Stone and Chalk touts resilience despite $7m loss
The chief executive of Australia's largest innovation and scaleup hub has expressed confidence in its long term viability despite deepening losses.
The chief executive of Australia's largest innovation and scaleup hub Stone and Chalk has expressed confidence in its long-term viability following a year of cost blowouts that culminated in a near $7 million loss.
Speculation about Stone and Chalk's future swirled in sections of Australia's close knit startup sector this week, amid a tough operating environment for co-working labs and a general decline in funding for startups.
Documents filed with the charities regulator in January viewed by Capital Brief show the nonprofit, which operates hubs across Sydney, Melbourne and Adelaide, lost $6.95 million in the year to June 2023, compared to a loss of $1.5 million a year earlier.
But the company’s chief executive, Chris Kirk, said the operation has shown resilience following a period that also saw a leadership shakeup and a cost-cutting drive that trimmed several roles from its headcount.
