The Victorian Energy Incubator (VEI) incubates clean energy startups and innovation teams from larger companies, providing collaboration, governance, access to finance, laboratories and workshops. The VEI builds on the Carlton Connect Initiative (now 333x) and Melbourne Accelerator Program’s innovation ecosystem, and on Translating Research at Melbourne (TRaM)’s research translation capability.
The VEI is Australia’s first “industry vertical” deep technology incubator. It will provide long term support, enabling clean energy companies to maximise their opportunity for global success. It will leverage the transition of Australia’s energy sector, supporting the delivery of Victoria’s ambitious renewable energy and emissions goals.
The VEI will be a not for profit company. It requires some seed funding from the Victorian Government and from Victorian Universities, to kick start the operation. In general, the Incubator’s revenue sources will be through rental of space and provision of services to startups and energy businesses, with funding for the startups assisted through a regular board of funders and an in house Energy Transition Fund. The Incubator expects to be fully self funding from the end of year 3.
The Energy Incubator fills a significant gap – between the excitement of starting up/ accelerating a business and getting that business to a growing/ ongoing level. The energy industry is characterised by long durations and relatively high costs in supporting new technologies – it requires an innovative approach to maximise opportunities for success.