My recent trip through the picturesque regions of Victoria and South Australia reminded me of the untapped potential residing within our vibrant regional startup ecosystems. I witnessed firsthand the power of community and collaboration in fostering the success of regional startups.

Compared to their urban counterparts, unique challenges make regional startups even more necessary due to a lack of resources and infrastructure. It takes a village to support startups. Now, more than ever, our village must unite and nurture the potential within our regional startup community.

Supporting regional startups plays a vital role in bridging the urban-rural divide. It fosters connectivity and collaboration, strengthening ties between different communities. This inclusive approach encourages knowledge exchange, stimulates innovation, and promotes a more balanced and interconnected economy.

Regional startups drive economic growth and job creation within their local communities. By supporting these ventures, we invigorate regional economies, creating a positive cycle of prosperity that benefits all residents. These startups bring fresh ideas, unique perspectives, and innovative solutions to the table, addressing specific regional challenges and tapping into untapped markets. By nurturing their growth, we foster a culture of resilience, adaptability, and innovation that permeates the entire community.

One of the significant benefits of supporting regional startups is the reversal of the brain drain phenomenon often experienced by smaller communities. We encourage talented individuals to stay within the region by offering opportunities, resources, and support. This retention of local talent nurtures a pool of skilled professionals, driving long-term development and ensuring a sustainable future.

Regional startups' success relies on a vibrant ecosystem encompassing investors, mentors, service providers, educational institutions, and government support. Investing in this ecosystem creates an environment conducive to startup growth, attracting further investment, fostering collaboration, and propelling the region forward.

During my journey through Victoria and South Australia, I had the privilege of experiencing inspiring encounters and gaining a profound appreciation for the indispensable contributions made by key organisations in the critical infrastructure of our regional startup ecosystem.

Among them are Runway HQ, Stone & Chalk, Startup Victoria, esteemed universities like Deakin University, and the unwavering support from local councils, which have all emerged as the backbone of our regional entrepreneurial landscape. These vibrant hubs, incubators, accelerators, and academic institutions are pivotal in nurturing startups and propelling them towards remarkable success.

Runway HQ is a thriving community for innovators and entrepreneurs. Through its collaborative workspace, events, and mentorship programs, Runway HQ creates an environment where knowledge and ideas flow freely, fueling innovation and driving progress. Startup Victoria fosters and supports the growth of the startup ecosystem through resources, programs, and events, creating a supportive environment where startups can connect, learn, and access opportunities for success. Stone & Chalk have tailored programs, industry partnerships, and access to a vast network of mentors and investors, enabling countless entrepreneurs to overcome obstacles and flourish in the competitive startup landscape.

Our commitment to these critical infrastructure providers must persist, particularly in challenging fiscal environments. Rather than retracting support, we must intensify our efforts to bolster those who assist early-stage businesses in commercialising their ideas and scaling.

Increasing financial assistance, grants, tax incentives, and policy frameworks tailored to the unique needs of startups will empower these organisations to provide even greater support. Such investments will ensure that regional startups can compete on a level playing field, attract investment, and create job opportunities in their communities.

Supporting regional startups is of utmost importance, especially with the right policy settings. Recent federal and state budgets suggest we need to do more on the funding and taxation fronts. While economic uncertainties may cast a shadow over investment, we must rally behind regional startups and intensify efforts to support them and help unlock the innovations that will drive our nation's productivity.

By investing in the invaluable pillars of our startup ecosystem and by doing more, we invest in the future of our regions, fostering economic growth, innovation, and a sense of belonging for all residents. The success of regional startups extends far beyond individual ventures. It directly impacts local economies, job creation, and overall wellbeing of communities.