Brisbane startup hub ‘The Precinct’ will undergo a multi-million-dollar expansion, creating opportunity for more businesses to join the entrepreneurial community.
Queensland Premier Anastacia Palaszczuk said the upgrades would be part of the state government’s ramps up plans for innovation spend in the upcoming Queensland budget.
Queensland’s innovation hub in Fortitude Valley was launched in March 2017 with River City Labs, the state’s biggest tech incubator, as the anchor tenant.
Providing facilities and co-working space for innovative thinkers, The Precinct helps connect Queensland startups with each other and into support networks so they can grow and develop.
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.
“I’m proud to announce as part of our increased spend in the innovation sector, The Precinct will increase in size by 50 per cent,” she said.
“The Precinct is currently 5,337 square metres across two floors at the historic TC Beirne Building.
“With the expansion, The Precinct will grow by an additional floor and will cover around 7500 square metres.”
Queensland Deputy Premier Jackie Trad said the government’s investment in The Precinct would help to support Brisbane’s growing startup sector and would help to create jobs.
“An important part of this strategy will be to provide a space for international innovators and investor organisations at The Precinct to work with local startups,” she said.
“We are committed to investing in innovation and supporting local entrepreneurs because it’s investments like these that will create the jobs of the future here in Queensland.”
The state Innovation Minister Kate Jones said there were 27 tenants on the waiting list for floor space at The Precinct and this was only expected to grow in coming years.
“Demand for The Precinct has been overwhelming. Since The Precinct opened, more than 200 events have been attended by close to 16,000 people,” she said.
She said the Qld Government had consulted a range of stakeholders before deciding on the best model to expand The Precinct.
“Today’s announcement isn’t just a win for Brisbane – The Precinct is connected to innovation hubs in 12 regions around the state from Cairns to the Gold Coast,” she said.