Queensland Government announces new startup and innovation precinct

The Queensland Government and leading innovators today announced Queensland’s largest startup hub in Brisbane’s Fortitude Valley to harness the power of collaboration and boost the state’s burgeoning and vibrant startup sector.

Premier Annastacia Palaszczuk said the Government was backing the project with a $4 million Advance Queensland investment to ensure shared spaces are provided for Queensland’s entrepreneurs to grow and flourish.

“The precinct will be home to some of our best and brightest startup talent – a space where they will gather, incubate their ideas and learn from each other,” the Premier said.

“Startups will be the job generators in the years ahead. Research indicates that high-growth technology companies can contribute up to $109 billion to the Australian economy and create more than half a million jobs by 2033.

“This Startup Precinct – which will be part of a network of hubs across the state – is one way we can ensure that Queensland increases the number and success rate of our high-growth potential startups.”

Minister for Innovation Leeanne Enoch said the Precinct, located within the historic TC Beirne building, will scale up collaboration and bring together Queensland startups, incubators, investors, mentors and provide co-working spaces under the one roof, to help ideas, entrepreneurial spirit and business investment can thrive.

“We are excited to announce we have well established and recognised industry leaders already committed to tenancy – a step that ensures success for this venture from day one,” Ms Enoch said.

“RiverCity Labs will be among the precinct’s first tenants and CSIRO’s Data61 are also committed as foundation partner to share in this inspirational space.

“There has already been strong interest from the startup sector in being involved in the Precinct.

“The site was chosen following collaboration with the local startup community and, when connected to startup hubs across the state, will provide a collaborative ecosystem for startups to make an impact on global markets.

“River City Labs will be among the precinct’s first tenants and will work alongside up and coming talent who will share this inspirational space.

“As an organisation, River City Labs has a global reputation for its experience in the development of startups engaged in mobile, internet and telcom technology.”

River City Labs founder and prominent Queensland entrepreneur, Steve Baxter, has long been an advocate of a precinct to bring the startup community together.

“The Precinct is a great example of what the startup community wants and needs, and will have the ability to attract top talent to Queensland,” Mr Baxter said.

“With the expanded space and facilities, River City Labs will be able to do more mentoring, increase the number of accelerator programs, help create more jobs, and continue to contribute directly and indirectly to Queensland’s economy.”

CSIRO’s Data61 Director of Business Development and Commercialisation Peter Leihn said the Precinct will offer direct access to entrepreneurs and startups to cross-fertilise ideas, share information and help drive disruptive technologies.

"Data61 is excited to be a part of the Queensland Government’s new Startup Precinct as a foundation partner,” Mr Leihn said.

“It is our intention to be a central participant, working with government, the startup community and our university partners, to support the Queensland innovation ecosystem."

The investment community is also supportive with early-stage investment group the Brisbane Angels, wanting to establish strong connections with the Precinct to connect, collaborate and invest in new and emerging technologies with high-growth potential.

The TC Beirne building is a heritage-listed former department store originally built in 1902 and is currently in the final stages of refurbishment with a planned opening of the Queensland Startup Precinct in October 2016.

Media contacts:

Kirby Anderson (Premier’s office) 0417 263 791

Daniel Lato (Minister’s office) 0438 830 201