More than 80 venture capital firms and accelerators have expressed interest in working with the Queensland Government to support high-performing start-ups in the state's burgeoning entrepreneurial landscape.
The announcement was made at the Tech Council of Australia's inaugural National Tech Summit in Brisbane, which showcased Queensland as a compelling investment destination for innovative start-ups.
Speaking at the Summit, the Premier highlighted the economic impact of high-growth start-ups, citing their potential to rapidly create thousands of jobs. The Queensland Venture Capital Development Fund aims to help local start-ups access early-stage capital, enabling them to scale up and accelerate growth.
The Premier highlighted Queensland's move away from traditional innovation hubs such as Silicon Valley, reaffirming the state's ability to compete globally. Success stories such as Tritium, Go1, Gilmour Space Technologies and Endua are examples of what is possible within Queensland's entrepreneurial ecosystem.
The Queensland Government's commitment to fostering a robust venture capital industry through partnerships will support new industries, drive market growth and create employment opportunities.
The Queensland Venture Capital Development Fund, managed by QIC and the Queensland Treasury, attracted more than 80 applications from venture capital firms and accelerators within a month. This overwhelming interest underlines Queensland's position as one of the most attractive places to do business in the country and reflects the private sector's willingness to partner with government.