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    Coat of ArmsMedia Release
    JOINT STATEMENT
    Premier and Minister for the Arts
    The Honourable Annastacia Palaszczuk
    Treasurer, Minister for Employment and Industrial Relations and Minister for Aboriginal and Torres Strait Islander Partnerships
    The Honourable Curtis Pitt

    Palaszczuk Government backs Qld’s start-up revolution with $40 million Business Development Fund

    JOINT STATEMENT

    Premier and Minister for the Arts
    The Honourable Annastacia Palaszczuk

    Treasurer, Minister for Employment and Industrial Relations and Minister for Aboriginal and Torres Strait Islander Partnerships
    The Honourable Curtis Pitt

    Tuesday, October 20, 2015

    Palaszczuk Government backs Qld’s start-up revolution with $40 million Business Development Fund

    The new generation of Queensland businesses will be backed by the Palaszczuk Government through the $40 million Advance Queensland Business Development Fund to turn great ideas into commercial realities. 

    Announcing the opening of the Fund at today’s CEDA State of the State luncheon, Ms Palaszczuk said the Fund would attract co-investment from private investors and generate high-value jobs in Queensland.  

    “Queenslanders, and Australians in general, haven’t had the appetite in the past to provide venture capital to start-up businesses,” Ms Palaszczuk said. 

    “In Queensland, my Government is changing that. 

    “Our Business Development Fund will ensure both start-up and established businesses have the funding they need and are supported by a co-investor who will provide invaluable expertise and advice to mentor and grow these ventures,” Ms Palaszczuk said. 

    “We need to create more small to medium enterprises in our state that can hopefully grow into business powerhouses. 

    “Because they are the innovators. They are the profit-makers. And above all, they are the job creators. 

    “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. 

    “Around the world, Governments are supporting the early stages of business development to get these business ideas off the ground. 

    “This is another example of business and government working together to establish a much needed, mature venture capital market for start-ups in Queensland.” 

    Under the scheme, the Queensland Government will provide matching investment contributions ranging from $125,000 up to $2.5 million, alongside private sector co-investors to assist businesses in turning their ideas and innovations into commercial realities. 

    Individual ideas can attract up to $5 million based on equal co-contributions from government and investors. 

    Treasurer Curtis Pitt said the Fund would be administered by the Queensland Investment Corporation on behalf of the Government to get maximum advantage for businesses and investors. 

    “The business sector is getting behind our Government’s innovation agenda,” Mr Pitt said. 

    “As well as the Governments financial backing the Business Development Fund is about growing a pool of angel investors and expanding venture capital market in this state – something we have been short of in recent years. 

    “But if we can show that our best ideas – our best innovations, our best biomedical advances, our best discoveries – are business worthy, then that investment pool will grow. 

    “And that is why Government is stepping in. We want to lead the way when it comes to investing, to point those angel investors in the right direction.” 

    A similar New Zealand Seed Co-Investment fund with $40 million of its own in 2006 has since leveraged $140 million in private investment, attracting 14 seed co-investment partners and funding 116 companies. 

    Potential applicants and investors can find out more about the Business Development Fund at: www.advanceqld.initiatives.qld.gov.au