"In the past 12 months the facility has more than doubled its size and one of i.lab's key elements is its mentoring program, which partners these companies with experienced people with collectively hundreds of years of experience."

John Mickel, Queensland minister for state development, said i.lab was the first incubator fully funded by the Queensland government and has proved a good model for all other incubators.

Business Innovation and Incubation Australia (BIIA) president Bob Waite said the lab has supported companies that have raised a total of A$26 million (US$20 million) since 2004.

"In an environment where the federal government is stepping away from support for incubators across Australia, it is heartening to see the Queensland government not only recognizing the valuable role incubators play but continuing to fund vital organizations like i.lab," Waite said.