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 with a consortium of three organisations.
- Foresters Group (Foresters)
- 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 finance and funding streams
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.