Queensland’s startup sector is set to welcome a $76 million injection, included in the $180 million State Government suite of reforms, nicknamed Advance Queensland. Queensland premier, Annastacia Palaszczuk has stated that the government has the intent on, “delivering a new era of opportunities to Queenslanders”. The injection will provide critical capital funding to Queensland-based, early-stage ventures.
The investment includes $24 million for the development of the Start Up Queensland program and $52 million aimed at improving access to finance management support for startups and small businesses. Of this $52 million, $40 million will be allocated to a business development fund and the additional $12 million will create a Queensland Commercialisation Program to support proof-of-concept projects.
The Startup Queensland program involves the development and support of successful incubators and accelerator programs. These programs give startups access to innovation advisory to enhance the skills of startup teams. Steve Baxter, Director of Brisbane’s startup space, River City Labs, has told the Financial Review, “It’s high time we developed a plan to build more global companies in Queensland led by entrepreneurs and not the insistence that this must come from the academic sector”.
Advance Queensland will help solve global challenges, seize opportunities in growing markets, fight for investment dollars, and create the jobs of the future.
The Premier provided the following overview of the program.
Queensland’s startup sector is a vital component to the states productivity and competition. The collaborative efforts of the Queensland Government and key industry leaders will continue to provide opportunities to help startups become global giants.
