The University of Queensland has secured funding under the Queensland Investment Corporation (QIC)-managed Queensland Venture Capital Development Fund to invest in promising local startups.
UQ is one of the first 5 government-backed accelerators to receive funding, from more than 85 groups that applied to the $130 million fund.
UQ Head of Entrepreneurship, Nimrod Klayman said the accelerator funding would be transformative for local business founders, with the UQ program helping to close the early-stage funding gap for Queensland innovators operating in a competitive environment.
“This initiative is an opportunity for UQ to help equip and empower founders both within and outside our university community,” Mr Klayman said.
“By leveraging UQ’s established expertise and networks, we aim to boost the number of aspiring founders, increase their access to new opportunities and sources of investment and support the creation of new jobs.
"It will benefit Queensland and Australia now and well into the future by building a pipeline of innovative companies and elevating the venture capital industry.”
UQ has supported and invested in startups and social enterprises for the past 24 years, running some of Australia’s largest and most successful accelerator and incubator programs.
The University will use the funding to support founders to advance their commercial strategies and enhance growth through the Momentum Accelerator, which has 4 tailored programs: Digital and Software as a Service (SaaS); Female Founders; National Security and Dual Purpose; and UQ Affiliates.
Each qualifying business will receive expert guidance to enhance business skills, grow networks, and boost scaling plans to help participants prepare for significant fundraising.
The Momentum Accelerator will conclude with a pitch to top investors offering direct funding opportunities. Hosted by UQ, it is open to all and not limited to UQ students or university affiliates.
QIC will provide additional funding to increase its commitments to certain shortlisted venture capital funds and due diligence will begin on others to increase the coverage of Queensland Venture Capital Development Fund investments.
The accelerators are slated to run over a two-year period, supporting 18 cohorts with an estimated 168 companies.
For more information and to apply, visit the UQ Momentum Accelerator webpage.
Media contact
Irini Cavalliotis
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