The Queensland government has established a new $24 million Enterprise Acceleration Fund to provide a boost to local startups and create more jobs.
Queensland Treasurer and Minister for Trade and Investment Cameron Dick said the fund will invest from $500,000 up to $2.5 million in innovative, early-stage businesses that employ a majority of their employees in Queensland.
Queensland Investment Corporation, the state’s investment manager, will independently manage the fund.
“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 in a statement.
The fund builds on other Queensland business investment funds managed by QIC, which has invested a total of over $114.8 million in 65 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.
The government’s Business Investment Fund also allocated investment in Gilmour Space in 2021, which enabled the company to build sovereign satellite and rocket manufacturing capabilities, and boost its workforce in Queensland.
