Increase in innovation funding vital for Queensland business

Monday 13 June, 2016 | By: Default Admin | Tags: State Budget, Advance Queensland, innovation, start-ups

The Chamber of Commerce and Industry Queensland (CCIQ) applauds State Budget measures to increase Advance Queensland funding, describing it as a win for small business and start-ups.

The Queensland Government today announced it will increase the investment in Advance Queensland from $180 million to $405 million.

CCIQ Director of Advocacy Nick Behrens said the additional $225 million allocated in the 2016-17 State Budget is a significant and positive step towards transitioning Queensland’s economy post the resources boom.

“Countries around the world are rapidly responding to global economic changes in order to remain competitive,” he said.

“The government’s commitment to ensuring innovation remains a key priority for Queensland will see us keep pace and not fall behind.

“CCIQ, in its January Budget submission and again this month, called for Advance Queensland innovation programs to be reorientated to capture interest from existing small business, not just start-ups.

“We are pleased to see the government has listened to the business community and provided a number of initiatives demonstrating this.”

Mr Behrens said a $22.7 million investment into the Advancing Small Business Queensland Strategy means small businesses eager and ready to innovate within their own businesses would be given the assistance to do so.

“Undoubtedly, the grants and support programs to be offered will enable small business to grow and employ more Queenslanders,” he said.

“Together with the $10 million pledge for the Platform Technology Program, the Queensland Government has again acknowledged small businesses as the backbone of the economy and validated their commitment to unlocking the potential of business to innovate.”

Other initiatives of the Accelerating Advance Queensland announcement includes:

Unlocking the potential of business to innovate

$22.7M - Advancing Small Business Queensland Strategy

$10M – Platform Technology Program

Harnessing existing strengths and fostering emerging opportunities

$3.9M – New Agricultural Economy

$40M – Advance Queensland Industry Attraction Fund

$9M - Industry Accelerators

$19.7M – Queensland Biofutures 10-year Roadmap and Action Plan

Building future generations

$3.3M - Schools of the Future

$7.1M - Global Schools

$25M - Clinical Genomics Service

$35M – Integrated Healthcare Fund

Growing our regions

$6M - Regional Innovation Hubs

$10M – Cairns Innovation Centre

$33.5M - Advance Queensland: Connecting with Asia Strategy

Mr Behrens said CCIQ recognised that increasing innovative efforts was essential to improve Queensland’s productivity, which in turn would sustain long-term economic growth and living standards.

“Many innovative ideas don’t survive because of a lack of opportunity, access to technology or the skills to bring them to life and turn them into the products, services and the commercial models of the future,” he said.

“The government must establish the right environment to allow small and medium businesses to flourish through realising their innovation potential. CCIQ notes that further work is needed in removing regulatory barriers to innovation.

“We look forward to further announcements that will deliver on the State Government’s promise for a small business-friendly Budget.’’

 

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