NSW - Australia's leading start-up state
18 June 2015
NSW's development of a strong technological start-up ecosystem is helping position the State as a global magnet for entrepreneurs and investors, according to NSW Small Business Minister John Barilaro.
Mr Barilaro made the statement this month during a visit to Fishburners – home to more than 120 technology start-ups in Ultimo and Australia's biggest start-up space.
A sector on the rise
Mr Barilaro said Fishburners was a strong example of the emergence and impact of technology start-ups on the economy, with one industry survey showing 78% of Australian start-ups creating an average of three jobs.
"The NSW Government has been a long-time supporter of start-up incubators like Fishburners," he said.
"We recognise the role that technology start-ups have to play in driving innovation, creating jobs and attracting new investment.
"PwC estimates the Australian start-up sector could deliver $109 billion to the economy and create 540,000 new jobs by 2033. With around 64% of Australia's tech start-ups based in NSW, this is worth around $70 billion to NSW."
A stake in the future
Mr Barilaro said the NSW Government was working hard to ensure NSW remained Australia's "Start-up State".
"We're seeing great outcomes from our industry initiatives," he said.
"For instance, Innovate NSW offers a range of support including matched funding of up to $15,000 to help technology SMEs demonstrate an idea, prove a concept or develop a prototype.
"More than 90 projects have been completed to date and our early projections are that these companies have the potential to generate approximately $210 million in sales, $179 million in export sales, and 800 jobs for NSW in the next three years.
"Entrepreneurs looking for affordable, tailored one-on-one business advisory services are also eligible for the NSW Government Small Biz Connect Program."
Digital Creative Knowledge Hub
Mr Barilaro said one of the NSW Government initiatives to support the growing start-up sector is the Digital Creative Knowledge Hub, also based in Ultimo.
"The new new Digital Creative Knowledge Hub, led by UTS, offers a platform for collaboration between businesses, universities, entrepreneurs, researchers, technologists, financiers and others," he said.