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By Hykel- Illume Fellow
I believe that the intersection of innovation and investment is a fertile ground for transformative ideas, and this week, as Illume Fellow, I had the opportunity to dive deeper into this topic. We began with a classroom session on the fundamentals of fundraising augmented by a visit to Victoria’s largest venture capital fund- Breakthrough Victoria, funded by the Victorian government and a visit to a Medtech startup that has successfully raised funding from Australian as well as international investors.
These sessions offered a unique glimpse into the process of building impactful startups and securing venture capital funding.
Photo: Illume Fellows- Global Entrepreneurship Program at Breakthrough Victoria in Melbourne.
Investors from Breakthrough Victoria aka BV, shared valuable insights into what makes a startup stand out. Their approach to selecting startups goes beyond traditional metrics of financial return. They focus on striking a balance between market share and technology share, emphasising startups that demonstrate both commercial potential and technological innovation. Interestingly, their selection process is rigorous, narrowing down from a vast pool of applications to identify ventures that align with their vision of sustainable and impactful innovation.
What sets Breakthrough Victoria apart was their emphasis on measuring success through social impact. Beyond profitability, they assess how startups contribute to societal well-being, whether by creating jobs, improving public health, or addressing critical global challenges. This perspective highlights a broader role for venture capital, not just as a driver of economic growth but as a catalyst for meaningful change.
The second part of the program brought us face-to-face with Diag Nose, an inspiring startup revolutionising the health-tech sector. Diagnose has developed advanced diagnostic kits to enhance accuracy in identifying respiratory diseases, addressing a critical need in the healthcare industry. We explored the company’s journey from inception to scaling, learning about the hurdles they faced and their strategies for overcoming them.
One of the most significant takeaways from Diagnose was the importance of differentiation in a competitive market.
The team at Diagnose demonstrated how a clear focus on innovation and addressing unmet needs can set a startup apart. Their dedication to refining their product and identifying the right target market serves as a blueprint for aspiring entrepreneurs navigating the complex startup ecosystem.
Photo: Illume Fellows at DiagNose Office