Palaszczuk’s $40 million Fund to Add Fuel to the Fire for the Collaboration Economy - SponsoredLinX (2024)

The Queensland Government’s announcement for a $40 million Business Development Fund has set entrepreneur hearts aflutter around the State – mine included! With the Turnball Government recently pushing an innovation wave throughout the hearts and minds of Australians, it seems the Palaszczuk Government has been watching very closely. This flow on effect has suddenly created a much more secure investment environment. Having recently become an angel investor myself, I can foresee an exciting time ahead. We will now see a very close, collaborative approach between the State Government and investors world-wide. Promoting this global network will open the flood gates for innovation in Queensland, but particularly in Brisbane which is touted at the digital hub of Australia.

Start-up innovators will spark collaboration efforts similar to what we have seen in Silicon Valley, igniting the #collaborationeconomy. Any new successful start-up story out of Silicon Valley all stem from a collaborative approach. Examples which instantly come to mind are Uber and Airbnb. Israel’s Silicon Wadi’s privately invested research and development firms have produced multiple cases as well, such as Waze, where public grants and academic research projects are also very strong. Seeing Australian politics step up to the plate is something I have been waiting to see come to fruition, but is also long overdue.

To have the backing on State and National Government to go ahead and pursue innovation and collaborative ideas will create a plethora of staggering concepts for our on demand economy. High-tech advancements are where our innovations need to be headed, but creating more accessible and affordable technology services for Australian small to medium sized businesses will enable a much greater flow-on effect from this new state government initiative. With over 2,000 such business owners as clients of SponsoredLinX, and the insights this kind of collected data includes, I can already begin to pinpoint evolving business services which will greatly add to the profitable outcomes of Australian businesses.

To this end, it’s not just the new generation of businesses which will benefit from such a state government fund, but there is also an opportunity for already established businesses to think outside the box and innovate to take advantage of this opportunity. Innovation these days rarely comes from working alone. Collaborating with those whose expertise in specific areas complement your own often means more creative solutions and innovations, which means a greater chance of investors wanting to invest in your collaborative creation. I can relate to getting a start-up business funded and off the ground; it is challenging and time consuming, but I can tell you, after having just gotten off the phone with fellow entrepreneurs and industry colleagues of mine, the vibe in the air at the moment is thick with intent, designs and concepts which will blow innovation and collaboration as we know it out of the water.