Research and commercialisation

The landmark Breakthrough Victoria Fund will fuel Victoria’s ability to translate and commercialise Victorian research and innovation and cement our international reputation as a destination for investment, global talent, and transformative industries.

A newly established state-owned company, Breakthrough Victoria, will invest the $2 billion fund over the next decade to drive innovation, jobs and long-term growth in priority sectors such as health and life sciences, agri-food, advanced manufacturing, the clean economy and digital technologies.

Breakthrough Victoria will target investments in innovation and translational research with strong commercialisation potential, focusing its investments in Victoria’s key innovation and employment precincts such as Arden, Bundoora, Clayton, Fishermans Bend, Parkville and Waurn Ponds to foster collaboration between industry and research partners and create high-skilled jobs.

Find out more about how the Breakthrough Victoria Fund will lead research and innovation across the state

Business and Innovation precincts are emerging globally as the engines of economic growth, drawing on and revaluing the intrinsic qualities of cities: proximity, density, authenticity, and vibrancy. They are areas where leading-edge anchor institutions and companies cluster and connect with startups, business incubators, accelerators, global companies and investors, to spur new ideas for commercial products and services.

We’re promoting collaboration, talent and ideas by investing in Victoria’s dedicated world-class precincts to drive innovation and create new opportunities. Our seven National Employment and Innovation Clusters include Parkville, Fishermans Bend, Monash, La Trobe, Sunshine, Dandenong and Werribee, as well as sector-specific innovation precincts emerging in Geelong, Gippsland, Warrnambool, Arden and Cremorne.

We’re backing our world-class scientists, researchers and innovators to deliver our own advanced technologies such as artificial intelligence (AI), vehicle automation, cyber security and robotics right here in Victoria.

By 2030, industry sectors that rely on advanced technology will account for nearly $9 trillion in output worldwide. That is more than the global car, banking and oil and gas industries combined. By stimulating and promoting innovation, we will increase our competitiveness and attract national and international investment to create high-value jobs for Victorians.

Initiatives like the Advanced Manufacturing Industry 4.0 Hub, a Victorian Government partnership with Swinburne University of Technology, are focused on doing just this. The Hub provides a new model of university-industry collaboration, enabling Victorian manufacturers to develop digitalisation strategies and provide training for technologies such as AI, the Internet of Things, smart robotics and virtual reality.

Find out more about the Advanced Manufacturing Industry 4.0 Hub

Victoria is a global leader in health and medical research with a proven track record of breakthroughs that have and continue to save lives. We’re backing a number of significant projects to drive innovation in medical research, including $400 million to establish the Australian Institute of Infectious Disease to lead the fight against future pandemics and $16.5 million to fund COVID-19 research.

The Melbourne Genomics Health Alliance has been funded $36 million to support and expand Victoria’s genomics data and technology systems which will help bridge the gap between research innovation and healthcare reality.

We’ve committed $20 million to put Victoria at the forefront of medical technology, innovation and design with a new MedTech manufacturing centre.

And we’re fast-tracking the manufacturing of mRNA vaccines and therapeutics right here in Victoria, with $50 million to establish mRNA Victoria – an initiative that will help us respond to COVID-19 and secure our future vaccine supply.

Find out more about mRNA Victoria and our world-class health and medical research sector

The Victorian Government is backing agriculture with more than $160 million in investments and an ambitious vision for its future. The Agriculture Strategy sets out a way forward over the coming decade to help drive Victoria’s recovery from the coronavirus pandemic and bolster the economy. It identifies clear areas of focus and investment by government to help the Victorian Agriculture sector remain strong, innovative and sustainable now and into the future.

Find out more about our innovative agriculture industry

Innovation is the driving force behind Victoria’s clean energy transition. We are investing in the people, projects and technologies that will transform our energy system and change the way we live. Our nation-leading programs and policies harness the creativity of our highly skilled workforce, support pioneering research and development and foster collaboration with leading local and international partners.

Whether it’s driving the adoption of Zero Emissions Vehicles (ZEVs), transforming our waste and recycling system or supporting innovative, emerging technologies like renewable hydrogen, we are leading the way. This commitment has made us Australia’s clean energy leader.

The new Circular Economy Business Innovation Centre is part of our $515 million investment to transform Victoria’s waste and recycling system through innovation. The centre will accelerate the shift to a circular and climate-resilient economy.

Find out more about how the Department of Environment, Land, Water and Planning is working to secure a sustainable future for Victoria