Queensland Premier Anna Bligh has announced how the Queensland government will allocate $100 million in a new round of Smart State funds.


The money will be used to attract world-leading researchers to Queensland as well as encourage investment into the biotechnology sector.


Speaking at BIO 2011 in Washington, Ms Bligh said the $100 million would be broken down into three areas:


$20 million towards attracting more world leading researchers

$50 million towards co-investment in high-priority projects and infrastructure

$20 million towards ensuring Queensland’s strong research focus is converted into business innovation and jobs ($13.5 million already allocated).


A further $10 million will be held for opportunities that arise during the life of the funding.


"Half of these new funds will be used to co-invest with industry, universities and the Commonwealth – that’s $50 million that will be matched from other sources to support research projects and new infrastructure," Ms Bligh said.


Applications for this funding will open 1st August and close 30th September.


Grants of up to $2 million will be available under the Co-investment Fund, although grants of up to $5 million will be considered for projects with a high strategic importance.


Ms Bligh said $20 million would be spent on projects that will attract more researchers to Queensland through fellowships and PhD scholarships.


“Smart State has already doubled the number of researchers and this new $20 million will build on that work,’’ she said.


“We are committed to encouraging the best brains to Queensland so they can develop world-first technology and improve services that will benefit not only Queenslanders but the rest of Australia and the world.


Ms Bligh said a further $20 million would focus on projects that deliver results for business.


“The innovation agenda is about positioning our businesses at the cutting edge, developing new products and making business more productive.


“One example of how these funds will benefit businesses is the Commercialisation Champions program, worth up to $150,000. This program will include placing researchers into businesses or skilled entrepreneurs into research institutes to transfer knowledge and skills on a day-to-day basis.


The government has already allocated $13.5 million of this innovation component to attracting international students through the “Study Queensland’’ program ($6.5 million), expand the successful What’s your big idea innovation grant program ($3 million) and develop new industry strategies for food and pharmaceuticals ($2 million each).


She said this component of the funding would also focus on achieving wider impact from Queensland’s research capacity, including economic, social and environmental.


For more information about the current Smart State funding round, you can email: This email address is being protected from spambots. You need JavaScript enabled to view it.">R&This email address is being protected from spambots. You need JavaScript enabled to view it. or visit www.industry.qld.gov.au/funding-and-assistance.