New $24 million Queensland government fund to invest in local early-stage startups

Queensland startups will get a helping hand with kick-starting their innovative business ventures, after state Treasurer and Minister for Trade and Investment Cameron Dick announced a new $24 million Enterprise Acceleration Fund that will invest in growing startups across the sunshine state.

The Enterprise Acceleration Fund will invest in innovative, early-stage Queensland companies by supporting increased access to investment capital and jobs growth.

Queensland business owners are being urged to start expressing their interest in the fund, which will support local businesses to help grow their market share with funding between $500,000 and $2.5 million.

Dick says the fund will help support Queensland businesses with their initiatives.

“There are great businesses right across Queensland that are developing new products and services right now,” he said.

“This new $24 million fund will back those businesses and help them to grow their market share.

“That means more jobs for Queenslanders.

“And it means a positive return for Queenslanders, because the seed funding will grow over time as investments are realised and reinvested through this fund.”

According to the Australian Bureau of Statistics, there were 2,569,900 actively trading businesses in the Australian economy as of June 30, 2022.

This is a 7%, or 167,646, increase in the number of businesses, of which 140,102 are non-employing businesses.

The state’s investment manager, Queensland Investment Corporation (QIC) will independently manage the fund, which will build on other Queensland business investment funds managed by QIC. 

So far, funds managed by the QIC have invested $114.8 million in 65 Queensland businesses and created more than 1000 full-time equivalent jobs.

Dick says the Enterprise Acceleration Fund is good news for Queensland businesses and taxpayers. 

“By investing in these innovative companies, the state is helping them to succeed and will get a financial return when they do,” he said.

“This includes companies like Gold Coast-based modular home manufacturer, ModnPods which will now be able to more than double the size of its Arundel manufacturing facilities, and will increase the number of employees from 16 to 100, thanks to an investment from the Queensland government’s $100 million Business Investment Fund.

“Last year, our Business Investment Fund also invested in Gilmour Space, helping the company to build sovereign satellite and rocket manufacturing capabilities and boosting their local workforce.

“Funding will also support construction of the company’s unique Eris rockets featuring new and innovative hybrid propulsion technologies, helping to propel the next stage of Gilmour Space Technologies’ path to orbit.”

In a July 2021 statement last year, Gilmour Space CEO and co-founder Adam Gilmour welcomed QIC’s participation in the Series C raise.

“This investment will directly support the growth of Australia’s sovereign space and manufacturing capabilities,” Gilmour said.

“It will help us work with more local suppliers, hire more graduates, and retrain more skilled workers from other industries to help us build and launch Australian-made rockets and satellites from Queensland.”