The new generation of Queensland businesses will be backed by the Queensland Government through the $40 million Advance Queensland Business Development Fund to turn great ideas into commercial realities.

State Member for Morayfield, Mark Ryan MP, welcomed the opening of the Fund, which would attract co-investment from private investors and generate high-value jobs in Queensland.

“Labor wants to see more venture capital to start-up businesses and this Fund is an innovative way to achieve that goal,” Mr Ryan said.

“The 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 the venture.

“With this Fund, the Government is saying to innovators that if you build the right business model and meet the criteria, we will back you.

“This is an example of business and government working together to establish a much needed, mature venture capital market for start-ups in Queensland.”

Under the scheme, the Queensland Government will provide matching investment contributions ranging from $125,000 up to $2.5 million, alongside private sector co-investors, to assist businesses in turning their ideas and innovations into commercial realities.

A fund in New Zealand started in 2006 with $40 million and has since leveraged $140 million in private investment, attracting 14 seed co-investment partners and funding 116 companies.

Potential applicants and investors can find out more about the Business Development Fund at: advanceqld.initiatives.qld.gov.au/