Queensland Premier Annastacia Palaszczuk announced a $40 million incentive fund set to help boost new businesses at the State of the State luncheon in Brisbane yesterday.
The Advance Queensland Development fund is expected to commence with a $40 million contribution from the Queensland Government, with more of the balance set to come from private investors.
At the luncheon Ms Palaszczuk said the fund will help those with new business ideas who haven’t had the funds to make their dreams become a reality.
“Around the world, governments are supporting the early stages of business development to get these business ideas off the ground,” Ms Palaszczuk said
“This is another example of business and government working together to establish a much needed, mature venture capital market for start-ups in Queensland.”
The Queensland Government has announced investment offerings ranging from $125,000 up to $2.5 million, along with private sector co-investors assisting businesses with their start up costs.
“Our Business Development Fund will ensure both start-up and established businesses have the funding they need and are supported by a co-investor who will provide invaluable expertise and advice to mentor and grow these ventures,” Ms Palaszczuk said.
Brisbane resident and new business owner Brianna Pearl is excited about the announcement and said the funding will help grow her business.
“For those of us who are working at building our own business it could potentially increase our ability to get resources as well as allow us to increase employment,” Ms Pearl said.
“The growth rate of our businesses could increase ten fold.”