Sydney Startup Hub will aim to stimulate NSW economy

The NSW Government plans to establish a new start-up hub in Sydney in collaboration with the private sector.

The new Sydney Startup Hub will be located in or near the CBD and will seek to create new high-growth businesses and jobs across NSW, including by making it easier for regional NSW start-ups to do business in and around Sydney.

Private sector led and state government backed Jobs for NSW has put out a call for expressions of interest from incubators, accelerators and companies seeking to partner in the development of the new hub.

Jobs for NSW CEO Karen Borg said the organisation wants NSW to be the state of choice for entrepreneurial business in Australia.

Deputy Premier and Minister for Regional NSW, Skills and Small Business John Barilaro said the government hopes the hub will rival similar start-up venues around the world.

“NSW has one of the most dynamic economies in the world and Sydney ranks in the top three start-up ecosystems in Asia, a sector worth $70 billion to the state economy, he said.

“We want the Hub to be a globally significant location because similar approaches are happening across the world.”

Sydney’s start-up density is only around 18% of that found in Silicon Valley, the technology start-up capital of the world, and the state government aims to take measures to increase this density.

In this light, Barilaro urged local start-ups and SMEs to adopt a global export focus in order to ensure more rapid growth and create more jobs. He said NSW start-ups are in the perfect position to offer products and services to the Asian markets.

“Trade exposure can unlock a cycle of productivity, income and jobs growth, and help businesses of any size meet the challenge of overseas competition,” he said.

“Rising incomes, rapid urbanisation and changing lifestyles are driving consumption changes across Asia, and over the past 10 years Australia has entered into free trade agreements which have reduced tariffs and opened market access across Asia.”

Image courtesy of Corey Leopold under CC