Australia is not nearly done unleashing unicorns on the global map. In fact, the country is just getting started.
Victoria-based startup agency LaunchVic has recently announced its new 30X30 program designed to bolster 30 of Victoria’s best scaleups and help them reach unicorn status by 2030.
The subsidised leadership program has been conceptualised to address some of the biggest pain points in a startup’s growth journey, often experienced in the day-to-day HR, operations and finance functions. It has been created under extensive consultation with scaling founders.
“30X30 aims to free up founders to focus on key strategic priorities fundamental to your growth, while giving HR, Operations and Finance leaders the skills and exposure to common scaleup challenges and bottlenecks,” stated a release.
“As part of this bespoke program, your leadership team will receive sponsored executive education, and have access to a range of mentors who have themselves been through the scaling journey as a leader in either HR, Operations or Finance.”
To be eligible for the 30X30 programs, startups must have:
- 50 full-time employees
- A valuation between $30 Mn to $200 Mn
- A monthly revenue of at least $1 Mn or have raised a single venture capital round in excess of $5 Mn
"I know that later stage founders face significant challenges scaling up their businesses. Access to LaunchVic's new 30X30 program is exactly what's needed at this stage. By providing Victoria's best scaleups with leadership training that helps streamline day-to-day operations, founders can free up time to focus on key strategic priorities,” said LaunchVic Chair Leigh Jasper.
"So far, Victoria has seen 18 scaleups reach unicorn status, including A Cloud Guru, CultureAmp, MessageMedia, Airwallex and Afterpay. I'm looking forward to seeing more incredible businesses follow in their footsteps after participating in the 30X30 program."
Jasper added that upskilling senior leaders would be crucial in helping Victoria's best scaleups reach their full potential as unicorns.
Reportedly, as of today, the agency has activated more than $110 Mn in private sector capital and supported more than 10,800 aspiring entrepreneurs.
Just about three months ago, LaunchVic had unveiled the Alice Anderson Fund to support a new generation of female entrepreneurs who would receive investments between $50,000 and $300,000.
"Having sat in the hot seat as a founder of a scaleup, I understand the feeling of building the car while driving it. Some of the biggest challenges came once we crossed the $1 million in monthly revenue and raised more capital," LaunchVic GM of Startups Peter Goldsworthy said.
“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," he added.