Breakthrough Victoria was formed after its now-chairman, John Brumby, called for the establishment of such a fund.
If you want to know what went wrong at Breakthrough Victoria, you could do worse than looking at the circumstances of its very foundation.wanted a fast rail connection between Melbourne and Sydney . His successor, the well-connected and still influential, asked only for a billion-dollar “breakthrough fund”, which he said over three years would power “world-leading research, not just in infectious diseases, but in other conditions that await breakthrough”.
Over the negotiations that followed, the then-premier gave Brumby twice what he had originally proposed.the “translation of good ideas into businesses and jobs”, and would invest alongside private investors, superannuation funds, venture capital and the federal government. In the middle of the pandemic, no one gave it too much thought.
Breakthrough Victoria was, at a single stroke, one of the largest VC funds in the country. According to LinkedIn, relatively few of its staff have extensive start-up or VC experience . None of its employees are risking their own money. And even if they were the best in the business, their remit exceeds anything we’ve seen attempted, covering everything from teeny tiny seed funding to venture capital to private equity to fund-of-funds investments.
As late as July 2021, Breakthrough Victoria was taking part in workshops seeking input from start-up and investment types into how they thought it should operate and use all that money. Perplexed and increasingly sceptical members of Australia’s start-up ecosystem did not take this as a good sign.its role as an “impact investor” seeking to have “a positive impact on people’s lives and the planet”.
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