute. Applicants must have successfully graduated or completed their PhD before starting the program, the next intake begins in July 2027.
Innovation
The ability to commercialise research and generate a viable business.
Entrepreneurs
The founder's previous startup experience or participation in university accelerator programs.
Co-investment
Commitment from university or industry partners.
Commercial
Demonstrated ability to reach critical investment milestones.
Additional Benefits
Beyond funding, the Innovation Victoria Fellowship Program is designed to help build a thriving entrepreneurial research ecosystem in Victoria by increasing participation in entrepreneurial programs, attracting interstate and international research talent and investors, creating jobs, and giving scientific founders the lived experience and support they need to commercialise more successfully.
Investing in Victoria's future
Breakthrough Victoria is committed to fostering innovation and supporting the growth of research entrepreneurship in Victoria. The BV-UIP Fellowship Program is a $7.5 million, multi-year initiative aimed at and creating at least 50 jobs, thereby nurturing entrepreneurial talent and enhancing future investment pipelines.
Interested in applying or learning more?
For more information on the Breakthrough Fellowship program or to submit an application, please contact us at fellowship@innovationvictoria.com. You can also follow us on social media for updates on our programs and initiatives.
Application process
Join a Cohort of Innovators
Applications are accepted on a rolling basis, with successful entrepreneurs announced in June 2026 as part of a cohort to promote peer learning and network support.
Successful fellows will spend a month embedded in an affiliated university’s investment team, commercialisation team, or entrepreneurship program to accelerate skill development as founders.