A new $400,000 LaunchVic-funded program will support at least 80 researchers to commercialise AI and deep-tech innovations over the next two years.
Australia produces world-class research. What it has consistently struggled to do is turn that research into commercial ventures that create jobs, attract investment, and compete on a global stage. A new program backed by the Victorian Government is designed to address that gap directly.
The Future Frontier AI and Deep-tech Pre-Accelerator Program, announced by Minister for Economic Growth and Jobs Steve Dimopoulos at the Victorian Startup Gala, has received a $400,000 Pre-Accelerator Grant from LaunchVic. The program will be delivered by the Monash AI Institute and Illume Ventures over the next two years, running four 10-week cohorts that will collectively support at least 80 researchers, founders, and aspiring entrepreneurs seeking to commercialise AI and deep-tech innovations.
The program was developed by Monash AI Institute Director Professor Shonali Krishnaswamy and Dr Jyoti Joshi Dhall, in collaboration with Illume Ventures founder and director Laxmi Pun, in response to a challenge they had observed repeatedly in Australia’s innovation ecosystem. Promising research was stalling at the point where scientific excellence needed to give way to commercial thinking, and most researchers had never been given the tools to make that transition.
Professor Krishnaswamy was direct about where the gap sits. “Many researchers have developed remarkable AI and deep-tech innovations, but building a successful startup requires a completely different set of skills. Researchers often haven’t had exposure to customer discovery, product-market fit, intellectual property strategy, building a founding team, developing a commercial roadmap, or preparing for investor engagement and funding rounds.”
The program is designed to build exactly those capabilities. Participants will receive specialised training, mentoring, and industry connections across product development, venture creation, fundraising, intellectual property strategy, market validation, and investor engagement. The goal, Professor Krishnaswamy said, is to help researchers understand what it takes to move from a promising technology to an investment-ready venture. “Future Frontier is designed to bridge that gap. We want to help researchers understand what it takes to move from a promising technology to an investment-ready venture.”
Illume Ventures founder and director Laxmi Pun said the program’s focus on connecting researchers with the right people and organisations was central to its design. Deep-tech innovations face a specific commercialisation challenge that general startup programs do not always address: the path from laboratory to market is longer, more technically complex, and more dependent on finding the right industry partners and investors who understand the domain. “Great research and technologies rarely succeed in isolation. Entrepreneurs need access to the right customers, industry partners, investors and advisers to understand where their innovation can create the most value. Through Future Frontier, we will help researchers engage directly with the people and organisations that shape the innovation ecosystem.”
Monash University Vice President for Innovation and Commercialisation Dr Andrea Huggins said the program reflects the university’s broader commitment to ensuring its research delivers impact beyond academia. “Monash is committed to ensuring our research delivers tangible benefits beyond academia. Programs like Future Frontier help create pathways for researchers to translate discoveries into products, services and technologies that address real challenges. The Victorian Government’s support recognises the importance of helping researchers navigate the journey from research to commercial success, creating stronger pathways for the next generation of AI and deep-tech founders.”
The program builds on Monash’s existing innovation and commercialisation infrastructure, which already supports researchers, students, and founders through entrepreneurship programs, startup initiatives, industry partnerships, and research translation pathways. Future Frontier adds a structured pre-acceleration layer specifically designed for AI and deep-tech researchers at the earliest stages of their commercialisation journey, before they are ready for a traditional accelerator program or investor pitch.
For Victoria’s startup ecosystem, the program represents a targeted investment in the part of the pipeline that has historically been hardest to support: the transition from research discovery to venture creation. With four cohorts planned over two years and at least 80 participants across the program, Future Frontier is designed to produce a meaningful increase in the number of AI and deep-tech researchers who reach the point of being genuinely investment-ready.
To learn more about the program and register your interest, please visit: www.illumeventures.com
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