Queensland Treasurer and Minister for Commerce and Funding Cameron Dick. (AAP Picture-Glenn Hunt)
Queensland startups will get a serving to hand with kick-starting their revolutionary enterprise ventures, after state Treasurer and Minister for Commerce and Funding Cameron Dick introduced a brand new $24 million Enterprise Acceleration Fund that may put money into rising startups throughout the sunshine state.
The Enterprise Acceleration Fund will put money into revolutionary, early-stage Queensland corporations by supporting elevated entry to funding capital and jobs progress.
Queensland enterprise homeowners are being urged to begin expressing their curiosity within the fund, which is able to help native companies to assist develop their market share with funding between $500,000 and $2.5 million.
Dick says the fund will assist help Queensland companies with their initiatives.
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“There are nice companies proper throughout Queensland which can be growing new services and products proper now,” he stated.
“This new $24 million fund will again these companies and assist them to develop their market share.
“Meaning extra jobs for Queenslanders.
“And it means a optimistic return for Queenslanders, as a result of the seed funding will develop over time as investments are realised and reinvested via this fund.”
In response to the Australian Bureau of Statistics, there had been 2,569,900 actively buying and selling companies within the Australian financial system as of June 30, 2022.
This can be a 7%, or 167,646, improve within the variety of companies, of which 140,102 are non-employing companies.
The state’s funding supervisor, Queensland Funding Company (QIC) will independently handle the fund, which is able to construct on different Queensland enterprise funding funds managed by QIC.
Up to now, funds managed by the QIC have invested $114.8 million in 65 Queensland companies and created greater than 1000 full-time equal jobs.
Dick says the Enterprise Acceleration Fund is nice information for Queensland companies and taxpayers.
“By investing in these revolutionary corporations, the state helps them to succeed and can get a monetary return after they do,” he stated.
“This contains corporations like Gold Coast-based modular residence producer, ModnPods which is able to now have the ability to greater than double the dimensions of its Arundel manufacturing amenities, and can improve the variety of workers from 16 to 100, because of an funding from the Queensland authorities’s $100 million Enterprise Funding Fund.
“Final 12 months, our Enterprise Funding Fund additionally invested in Gilmour House, serving to the corporate to construct sovereign satellite tv for pc and rocket manufacturing capabilities and boosting their native workforce.
“Funding may even help building of the corporate’s distinctive Eris rockets that includes new and revolutionary hybrid propulsion applied sciences, serving to to propel the subsequent stage of Gilmour House Applied sciences’ path to orbit.”
In a July 2021 assertion final 12 months, Gilmour House CEO and co-founder Adam Gilmour welcomed QIC’s participation within the Sequence C elevate.
“This funding will immediately help the expansion of Australia’s sovereign area and manufacturing capabilities,” Gilmour stated.
“It’s going to assist us work with extra native suppliers, rent extra graduates, and retrain extra expert employees from different industries to assist us construct and launch Australian-made rockets and satellites from Queensland.”
Originally published at Gold Coast News HQ
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