The Arts Business Innovation Fund (ABIF, the Fund) addresses the need to support innovation to strengthen income generating and entrepreneurial capacity in Queensland-based not-for-profit arts and cultural businesses.
The Fund is an initiative of the Queensland Government, through Arts Queensland (AQ) and the Tim Fairfax Family Foundation (TFFF), developed in partnership Positive Solutions and QUT Creative Enterprise Australia.
ABIF provides a $1 million investment for not-for-profit arts and cultural organisations. Both the Queensland Government and TFFF have contributed $500,000 to the fund.
Strengthen not-for-profit arts businesses financially and operationally by responding to innovative business ideas that will achieve an organisation’s mission into the future.
For arts organisations, outcomes will include:
– new and more resilient business models
– diversification of income streams
– access to new markets
– access to new finance and funding streams
– better capitalisation.
For government and Queensland, outcomes will include:
– a pool of funds provided by the private sector that can be re-invested
– increased value and return on government investment.
The fund is a $1 million investment, distributed as matched funding through equal combination of government funding and no interest repayable loan.