ARTICLE · 26 OCTOBER 2015

Governments get behind funding Australian start-ups and innovators - 23 October 2015

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Emerging and innovative Queensland businesses will be pleased to hear that the Business Development Fund has kicked off.

AustraliaStrategy

Michelle Eastwell

Kaitlyn Rafter

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Emerging and innovative Queensland businesses will be pleased to hear that the State Government's $40 million Business Development Fund has kicked off. The Fund is targeted at emerging and high growth innovative Queensland businesses and will provide opportunities for investments of between $125,000 and $2.5 million by the Fund. It is a requirement that there is at least matching private sector co-funding of the business.

The Fund will invest directly in the business and both the co-investor and the Fund will become shareholders in the business (which must be a company). It will be necessary to have in place a shareholders' agreement and other documentation and the co-investor may be provided with a buy out right for the Fund's shares in the business over the medium term.

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