As part of a new $9 million grant program, the Queensland government is funding four prominent startup accelerators to help establish up to 120 “early stage” business businesses and startups across the state.
In the first grant funding round, BlueChilli has received $245,020; Queensland University of Technology’s Creative Enterprise Australia has received $200,000; Innovation Centre Sunshine Coast has received $160,000; and Unearthed Solutions has received $250,000.
Each accelerator is expected to provide intensive mentoring and support in product or service development, customer acquisition and investment opportunities to as many as 30 early stage businesses and startups.
Over the next three years, the total funding provided to these four accelerators from the Queensland government could reach $2 million.
Queensland’s acting minister for innovation, science and the digital economy Kate Jones says the grant program is aimed at creating new economic opportunities and jobs.
“Each accelerator program will take entrepreneurs with great ideas through an intensive three month process to turn their ideas into products that will make a difference for their chosen industry,” Jones said in a statement.
“For our larger, established businesses and corporations, these accelerators will provide a pipeline of new ideas that can be developed into commercially viable products, services and business models.
“This is an important way for key industries to stay competitive in a rapidly changing economy.”
Additional funding recipients from the Industry Accelerators Program are expected to be announced sometime in 2017.