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    Coat of ArmsMedia Release
    Minister for Innovation, Science and the Digital Economy and Minister for Small Business
    The Honourable Leeanne Enoch

    Innovation investment leverages more than $130 million boost to Qld economy

    Minister for Innovation, Science and the Digital Economy and Minister for Small Business
    The Honourable Leeanne Enoch

    Tuesday, August 22, 2017

    Innovation investment leverages more than $130 million boost to Qld economy

    The Palaszczuk Government’s investment in innovation has leveraged $132 million from partners, helping to further propel economic growth and jobs across the state.

    Minister for Innovation, Science and the Digital Economy Leeanne Enoch said today (Tuesday) significant co-investment has been achieved since Advance Queensland launched two years ago.

    “Under the Newman-Nicholls Government, there was no future for Queensland, no new ideas and no job security,” Ms Enoch said.

    “ABS figures show 94,500 new jobs created under our economic plan since the January 2015 state election – the equivalent of 100 new jobs every day under the Palaszczuk Government.

    “Advance Queensland is our $420 million whole-of-government initiative to help Queenslanders turn their great ideas into new products, services, exports and jobs.

    “To the end of June, we have committed more than $205 million of this investment to 1650 innovators across Queensland with their projects driving 4821 jobs.

    “Many Advance Queensland programs were designed to attract investment from large institutions and big players in the market.

    “The $132 million co-investment is testament that business, academia and entrepreneurs agree that Advance Queensland is on the money,” she said.

    Ms Enoch said a ‘great example of backing a great idea and a bright future for the state’ is the Platform Technology Program, which aims to accelerate the development and deployment of significant, highly collaborative, industry based platform technology projects.

    Under this program, Advance Queensland invested $1 million into a $4.35 million Boeing project, which brings together Boeing, Telstra and Queensland Gas Company/Shell, to work with Queensland small-and-medium-sized enterprises (SMEs) and to develop an advanced airspace awareness system, to enable unmanned aerial systems operations for a range of civil and commercial industries with large area coverage requirements.

    “Encouraging and attracting sector investment is amplifying the impact of the Queensland Government’s investment into Advance Queensland’s transformational agenda, designed to spur innovation-led economic growth across Queensland,” Ms Enoch said.

    Ms Enoch said business, researchers and entrepreneurs had supported the Advance Queensland programs, not only in testimonials but also by investing their own resources.

    She said Innovation Partnerships grants support research organisations to undertake collaborative research projects with industry or end-users to address an industry or end-user issue. More than $15 million of external funding has been leveraged from this one program.

    “The Palaszczuk Government has provided $3.3 million in funding through the Biofutures Commercialisation Program (BCP) which has resulted in more than $10.5 million of external funding being leveraged,” she said.

    BCP supports bioindustrial experts to partner with Queensland researchers and businesses to scale-up and test new or improved technologies and processes at the pilot or demonstration scale. This program requires applicants and partner organisation to provide cash contributions that are at least equal to the project funding.

    Ms Enoch said the Palaszczuk Government is also supporting small business and startups through programs such as the Ignite Ideas Fund.

    “Ignite Ideas, which provides a diverse range of Queensland’s innovative startup and small to medium businesses, the opportunity to break into new local, national, and international markets, and create new jobs, has leveraged an additional $15 million in external funding,” she said.

    ENDS

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