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    Coat of ArmsMedia Release
    Minister for Innovation, Science and the Digital Economy and Minister for Small Business
    The Honourable Leeanne Enoch

    Qld’s largest startup hub to drive innovation and generate jobs

    Minister for Innovation, Science and the Digital Economy and Minister for Small Business
    The Honourable Leeanne Enoch

    Monday, March 27, 2017

    Qld’s largest startup hub to drive innovation and generate jobs

    Emerging innovators and entrepreneurs have a new space to create high-growth businesses and jobs, with Queensland’s biggest startup precinct now open in Fortitude Valley’s historic TC Beirne building.

    Minister for Innovation, Science and the Digital Economy Leeanne Enoch officially opened Queensland’s The Precinct today (Monday), describing it as a place "where startups, entrepreneurs, innovators and investors can collaborate, collide, succeed and shine".

    Ms Enoch said the government-backed The Precinct will encourage a new wave of startups and position the State as an attractive investment destination.

    “Covering 5000 square metres, this new precinct will enable our budding entrepreneurs to launch their startups into the job-creating companies of tomorrow,” Ms Enoch said.

    "The Precinct will help position Queensland as an ideal destination for startups, where the best and brightest come to transform new ideas into high growth businesses.

    “More than 80 per cent of this building has already been leased, with The Precinct set to become a hub for innovators right across the State.”

    Ms Enoch said the Palaszczuk Government had invested $6 million from its $405 million Advance Queensland initiative to deliver the new precinct, including expanding its size to accommodate demand and to include a child care centre to cater for entrepreneurs with family responsibilities.

    “This new precinct will link startup spaces in regional centres to help create a statewide network of innovation and foster more entrepreneurialism in Queensland,” Ms Enoch said.

    “The ultimate vision of Advance Queensland is to get the whole State participating in creating jobs of the future and anticipating issues that may arise from an increasingly diverse global economy.

    “By doing so, Queensland will be better positioned to compete in the global economy in the future.”

    Minister for Employment and Member for Brisbane Central Grace Grace said The Precinct will become home to a “unique community of like-minded individuals”.

    “They will be working to create new businesses, strengthen the economy, boost our international competitiveness and create jobs," Ms Grace said.

    "The Precinct is a place where ingenuity and investment intersect, where connections can be made and collaboration can flourish.

    “The Precinct further adds to the Valley’s growing reputation as a high-tech centre of excellence, and it will deliver an important boost to the local daytime economy and local jobs.”

    Ms Enoch said Queensland’s status as a hotspot for innovation is growing.

    “The latest Startup Muster Annual Report shows that our State has increased its share of Australian startups from 16.5 per cent in 2015 to 19.3 per cent in 2016.

    “We have overtaken Victoria and Queensland now has the second largest number of startups in the nation, behind only New South Wales,” she said.

    The Precinct’s foundation tenants include River City Labs, Data 61, eHealth Queensland, Softbank Technologies from Japan, the Open Data Institute of Queensland, One Ventures, R&R Strategic, CyberLabs, ClipChamp, Find-Me, Airway Medical Innovations, Myriad and the Office of the Queensland Chief Entrepreneur.

    Queensland Chief Entrepreneur Mark Sowerby said: "Queensland is certainly ahead of the curve with the opening of The Precinct. Cohesion and networks are crucial in order to successfully develop Queensland as a startup economy."

    River City Labs founder and Transition Level Investments Chief Executive Officer Steve Baxter said: "We've got a lot of emerging talent in the tech startup space, but we need to keep pushing them towards a global mindset. Concentrating the many facets of the startup community in The Precinct will help us achieve this.”

    One Ventures General Partner and Executive Director Anne-Marie Birkill said: "Being located in The Precinct will ensure we have high visibility within the Queensland startup ecosystem as we search for exciting Queensland companies to support.

    “Recent studies from the United States estimate that more than a fifth of US gross domestic product was provided by companies that were helped to maturity by venture capital funding,” she said.

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