The State Government has launched a program to encourage the growth and development of “angel investor” groups in regional Queensland to help get startup companies on their feet.
Innovation Minister Leeanne Enoch said the Regional Angel Investors Support Program would provide funding of up to $20,000 per region for one year, with a possible extension for a second year, to eligible organisations to facilitate the formation of local angel groups in regional Queensland.
“This new Advance Queensland program, designed by the Office of the Chief Entrepreneur, will help establish that vital link between angel investors, who are able to provide that crucial early funding, and the innovative regional startups who are focused on going global from day one,” Ms Enoch said.
“The Regional Angel Investors Support Program is another vital component of the Palaszczuk Government’s $420 million Advance Queensland flagship initiative to drive innovation and entrepreneurship across the State and turn great ideas into new products, businesses and jobs.
“With a focus on fostering investment in startups around Queensland, this program complements the Advancing Regional Innovation Program, which is providing matched funding up to $500,000 to 12 regions around Queensland.”
Angel investors, along with venture capital funds, crowdfunding, government grants and accelerator programs, make up the main sources of funding for globally focused startup businesses.
Queensland’s Chief Entrepreneur Steve Baxter said while there was no shortage of ideas and expertise across regional Queensland, local investment in the startup sector was not as sophisticated as it could be.
“Angel investing is about getting involved at the very early stage of innovative, high-growth businesses and it’s this early-stage investment that startups need to gain serious traction,” Mr Baxter said.
“This program is designed to encourage high net worth individuals to get involved with their local Queensland startups and share in their success.”
