Palaszczuk Govt program accelerates METS innovation

The state’s $21 billion Mining Equipment, Technology and Services (METS) sector is set benefit with the announcement of the Palaszczuk Government’s latest initiative to drive jobs and business opportunities in the sector.

Minister for State Development Dr Anthony Lynham today announced applications would soon open for a new accelerator program which will be operated by KPMG, and funded by the Palaszczuk Government in partnership with METS Ignited, the independent Australian Industry Growth Centre based at QUT Gardens Point. 

“From July, Queensland METS companies will have access to financial, marketing, legal and technical advice to help turn their good ideas into commercial products,” Dr Lynham said.

“These actions are part of the Palaszczuk Government’s $6 million, four-year commitment to METS Ignited to help facilitate jobs and growth across the state.

“The late-stage accelerator program complements the early-stage METS technology accelerator run out of my Cabinet colleague Minister Enoch’s department.

“Together, these two programs give any of our 800-plus Queensland METS companies with an innovative idea a clear pathway to turn that idea into a commercial reality.

“The METS sector contributes $21 billion to the state’s gross revenue and has huge potential for further domestic growth and even greater expansion overseas.”

The program will include two-day boot camps in the regional centres of Toowoomba and Mackay where accelerator candidates will get intensive mentoring on how to get their ideas off the ground.

“The accelerator program will run for 12 weeks and the successful companies will have the opportunity to present their product or service to industry at a KPMG-led pitching event,” Dr Lynham said.

“The selection process will look at the research and development that each applicant has poured into their product or service and determine whether it is ready for further commercial development.”

Dr Lynham said while these programs are significant, they are not the only way the Palaszczuk Government is supporting growth and jobs in the sector.

“The Palaszczuk Government’s METS sector Roadmap and Action Plan, developed to align with the national METS Sector Competitiveness Plan, is currently due for release in 2017,” Dr Lynham said.

“The roadmap will include additional actions designed to assist Queensland METS companies looking to grow their businesses.”

KPMG has previously run the Energise accelerator program for energy and resources start-ups. Energise brought together top tier oil and gas companies and Australian start-ups, to help them crack the sector, win contracts and grow their businesses.

For more information visit: http://statedevelopment.qld.gov.au/industry-development/mining-equipment-technology-and-services.html

ENDS

Media Contact:          Benjamin Mulcahy 0419 562 389

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