Creative Enterprise Australia CEO Anna Rooke
Start-up fund established for creative businesses
Creative industries' entrepreneurs can apply for up to $150,000 to launch their business idea thanks to an Australia-first start-up fund announced at the Creative³ Forum.
The QUT Creative Enterprise Australia (CEA) Investment Fund will draw on private sector investment as well as additional revenue from CEA to fast-track new businesses across design, fashion, animation, entertainment industries, music, architecture and visual arts.
QUT CEA chief executive officer Anna Rooke said the investment fund, which will open to applications by mid 2013, would focus on high-growth creative businesses that need up to $150,000 to get started.
"Early stage investment is the No.1 barrier to innovation in Australia for the creative industries," Ms Rooke said.
"The sector is seen to be 'too risky' by banks, angel investors and venture capital capitalists and it's our belief at CEA that this is fundamental market failure in Australia.
"If you're in film, fashion or design, for example, how do you get your foot in the door?"
Ms Rooke said businesses would have to demonstrate to QUT CEA and other investors an expected return within three to five years.
"It will be the first dedicated CEA Investment Fund in Australia which is solely focused on creative industries business deals and is open to any high-growth creative commercial venture," she said.
"We understand and believe in Australian creative talent and commercial opportunities."
Ms Rooke said the start-up fund strengthened CEA's role over the last five years as a "creative incubator" in Australia.
CEA has worked with entrepreneurs and helped to support commercial business opportunities across the creative industries in areas such as film and television, new media, music, and fashion and design.
The two-day Creative³ Forum, from September 13 to 14 at QUT's Creative Industries Precinct at Kelvin Grove, included international guest speakers such as business innovation expert Patrick van der Pijl, YouTube Asia's Jean Huang Lundgren and Vince Bannon from Getty Images.
Director and choreographer Meryl Tankard and jazz musician James Morrison featured in a conversation at Creative³ in partnership with Brisbane Festival.
Event details are available at www.creative3.com.au
Sarah Trebilcock, QUT Creative Enterprise Australia marketing officer, 3337 7805
Stephanie Harrington, QUT media officer, 3138 1150, email@example.com