BUSINESS innovation is ripe for the picking in the Douglas Shire with the Queensland Government announcing a $10 million injection into small businesses and startups over the next three years.

The news could inspire further business development in the region and energise ideas surrounding a coconut processing industry and niche coconut products, a topic that's created plenty of discussion.

The investment is music to the ears of creative thinkers in Far North Queensland and hopes to bring new, exciting products to the market.

Mossman business owner and innovator Billy Quaid, who is currently involved in developing new vertical farming technology, said venture capital funding from the government should encourage more people in the region to explore their ideas.

The Advance Queensland and Ignite Ideas fund will allow eligible businesses to apply for up to $250,000 in funding to support further development.

"Australians are known as creative thinkers and we're a nation that thinks outside the box," Quaid said, who also runs Mossman and Port Douglas Treelopping.

"This is a great idea from the state government and should encourage more people in the region to explore their ideas.

"There are so many possibilities to do things better and to innovate, especially in the tourism and agricultural sectors here in tropical Queensland."

Quaid's innovative new Vertical Farming Technology is hoping to revolutionise agriculture systems in Australia for the commercial production of food in any location or climate.

Leeanne Enoch, Minister for Small Business and Innovation, Science and the Digital Economy, said the funding initiative hoped to boost business growth and create jobs in Queensland.

"Many Queensland businesses have great ideas but need a financial boost or expert help to get them to market," Enoch said.

"We know that many startups and small business can struggle with developing early stage ideas because of a lack of funding support and dedicated development focus.

"We want to ignite innovation in key industries, such as agriculture, spatial technology and app development, where Queensland has a competitive advantage, and help our business visionaries get their prototypes noticed."

For more information visit the Ignite Ideas Fund