$24 million Enterprise Acceleration Fund to supercharge innovation
Published Monday, 10 October, 2022 at 02:54 PM
Treasurer and Minister for Trade and Investment
The Honourable Cameron Dick
Treasurer and Minister for Trade and Investment Cameron Dick has announced a new $24 million Enterprise Acceleration Fund to invest in growing Queensland start-ups, supporting more good jobs.
The Enterprise Acceleration 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.”
The Treasurer said the fund would invest from $500,000 up to $2.5 million in businesses with a majority of their employees in Queensland.
The fund 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,” the Treasurer said.
The Enterprise Acceleration Fund builds on other Queensland business investment funds managed by QIC that have invested $114.8 million in 65 Queensland businesses and created over 1,000 full-time equivalent jobs.
“This includes companies like Gold Coast-based modular home manufacturer, ModnPods which will now be able to more than double the size of its Arundel manufacturing facilities, and will increase the number of employees from 16 to 100, thanks to an investment from the Queensland Government’s $100 million Business Investment fund,” the Treasurer said.
“Last year, our Business Investment Fund also invested in Gilmour Space, helping the company to build sovereign satellite and rocket manufacturing capabilities and boosting their local workforce.
“Funding will also support construction of the company’s unique Eris rockets featuring new and innovative hybrid propulsion technologies, helping to propel the next stage of Gilmour Space Technologies' path to orbit.”
The Treasurer encouraged innovative Queensland business right across the State that were looking to grow to consider expressing interest in the Enterprise Acceleration Fund.
Media Contact: Geoff Breusch 0417 272 875