New South Wales: the destination for tech businesses
There has never been a better time to live and do business in New South Wales (NSW).
As Australia’s economic powerhouse, NSW boasts a staggering 27 years of uninterrupted growth and a triple-A credit rating from global agencies Standard & Poor’s and Moody’s. The state is also an international leader for annual GDP growth, ranking higher than Singapore, the US, the UK and Canada.
The NSW economy – valued at more than half a trillion dollars – is larger than that of Hong Kong, Malaysia or Singapore, and this prosperity is backed by one of the world’s most stable political and regulatory environments.
NSW is geographically close to fast-growing Asian markets and the time zone of its vibrant, multicultural capital, Sydney, bridges markets closing in the US and opening in the UK and Europe.
With such economic clout, a large talent pool and a strategically advantageous location, it is little wonder that NSW and Sydney are the Australian headquarters for multinationals including Amazon Web Services, Apple, Dropbox, Google, IBM, LinkedIn, Microsoft, Rackspace, Sony and Twitter.
NSW is the natural choice for ICT investment
Currently, 40% of Australia’s ICT businesses choose NSW as their base. More broadly, the state is home to 7.8 million people – almost one third of Australia’s population – and Sydney is the largest population centre in the country, and the ICT investment destination of choice.
NSW accounted for 58% of Australia’s computer, information services and telecommunications exports in 2015–16 and the information, media and telecommunications industry contributes $19 billion to the state’s economy.
NSW has leading telecommunications infrastructure and is also home to global data centres. Global Switch, the leading wholesale data centre provider in Europe and the Asia–Pacific region, has a base in NSW, as do Alibaba Cloud, Rackspace, Amazon Web Services, Dimension Data and Vocus Communications.
NSW is the home of innovation and talent
As an innovation hotspot, NSW lays claim to 44% of Australia’s startup founders. Of these, 38% are in the fintech, blockchain, cyber security and advanced manufacturing sectors. Sydney is the epicentre of this startup activity.
In February 2018, the Sydney Startup Hub opened its doors, with Microsoft announcing it will run its world-renowned accelerator program for technology startups from the space. Located in the heart of Sydney’s central business district, the Sydney Startup Hub is the largest in the southern hemisphere and the first of its kind in Australia, with around 2,500 residents spread across 11 floors, plus thousands more checking in via community and event spaces, collaborative workspaces and a Regional Landing Pad. Cornerstone tenants include Stone & Chalk (fintech), Tank Stream Labs (tech), Fishburners (tech), and The Studio (creative services).
Inside the Sydney Startup Hub:
Other highlights from NSW’s long history of innovation include:
● the NSW labs of the CSIRO (Commonwealth Scientific and Industrial Research Organisation) developing the technology behind WiFi
● University of NSW graduates founding US$5 billion company Atlassian
● Google’s Sydney office developing Google Maps.
Three of NSW’s 11 public universities ranked in the world’s top 200 for 2016, and the state’s universities are global research leaders in subject areas including cryptography and network security.
Local businesses invest more in R&D as a percentage of GDP than the UK, Canada, and the rest of Australia (2009–14). NSW also outperforms the OECD average for higher education investment in R&D at $3.2 billion.
With a higher percentage of tertiary-educated workers than the US, the UK, Singapore, and the OECD average, NSW offers a highly educated workforce. The state also has Australia’s largest pool of highly skilled ICT workers, with 107,600 people working as ICT managers or ICT professionals in 2015–16.
This combination of entrepreneurship, research excellence and high investment in R&D and education gives businesses access to top talent and unique collaborative opportunities.
NSW is where technology companies thrive
It’s not just startups that are taking advantage of NSW’s ICT advantages. Sydney’s iconic Martin Place district in the centre of the city is becoming the blue-ribbon destination for ICT companies in Australia. Household names such as LinkedIn, Dropbox, Booking.com and Apple have based themselves in the traditional financial heart of Sydney’s central business district.
How the NSW Government can help your tech business
The NSW Government is committed to helping businesses move to and grow in our state. To this end, we fund initiatives such as Jobs for NSW, the Boosting Business Innovation Program, the Breakthrough Research Fund, and—through Jobs for NSW—the Sydney Startup Hub.
The government also brings industry and research organisations together for collaborative projects through its Knowledge Hubs Program. This has driven initiatives such as the launch of fintech hub Stone & Chalk, which has supported the development of 98 fintech startups that have raised $212 million in capital investment since 2015.
The NSW Government can supply information on site selection, assistance programs, doing business in our state, potential customer bases, tailored research, and the state economy. The government has business development experts who can provide valuable introductions and connections to:
- local partners, industry specialists and networks
- funding bodies
- key government agencies
- NSW Government international offices in priority markets, as well as regional offices and Sydney-based ICT industry experts
Find out more at www.industry.nsw.gov.au/cebit