Queensland Biofutures 10-Year Roadmap and Action Plan
The Queensland Government is committed to positioning the state as an Asia-Pacific hub for the biofutures industry.
The Queensland Biofutures 10-Year Roadmap and Action Plan articulates the activities that will grow this emerging industry with global growth potential over the next decade.
The government’s vision is for a $1 billion sustainable and export-oriented industrial biotechnology and bioproducts sector attracting significant international investment, and creating regional, high-value and knowledge-intensive jobs.
Biofutures is a major opportunity to diversify the Queensland economy. It will help create thousands of jobs for the future, particularly in rural areas and regional centres.
The Queensland Government will invest almost $20 million across 4 key areas to boost Queensland’s footprint in the industrial biotechnology and bioproducts sectors. These include:
- $5 million for Biofutures Industry Development Fund to financially assist companies complete due diligence and achieve financial close to allow better access to venture capital markets.
- $4 million for a Biofutures Acceleration Program to identify strategic catalytic investment opportunities and attract a signature keystone investor or investors to Queensland.
- $5 million for a Biofutures Commercialisation Program that will specifically assist businesses, in partnership with a Queensland research organisation, manage the significant risk in the development and scale-up of technology.
- $5 million for the establishment of Biofutures Queensland, a dedicated industry sectoral unit that will be the state’s focal point for biofutures industry support.