$24 million to supercharge innovation

Queensland Treasurer and Minister for Trade and Investment Cameron Dick has announced a new $24 million Enterprise Acceleration Fund (EAF) to invest in growing Queensland startups, supporting more good jobs.

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

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

Dick said the fund would invest from $500,000 up to $2.5 million in businesses with a majority of their employees in Queensland.

The EAF will be independently managed by the state’s investment manager, Queensland Investment Corporation (QIC).

“This is good news for Queensland businesses, but it’s also good news for taxpayers. By investing in these innovative companies, the state is helping them to succeed and will get a financial return when they do,” Dick said.

The EAF builds on other Queensland business investment funds managed by QIC that have invested $114.8 million in 65 Queensland businesses and created over 1000 full-time equivalent jobs.

The Treasurer encouraged innovative Queensland businesses right across the state that are looking to grow to consider expressing interest in the Enterprise Acceleration Fund.

Image credit: iStock.com/jax10289