LaunchVic is tipping $3 million from the 500 Startups failure into a new accelerator plan

Dr Kate Cornick. Source: supplied

LaunchVic will use the $3 million in funding it pulled from launching Startups 500 in Melbourne to back other accelerator programs.

The Victorian government’s $60 million innovation fund terminated the contract with Startups 500 earlier this month after 500 Melbourne managing director Rachael Neumann resigned just weeks into her new role, saying the timing of the launch was wrong.

The US-based organisation’s founder Dave McClure was forced to step down after allegations of sexual misconduct and harassment emerged last month.

LaunchVic’s fourth funding round is open to both Australian and overseas accelerator programs willing to base themselves in Melbourne.

CEO Dr Kate Cornick said her organisation is willing to invest up to $3 million per application.

“We said at the time we would reinvest the $2.9 million allocated for 500 Startups to another world-class accelerator program of the same calibre and we’re doing it,” Cornick said.

“Successful applicants will need to demonstrate their experience in delivering a world-class accelerator that will help Victoria’s best and brightest startups to achieve on an international scale.”

She said her organisation had so far invested 70% of its funding in local programs.

The funding round will close on October 10.

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