More than 80 venture capital firms and accelerators have applied to partner with the Queensland Government to retain and attract high-performing start-ups into the state’s growing entrepreneurial ecosystem.
Speaking at the Tech Council of Australia’s inaugural National Tech Summit in Brisbane, Premier Annastacia Palaszczuk said the strong response to the Queensland Venture Capital Development Fund demonstrated Queensland remains an attractive investment destination for start-ups to call home.
“High-growth start-ups are proven job creators, capable of adding thousands of new jobs to our economy at a faster rate than other sectors,” the Premier told the audience.
“That’s why our government is working with venture capital funds to provide local start-ups with greater access to early-stage capital, enabling them to scale up and accelerate their growth quickly.
“No longer do places like Silicon Valley hold a monopoly over innovation – Queensland can and will hold its own.
“Local success stories like Tritium, Go1, Gilmour Space Technologies and Endua are examples of what can be achieved right here in Queensland.
“We want to unashamedly retain and attract high-performing start-ups here in Queensland and will be working with the market to ensure the local venture capital industry deepens and grows to support new industries, new market growth, and new jobs.”
Queensland Treasurer and Minister for Trade and Investment, Cameron Dick, said the Queensland Venture Capital Development Fund was developed to ensure these burgeoning businesses, full of the country’s smartest creatives, tech experts, advanced manufacturers, financial analysts, and service industry innovators, remained in Queensland to continue to grow the state’s economic diversity.
“Importantly, QIC and Treasury have set the fund up to also allow these start-ups to attract the best talent to Queensland.
“In just one month, QIC received more than 80 applications from venture capital firms and accelerators wanting to partner with the Palaszczuk Government in helping these start-ups prosper in Queensland.
“The sheer number of firms wanting to invest in Queensland start-ups, shows that the Sunshine State’s innovation sector is one of the most attractive commercial opportunities in the country.
“This huge demand to partner with the Queensland Venture Capital Development Fund also demonstrates that the private sector’s desire to work with the Palaszczuk Government and the strength of the State’s overall economy.”
The Queensland Venture Capital Development Fund comprises three core elements:
- Matched Funding – Queensland Government’s $75 million of cornerstone funding will support matched funding into appointed venture capital funds.
- Accelerator Funding – a series of accelerator programs to increase deal flow for Queensland investors.
- Development Programme – the appointed venture capital funds and accelerators will participate in the VCDF Development Programme to accelerate, develop and enhance the venture capital industry in Queensland.
