Startups breathe easier after NSW budget — which didn't even mention them
Sydney's startup hub will continue, but it's slim pickings for other good news for the startup ecosystem in the NSW budget.
Sydney's startup community had predicted doom and gloom in this week's NSW budget. While it wasn't quite as unfavourable as expected, it certainly wasn't great either.
In a very telling indication of the Minns government’s commitment to startups and innovation, the budget made virtually no mention of them.
Sydney remains Australia’s largest centre for the startup ecosystem — 40% of the country's startups are based there, including Canva, Atlassian, SafetyCulture, Afterpay, Rokt and Immutable. According to the global startup ecosystem report (GSER), Sydney is ranked among the world's top 20 startup ecosystems. By comparison, Melbourne comes in at number 33.
First, the not-so-bad news; despite putting out a press release that suggested the opposite, Capital Brief has confirmed with Minister for Innovation, Science and Technology Anoulack Chanthivong’s office that The Startup Hub will continue to operate but with a reduced budget. Fewer government-funded programs will be delivered, but the office space will remain.
The MVP Ventures program will continue — it had been on hold while the Minns government completed its Comprehensive Expenditure Review and the budget was finalised. The program aims to support businesses to increase the commercialisation of innovative products and services in NSW.
