Victorian startup agency LaunchVic has developed an ambitious program to help 30 local startup companies hit $1 billion valuations in the next eight years.
The 30X30 program is a fully subsidised bespoke leadership program, designed by LaunchVic, and tailored to support scaleup founders and their executive teams taking their startups to the next level.
The state has produced 18 startups to reach unicorn status – a $1 billion valuation – in recent years including A Cloud Guru, CultureAmp, MessageMedia, Airwallex and Afterpay, so 30×30 is looking to take that figure to nearly 50 by 2030.
The program has been designed in consultation with scaling founders, and aims to address some of the biggest pain points to a scaleup’s growth, which often develop in the day-to-day HR, Operations and Finance functions.
LaunchVic GM of Startups Peter Goldsworthy said the program would also leverage LaunchVic’s networks as Victoria’s startup agency.
“Having sat in the hot seat as a founder of a scaleup, I understand the feeling of building the car while driving it,” he said.
“Some of the biggest challenges came once we crossed the $1 million in monthly revenue and raised more capital. Keeping the back-office functions up to the speed of commercial demands is the ultimate balancing act. By leveraging LaunchVic’s networks and providing support to the founders’ executive team, we can help these founders navigate the road towards unicorn status.”
Eligible scaleups must have either 50 full-time employees, a valuation between $30 million-$200 million, a monthly revenue of at least $1 million per month or have raised a single venture capital round in excess of $5 million.
Three four-month programs will run between 2022 and 2024, with the first cohort commencing in May this year.
Expressions of interest have opened for the first intake. Scaleup founders can apply at: launchvic.org/30X30