The Melbourne Innovation Centre (MIC), has been operating for 19 years and has been self-funded since 1998. The organisation’s role is to teach, train, mentor and support entrepreneurs and start-ups in Melbourne’s northern region. The organisation has incubated over 400 start-up and scale-up businesses throughout this period, creating more than 1,500 new jobs within Melbourne’s north and contributing approximately $66 million to the national economy annually.
Melbourne’s innovation system
Mr David Williamson, CEO Melbourne Innovation Centre, outlines the current state of northern Melbourne’s innovation system in some detail and the key industry, tertiary, state and local government, and intermediary players that help to shape it. He discusses how MIC’s methodology to assist start-ups and entrepreneurs has changed rapidly over the last three years. That is, away from writing long business plans to lean methodologies (start-up science) that utilizes things like the business canvas, lean start-up, design thinking and prototyping and strategies for rapid deployment. He noted that during this time the typical age profile of his clients has become younger from predominantly 30 to 40-year olds to 20 to 30-year olds. David discusses recent changes to national legislation for venture capital and crowd funding similar to legislation in the UK and New Zealand. He believes this offers great opportunities and will have a dramatic impact on the availability for funding new ideas and innovation.
Watch his presentation below:
This blog is part of the LBS Innovation Series, developed by Dr Mark Cloney, Professor of Practice in Economics in the La Trobe Business School. The series was developed after the successful National Innovation Forum organised by La Trobe Business School, NORTH Link and Deloitte Consulting P/L.
More blogs in the LBS Innovation Series:
- LBS Innovation Series: Introduction
- LBS Innovation Series: Universities’ engagement with industry
- LBS Innovation Series: A start-up science story
- LBS Innovation Series: Think big or go home
- LBS Innovation Series: Welcome to the 4th Industrial Revolution
- LBS Innovation Series: How can universities strengthen firms’ innovative ability?