The call has gone out to Queensland's most innovative businesses to pitch their concepts to the 'What's your big idea Queensland?' competition.

Treasurer and Minister for State Development and Trade Andrew Fraser said the scheme was now open and grants of up to $50,000 were up for grabs for Queensland's most innovative business ideas.

Mr Fraser said after a successful pilot round was run earlier this year, attracting more than 600 applicants, funding had been increased by $3 million in the State Budget.

"The standard of ingenuity and progress the 22 winners from the inaugural round have been able to achieve with their grants has been nothing short of impressive," Mr Fraser said.

"I fully expect to see many of their business names next to potentially global success stories in the near future."

Previous winners include Cairns' Energy Innovations Polepower which uses world-first technology to mount solar cells on existing electricity poles and feed renewable energy straight back into the grid.

Mr Fraser said the grants scheme was aimed at providing assistance to innovative businesses to help commercialise their ideas, deliver new products and services or increase competitiveness.

Ai Group Queensland Director, Matthew Martyn-Jones, said Queensland businesses are battling the combination of the high Australian dollar, skills shortages, global economic uncertainties, soft domestic sales, wages pressures and interest rate stress.

"Against this background, support for businesses to give a greater focus on innovation is very welcome," Mr Martyn-Jones said.

"'Innovation often leads to productivity improvements and growth opportunities, and particularly after the challenges the state and its businesses have had so far this year, the new round is a welcome initiative to reward and expose new innovation opportunities."

Applications close on 12 September. For more information visit the Big Idea Qld website.