Confidence Boost For Start-Ups

THE Ideas Boom announcement has been criticised for its lack of support for established start-up companies and those in the manufacturing sector.

However, Queensland’s entrepreneurs described yesterday’s innovation package as a “godsend” that would encourage the state’s entrepreneurial spirit.

Brisbane start-up company Greensocks co-founders Andrea Martins and Richard Eastes said the Innovation Statement would help increase confidence around local start-ups.

“It will stop people from giving up so easily on starting their own company,” Ms Martins said. “A lot of investors are gunshy when it comes to investing in new start-up companies.

It will increase the chance of survival, with more people out there happy to invest.”

Greensocks was established through Brisbane’s River City Labs, which provides introductory and networking programs, known as accelerators and incubators, to start-ups.

Businesses such as River City Labs will have access to an $8 million incubator support program, as part of the government’s new innovation package.

Despite this, entrepreneur and investor Steve Baxter was disappointed about the announcement, saying it focused on education, not growth.

“There has been too much emphasis placed on the traditional support for university and education sectors in these announcements,” Mr Baxter said.

“Left unaddressed, this will be to the detriment of our global positioning.

To compete on the world stage, we need to put the focus on supporting the people with real skin in the game, in the trenches of our start-up community.”

River City Labs general manager Josh Anthony was thrilled with yesterday’s announcement which he said would allow innovators to come together to create a more vibrant startup community in Australia.