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. 22.03.2018
    by      In
    The Fair Work Commission gave the OK for the construction, textiles, and maritime unions to merge into a new "super union", but the proposal has been meeting pushback from established employers.
    In a response to the merger bid, the commission said it would allow the Construction, Forestry, Mining... Read More
  2. 22.03.2018
    by      In
    A South Australian advanced manufacturing company will use the Land 400 project to climb out of the 'valley of death' and grow its defence business.
    Adelaide-based Plasteel SA is among a number of specialist Australian companies partnering with Rheinmetall Defence Australia, which was last week... Read More
  3. 22.03.2018
    by      In
    Swinburne university has established the Joint Research Centre in Advanced Manufacturing in Weihai Economic and Technological Development Zone in Shandong, creating further connections between industry in Australia, China and South Korea.
    The centre is a partnership between Swinburne, Shandong... Read More
  4. 20.03.2018
    by      In
    The NSW Government has announced a one-off package of up to $47 million to help local government and industry to respond to China’s National Sword policy.
    The announcement came from Environment Minister Gabrielle Upton, who said: “NSW has a strong kerbside recycling system and the Government,... Read More