none

QLD LAUNCHES $40M FUND TO SUPPORT NEW STARTUPS

23-10-2015
by 
in 

The Queensland government has announced a $40 million co-investment fund aiming to encourage a “startup revolution” in the state.

QLD Premier Annastacia Palaszczuk announced the fund during the CEDA state of the state address last week.

Premier Palasszczuk said the move is designed to “kickstart Queensland’s next wave of startups” by turning “great ideas into commercial realities”.

“Queenslanders, and Australians in general, haven’t had the appetite in the past to provide venture capital to startup businesses,” she said.

“In Queensland, my government is changing that.”

The fund will match contributions from private investors from $125,000 up to $2.5 million and an independent investment panel will assess each application, with up to $5 million in investments available for startups from the fund.

Ms Palaszczuk says it’s all about giving the state’s early-stage businesses a launching pad.

“If you build the right business model and meet the criteria, we will back you, because my government has a lot of confidence in what Queensland has to offer,” she said.

“If we can show that our best ideas, our best innovations, our best biomedical advances and our best discoveries are business-worthy, then that investment pool will grow.

“We want to lead the way when it comes to investing, to point those angel investors in the right direction.”

The fund will be led by the private co-investors, who will select the businesses to back and the amount of money to chip in, with the government then matching this contribution.

Queensland-based startups can apply online from October 27. These applicants will then be shortlisted, with a handful then pitching to the panel.

The startups must be commercialising an idea or product, require seed or follow-on investment, have a realistic chance at being commercially successful and have a shot at creating jobs.

In announcing the fund, the Queensland state government pointed to a similar scheme that was implemented in New Zealand in 2006 – a $40 million co-investment fund that has attracted nearly $140 million in private investments through funding 116 companies, thanks to 14 seed co-investment partners.

 

Related news & editorials

  1. 16.08.2018
    16.08.2018
    by      In
    Following extensive growth of the business, Beacon Solar (a division of Beacon Lighting Group) has changed its business (trading) name to Beacon Energy Solutions.
    Beacon Solar has been in the energy efficiency/solar market for more than 10 years, with the business initially offering residential... Read More
  2. 15.08.2018
    15.08.2018
    by      In
    BHP’s new $4.8 billion South Flank iron ore mine in the Pilbara is expected to create about 2500 jobs during construction and 600 ongoing roles. But local fabricators are quire rightly up in arms about the company’s decision to award the contract for 20,000 tonnes of structural steel work to... Read More
  3. 14.08.2018
    14.08.2018
    by      In
    The former Trade Commissioner of Denmark to Australia and New Zealand, Michael T Hansen has been named General Manager of Nilfisk in Australia.
    Originally from Denmark, Hansen has more than 25 years of experience in business development and sales.
    Over the last 9 years as Trade Commissioner, Hansen... Read More
  4. 14.08.2018
    14.08.2018
    by      In
    World-renowned physicist Dr Cathy Foley has been named CSIRO Chief Scientist with a brief to help champion science, its impact and contribution to the world. Dr Foley is best known for her work developing superconducting devices and systems that have assisted in unearthing over $6 billion in... Read More