StartupAUS welcomes Queensland budget’s focus – $24 million boost for startups

Startup industry lobby group StartupAUS says more states should follow Queensland’s lead and look to encourage entrepreneurship and innovation.

The Queensland government placed high emphasis on the role of startups in the economy in its latest budget, with a $24 million cash injection aiming to strengthen the state’s startup ecosystem.

StartupAUS CEO Peter Bradd says the new funding will help to create “thousands of local jobs”.

“It’s a well-known fact that high-growth startups generate 70-90% of new jobs,” Bradd says.

“The Queensland government is setting the agenda for other states and territories today with their Advance Queensland policy initiatives aimed at stimulating jobs growth via the local startup community.”

Queensland Premier Annastacia Palaszczuk says startups are a very important part of the state’s economy.

“Startups can reshape entire industries through technology and business model innovation,” she says. “They are vital to job creation and prosperity.”

Chair of the Australian Computer Society’s Queensland Branch, Dr Nick Tate, says the increased emphasis on technology is very positive.

“The ACS welcomes the focus on the impact of digital technology in today’s budget,” Tate says.

“It’s encouraging to see the support for education initiatives such as more focus on coding, computer science, and robotics.”

Bradd says this focus on education is important for the state’s long-term future.

“Australia won’t be the lucky country forever, and we can no longer rely on traditional sectors such as mining or agriculture to prop us up on a fiscal level,” he says.

“We need to encourage more students and young people to think about becoming tech entrepreneur, and contributing to that high-growth tech economy.”

More states should follow Queensland’s lead in embracing startups, Bradd says.

“Giving focus and profile to growing our startup ecosystem and entrepreneurial community will help secure the next generation of Australian jobs and boost our economic future,” he says.

“This has to be a priority for all levels of government.”

Earlier this year the Victorian government committed $60 million to its own ‘startup initiative’, which aims to enhance the state’s entrepreneurial ecosystem.

Raising your first round of capital? Starting a crowdfunding campaign? Want to grow your business with Instagram? StartupSmart School can help.