The NSW Government is establishing a ‘supersized’ start-up hub in Sydney to generate new high-growth businesses and jobs, Deputy Premier John Barilaro has announced.
Barilaro, who is also the Minister for Regional NSW, Skills and Small Business also said the Sydney Startup Hub, which will be located near Sydney CBD, would have significant benefits for regional start-ups looking to do business in and around Sydney.
Jobs for NSW, the private sector led board delivering $190 million worth of financial support to start-ups and SMEs on behalf of the NSW Government, is inviting expressions of interest from business incubators, accelerators and organisations wanting to partner in delivering the hub.
Alex McCauley, CEO of StartupAUS – the peak body for start-ups nationally – welcomed the proposed hub, explaining that it was consistent with a key recommendation in the group’s 2016 Crossroads Report for government to work with industry to establish a national network of innovation districts in major cities.
“Start-ups are powering jobs growth here and overseas and it’s great to see the NSW Government getting behind the development of a high-growth tech ecosystem,” McCauley said.
“Last year the Department of Industry, Innovation and Science released figures showing net job creation comes from early-stage and start-up businesses – with young companies creating nearly all of the 1.6 million net new jobs in Australia from 2003 to 2014.
“As [Minister] Barilaro identified, a flourishing start-up community is essential for creating the jobs of the future and will ultimately encourage a pipeline for future growth. Start-up hubs can act as a focal point for start-up-related activities and events, address the current fragmentation of offerings, and provide valuable opportunities for collaboration between startups and larger technology companies.
“This ambitious new proposal could provide the sort of world-class innovation district Australia needs to put itself on the international innovation map. It’s a courageous step in the right direction, and it’s critical we now work to realise the full potential of the project. StartupAUS is committed to working closely with relevant industry stakeholders to help make this one of the most dynamic and effective innovation precincts in the world.”