Impact Innovation and LSQ team up to boost bioeconomy

The growth of Queensland’s bioeconomy is set to accelerate with the signing of a Memorandum of Understanding (MOU) between two champions of innovation-driven entrepreneurship.

Specialist innovation and commercialisation company Impact Innovation Group and key industry body, Life Sciences Queensland Limited (LSQ) have formally committed to collaborate on activities for boosting innovation outcomes across the state.

Impact Innovation’s managing director, Brian Ruddle, said working together will allow more knowledge-based start-ups and existing enterprises that are solving life science-related problems to access the right expertise and resources when they need them.

“Queensland’s position in the global biotechnology industry has been expanding over the past decade, with new ventures emerging and seeking support to scale up every week,” he said.

“But many of these innovators are so focused on developing the technical viability of their ideas that they fall behind on the process of getting them ready for the market.

“This is where the combined strengths of Impact Innovation and LSQ can make a real difference.”

Acting LSQ CEO Clare Blain said the cooperative agreement would enable both parties to introduce new opportunities to their networks.

“LSQ, through its new business development initiative led by Deputy CEO Dr Nagaraj Gopisetty, will provide members and life science start-ups, SMEs and entrepreneurs with the tools to accelerate their business growth and connect them with even more market outreach and skills development options,” she said.

“Our members are innovators in a wide range of industries, from human and animal healthcare to agriculture, marine technologies and bioenergy. We are working closely with Impact Innovation’s diverse expertise to offer greater engagement across more disciplines.”

The MOU recognises the mutual interests of Impact Innovation Group and LSQ in working with entrepreneurial ventures to advance clever and commercially viable ideas from Queensland research centres, start-up communities and other existing businesses.

Activities that are expected to emerge from this agreement include training, engagement and collaboration events; access to specialist advisors, trade mission delegations and other global connections; extended promotion of relevant funding schemes and other investment opportunities; and exploring new initiatives for collaboration.

Media enquiries:
Impact Innovation Group – Brian Ruddle (T) +61 7 3041 1128 or b.ruddle@impactinnovation.com
LSQ – Dr Nagaraj Gopisetty (T) +61 7 3331 3944 or ngopisetty@lsq.com.au