I.lab has also established the state's first life sciences incubator, the i.lab bio.incubator based at Brisbane Technology Park.

Anne-Marie Birkill, CEO of i.lab, said the incubator has at least 35 members at the moment and more than half of them are working on developing new software for the market.

Birkill said since they were established in 2000 the lab has been home to more than 70 technology startup companies.

"We expect our return on software development to be earlier than biotechnology or hardware because of our work across health in oncology management software and hotel management," Birkill said.

"We have a company that is currently developing software to map the radiation blooms across telecommunication towers within the next 12 months.