The Australian Association of Angel Investors (AAAI), an organisation which encourages its members to invest capital funds in new and innovative concepts, intends to support the establishment of a branch in Far North Queensland.

Cairns Regional Council Mayor, Val Schier, welcomed the announcement.

“The Cairns region and Far North Queensland in general is a breeding ground for new ideas, inspired by our tropical climate and lifestyle,” said Mayor Val Schier, who welcomed AAAI National President John Mactaggart and CEO Ruth Drinkwater to Cairns.

“This was highlighted by our hugely successful Tropical Innovation Awards last month, where tropical expertise and sustainability initiatives were particularly prevalent.”

Members of the AAAI were present at the awards, scouting for opportunities to get behind local inventions and innovations that could have what it takes for success on a broader scale.

Council’s Economic Development Manager Fiona Wilson said the goal of the Tropical Innovation Awards was to provide a platform for local people to put forward new ideas and products that would grow economic diversity.

“To attract potential investors to the region was one of our primary aims, along with giving our many creative, intelligent and innovative people the chance to be seen and heard,” Ms Wilson said.

“It’s all about creating opportunities and establishing a path for success.”

Ms Wilson said the 2011 Cairns Business Survey found that over a third of all businesses in the Cairns region were actively engaged in innovation or research and development – greater than the proportion of businesses Australia-wide.

However, lack of funding was identified as a major barrier to innovation, according to the survey.

"The ongoing presence of AAAI members  is a very positive move to address this issue,” Ms Wilson said. 

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