A $35 million start-up hub has opened in the heart of Sydney’s CBD, as SMEs continue to drive NSW’s job growth.
First announced in July last year, the 17,000sqm, 11-floor building on Sydney’s York Street was officially opened by Premier Gladys Berejiklian and Deputy Premier John Barilaro on Thursday.
“Last July the NSW Government committed $35 million to create a world leading start-up and innovation hub and today we can see what has been created,” Berejiklian said.
Funded by Jobs for NSW, the Sydney Start-Up Hub will the largest of its kind in the southern hemisphere, and will support growth in the SME sector, creating up to 6,500 high-value jobs for the state.
According to the state government, 100% of all net job growth has come from SMEs since 2014.
CEO of Jobs for NSW, Karen Borg, said the hub is a way to make sure this growth continues.
“The NSW State Government, with Jobs for NSW, has invested in this building which is now filled with businesses starting out on that, really quite scary, journey of building something for the first time,” she said.
“But as they build, they’re going to hire people and with those new jobs our state will prosper and grow.”
The hub will house a number of notable resident incubators and accelerators, including Stone & Chalk, Fishburners, Tank Stream Labs and The Studio.
Occupants will come from across the start-up landscape, with the creation of a Regional Landing Pad supporting the growth of organisations from outside NSW’s metropolitan regions.
Corporate and government groups will also be given residence in the precinct, most notably computing giant Microsoft, which has selected the site as its eighth global location for its ScaleUp accelerator program.
The 11-story building is located on York St in Sydney's CBD. Source: NSW Government
Formerly known as Microsoft Accelerator, ScaleUp was started in 2012 by Microsoft to provide enterprise-ready businesses with mentoring, product development support and networking opportunities.
It now has almost 650 alumni across the globe from existing sites in Bangalore, Shanghai, Beijing, London, Berlin, Seattle and Tel Aviv.
“The decision by Microsoft to move in is a huge vote of confidence in our city, our economy and the people that make up our start-up community,” said Berejiklian.
Deputy Premier John Barilaro also stressed the significance of Sydney securing Microsoft’s services.
“Within Microsoft, there is enormous competition to secure Microsoft Scale-Up for different countries, so it’s an incredible result to see Sydney chosen as the newest location to host this sought-after and highly-acclaimed program,” Barilaro said.