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ilab was established by the Queensland Government in 2000 to support early stage, high-tech companies through the first few years of development by building their business management capabilities, fostering mentor networks for start-up founders, creating investor ready companies, and graduating companies with increased chances of success. UQ Holdings Pty Ltd, a wholly owned subsidiary of The University of Queensland (UQ), acquired ilab in 2009.

With continued funding from the State Government, ilab has become an independent division of another UQ Holdings subsidiary, UniQuest, with its own funding, staffing and management structure. ilab has entered an exciting phase with the provision of competitive grants in an accelerator model to help entrepreneurs rapidly build and validate new technologies or business concepts alongside traditional incubation services for more established companies.

Since its opening in 2000, ilab has incubated over 100 start-up companies and helped them raise over $70 million in grants and investment to fund their growth and has generated nearly 400 technology jobs.