AusBiotech welcomes the Queensland Government’s $24 million Enterprise Acceleration Fund, which will aim to invest in innovative, early-stage Queensland companies, supporting increased access to investment capital and jobs growth.
The Enterprise Acceleration Fund builds on other Queensland investment funds managed by the Queensland Investment Corporation (QIC) that have previously invested $114.8 million in 65 Queensland companies, and created over 1,000 full-time equivalent jobs.
In a media statement, the Queensland Treasurer and Minister for Trade and Investment the Hon. Cameron Dick said the fund would invest from $500,000 up to $2.5 million in “innovative, early-stage” companies with a majority of their employees in Queensland.
Additionally, the Queensland Government suggests that the seed funding will grow over time as investments in other companies are realised and reinvested.
“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, [which] 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.”
Innovative Queensland companies across the State that are looking to grow can submit expressions of interest to the Enterprise Acceleration Fund, and view the fund’s investment criteria and guidelines.