The NSW Government’s plan to establish a new supersized start-up hub in Sydney will seek to create new high-growth businesses and jobs across the State.
The private sector led, NSW Government-backed Jobs for NSW is calling on business accelerators, incubators and other start-up partnering services to sign up to the new Sydney Startup Hub, which it’s hoped will rival similar venues around the world.
“A prosperous start-up community is essential for creating the jobs of tomorrow and by helping to build and support the start-up ecosystem in New South Wales we can encourage a pipeline for future growth businesses and jobs,” said Deputy Premier and Minister for Regional NSW, Skills and Small Business, John Barilaro.
Mr Barilaro said the hub would also have significant benefits for regional NSW start-ups looking to do business in and around Sydney.
“NSW has one of the most dynamic economies in the world and Sydney ranks in the top three startup ecosystems in Asia, a sector worth $70 billion to the State economy. We want the Hub to be a globally significant location because similar approaches are happening across the world.”
Sydney takes a major step forward
While Sydney is recognised as the start-up capital of Australia, its start-up density is only 18 per cent of that found in Silicon Valley.
Jobs for NSW Chair, David Thodey, said expressions of interest (EOIs) were invited from business incubators, accelerators and organisations wanting to partner in delivering the Sydney Startup Hub, which will be located in or near the Sydney CBD.
“Over the past six years, high-growth small and medium enterprises (SMEs) that make up just 6 per cent of NSW firms created over 1 million new jobs,” he said.
“We want to create more high-growth SMEs by providing a stronger entrepreneurial ecosystem.”
What does this hub mean for Aussie start-ups?
StartupAUS CEO, Alex McCauley remarked, “The NSW Government’s plan to establish a new supersized startup hub in Sydney is good news for NSW and the broader Australian startup economy as a powerful stimulus to create new high-growth businesses and jobs across the State.
“One of StartupAUS’ key recommendations in its 2016 Crossroads Report is for governments at all levels to work with industry to establish a national network of innovation districts in major cities. It’s great to see this starting to happen.
“Startups 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. Last year the Department of Industry, Innovation and Science released figures showing net job creation comes from early-stage and startup businesses – with young companies creating nearly all of the 1.6 million net new jobs in Australia from 2003 to 2014.
“As Deputy Premier and Minister for Regional NSW, Skills and Small Business, John Barilaro identified, a flourishing startup community is essential for creating the jobs of the future and will ultimately encourage a pipeline for future growth. Startup hubs can act as a focal point for startup-related activities and events, address the current fragmentation of offerings, and provide valuable opportunities for collaboration between startups and larger technology companies.