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States investing millions in startups, innovation

The Victoria and NSW governments have each announced major initiatives to support startups and foster innovation in their state.

The NSW government yesterday announced a partnership with Atlassian to create a new technology and innovation hub in the CBD, between Central Station and Eveleigh Station.

The hub is meant to become the “Silicon Valley” of Australia, serving as home base to 10,000 new jobs in future, according to statements made by NSW Premier Gladys Berejiklian at the launch event.

It comes just a few months after the Sydney Startub Hub officially opened on York Street in the CBD. The 17,244sqf hub can accommodate 2500 entrepreneurs participating in various startup incubators.

Meanwhile, LaunchVic, the startup agency that the Andrews Labor Government launched in Victoria in 2016, has today announced a new $2.35 million initiative to help educate and create the next-generation of startup angel and venture capital investors.

The six-month program will be delivered by the Wade Institute of Entrepreneurship and aims to increase the amount of early-stage investment in startups in Victoria.

It comes on the heels of another LaunchVic initiative to provide co-working spaces with up to $25,000 to establish ‘expert-in-residence’ programs.

The idea is for the state’s 170 co-working spaces to hire experienced startup professionals to provide guidance, mentorship and support to residents.

The program will favour experts who have either founded and grown a startup, have had strong experience as a startup executive (CEO, CTO, CMO, COO) at a technology-based company, or are recognised as an international startup sector leader.

“Mentorship and international connections are key drivers of startup success and we expect this program to have a considerable impact across our ecosystem,” LaunchVic CEO Dr Kate Cornick.

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