Startup companies are appealing to a number of entrepreneurs around the country, but success is not guaranteed. New funding could change this.
Startup companies have been the backbone of the tech industry around the globe, especially in recent years where charismatic entrepreneurs have been able to take the world by storm.
Now, Australia is looking to get in on the act, with the Queensland government announcing a funding scheme for jobseekers looking to kick-start their own future in the role of their choice.
Despite the appeal of these companies, some of the difficulties can be hard to overcome, such as affording a workspace or securing the funding to get started in the first place. For this reason, the Queensland government has targeted entrepreneurs who want to run a business from the comfort of their own home.
The advantages to this include lower operating costs and the ability to have a flexible work day, as there is no need to travel to and from an office.
To support these professionals, the government has dedicated $1 million to be distributed in grants to eligible individuals. Qualified applicants can earn up to $5,000 to be put towards the operation of their startup companies.
Currently, there is no limit to the focus these businesses can have, with Minister for Education Kate Jones assuring that a range will be supported.
“If you are a stay-at-home parent thinking of starting a new home-based business, or are currently running one, this program can help you get the necessary advice and support to succeed,” she said.
“From business planning to market research and mentoring, broad types of business advice will be supported.”
To be considered for the grants, business owners must have a child under the age of 12 and be based in Queensland.
According to the Australian Bureau of Statistics, the business entry rate increased to 13.7 per cent for the 2013-14 financial year. Ideally, schemes such as this one will allow these business to focus on success as they develop and reduce the current drop out rate of 12.7 per cent.