Applying for Business Development Fund investment
Once a co-investor has committed to investing in a Queensland business commercialising cutting-edge research or innovative ideas, products or services, the co-investor will need to submit an online application for fund investment. This is a 5 step process:
On submission of applications, the QIC reviews all applications against the key eligibility criteria and provides the investment panel with the applications that meet the key eligibility criteria.
The state, QIC and investment panel members reserve their rights, at their discretion, to require additional information from any applicant; and take into account any information from its own and other sources in reviewing and evaluating applications.
There is no fee for applying for a Fund investment. All costs incurred in relation to application process (including participation in an investment pitch) are to be borne by the applicant.
The investment panel reviews the applications and shortlists them based on whether they best meet the investment criteria, are in the public’s interest, and are, in their opinion, commercially viable. Applicants will then be notified of the outcome and invited to pitch.
The investment pitch is a critical stage of the application process, providing an opportunity to draw out the merits of the investment proposal, and for panel members to ask relevant questions.
If an invitation to pitch is made, co-investors and business founders are strongly encouraged to provide a strategic overview of the business plan and any other materials to support their application. The Queensland Government’s Business Queensland website is a valuable tool to assist applicants prepare for this stage, which includes the business planning kit. Where appropriate, teleconferencing or videoconferencing will be used should the co-investor or founder not be able to attend in person.
Following the pitch, panel members will make an investment decision. Decisions will be made by majority vote. If the panel decides not to invest, unsuccessful applicants will be notified. If the panel recommends to invest, they will outline an offer and inform QIC.
QIC will present an offer for consideration to the co-investor and business. This offer will include a contribution from the Fund and may include an investment contribution from 1 or more panel members. Panel members will, like the Business Development Fund, be a passive investor.
The state, QIC and investment panel members are not obliged to accept any application or to proceed with an investment regarding an application. If an offer is accepted, QIC will execute the investment documentation on behalf of the Fund. No legally binding arrangement will take effect until written binding investment documentation is entered into by QIC (on behalf of the state), the co-investor and the business.
After completing the Business Development Fund application form, you can submit your application online.