Queensland’s small to medium enterprises are positioned to benefit from a new federal government initiative that aims to boost Australian business.
Minister for climate change, industry and innovation Greg Combet said as part of the Commonwealth’s Innovation Investment Fund (IIF), $200 million will be invested into start-up companies around the country.
The multimillion-dollar cash boost will help early stage, high growth businesses expand in size and succeed in the marketplace – potentially generating opportunities for apprenticeships in Queensland as a result.
“Venture capital helps turn ideas into successful businesses and new jobs. It is a vital part of our innovation system which is why the government, as part of its Plan for Australian Jobs, has announced a new $350 million round of the IIF Program,” Mr Combet explained.
The minister went on to say that supporting smaller and recently established companies is essential for not only economic growth, but also business innovation.
“This is a huge boost for Australian start-ups. These funds will invest at least $200 million of new capital in start-up businesses,” he added.
Since the IIF initiative was created in 1998, 16 rounds of funds have invested in a range of new companies including Seek, Bionomics, Benthic Geotech and Pharmaxis.