{"id":41290,"date":"2023-10-20T15:12:58","date_gmt":"2023-10-20T15:12:58","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/startups-at-the-centre-of-nsws-190-million-jobs-plan-with-two-new-grants-and-support-for-incubators-startupsmart\/"},"modified":"2023-10-20T15:12:58","modified_gmt":"2023-10-20T15:12:58","slug":"startups-at-the-centre-of-nsws-190-million-jobs-plan-with-two-new-grants-and-support-for-incubators-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/startups-at-the-centre-of-nsws-190-million-jobs-plan-with-two-new-grants-and-support-for-incubators-startupsmart\/","title":{"rendered":"Startups at the centre of NSW\u2019s $190 million jobs plan with two new grants and support for incubators – StartupSmart"},"content":{"rendered":"
\"\"<\/div>\n

Startups and entrepreneurs will be a key part of the NSW government\u2019s plan to create one million new jobs in the state by 2036.<\/p>\n

NSW Premier Mike Baird released the Jobs for the Future report on Friday along with details of how Jobs for NSW\u2019s $190 million in funding will be dished out.<\/p>\n

The Jobs for NSW program is centred on attracting large international companies to set up shop in the state, providing funding for local and regional SMEs and accelerating the growth of startups.<\/p>\n

The program will focus on \u201cexpanding the startup ecosystem\u201d in the state through two new grants and wider support for the state\u2019s incubators and accelerators.<\/p>\n

Jobs for NSW CEO Karen Borg says fostering the creation and growth of early-stage startups is crucial for the state\u2019s long-term economic development.<\/p>\n

\u201cWe\u2019ve been trying to find out where job creation happens, and the reality is that it happens in two parts of the business economy,\u201d Borg tells StartupSmart<\/em>.<\/p>\n

\u201cThe gazelles are the companies scaling quickly, and they are birthed from startups. The more startups you have the more businesses will be born from that group.<\/p>\n

\u201cSome will fail but without a large cohort you won\u2019t have success.\u201d<\/p>\n

Two new grants on offer<\/h3>\n

Two new grants have been announced for NSW startups, with the Minimum Viable Product Grant providing up to $25,000 for startups not yet generating revenue to help \u201cgather feedback from customers and test business models\u201d, and the Building Partnerships Grants will dish out up to $100,000 to fund partnerships or projects to accelerate the growth of revenue-generating startups.<\/p>\n

The new grant program will be providing a total of $3 million by the end of 2017, and Borg says it\u2019s all about helping startups to take their offering to market.<\/p>\n

\u201cAustralia doesn\u2019t have a problem starting businesses, the challenge we have is hitting that magic tipping point with scale,\u201d she says.<\/p>\n

\u201cThat\u2019s where we start lagging behind. We\u2019re trying to help businesses grow faster, simply put.\u201d<\/p>\n

Support for incubators and accelerators<\/h3>\n

The Jobs for NSW fund will also be contributing $10 million to support local accelerators and incubators through developing partnerships and providing mentoring, networking and connections with investors, along with capital.<\/p>\n

\u201cThese are the places where you have a house of small businesses,\u201d Borg says.<\/p>\n

\u201cSo what we\u2019re trying to do is create more of those venues so there are more businesses that enter into a programmed approach to accelerate their company. They\u2019re also in an environment where there are a bunch of others around them to tap into.<\/p>\n

\u201cOne business might not be successful but that team can then be folded into another high-growth business. They\u2019re really nice hot-houses for that.\u201d<\/p>\n

Jobs for NSW\u2019s program also includes $50 million in loan guarantees for SMEs, $30 million to entice overseas companies to set up in the state and $30 million in funding for growing regional companies.<\/p>\n

The state of affairs<\/h3>\n

The Jobs for the Future report found that NSW has started to fall behind other states in its support for the local startup ecosystem, with Victoria and Queensland especially focusing on the sector.<\/p>\n

The Victorian government has focused on attracting global tech companies to Melbourne and has also launched its $60 million innovation fund as an independent entity, LaunchVic.<\/a><\/p>\n

Queensland\u2019s approach has centred on providing grants and co-investment in local startups<\/a> while also attempting to lure companies from around Australia and the world through the Hot DesQ scheme.<\/a><\/p>\n

Borg says NSW\u2019s approach is all about job creation and making data-focused decisions.<\/p>\n

\u201cNSW right now is very focused on the job aspect \u2013 we\u2019re interested in the outcomes,\u201d she says.<\/p>\n

\u201cWe\u2019re trying to use data to make informed decisions about where we inject our funding. Governments don\u2019t necessarily want to bet on which horses will win, and that\u2019s not how we want to operate.<\/p>\n

\u201cSo we\u2019ve taken a database approach to where we place our funding. What we\u2019re trying to do is ensure where we focus is where we\u2019ll get the best results.\u201d<\/p>\n

These means taking an approach that extends far beyond just offering money, she says.<\/p>\n

\u201cOur goal is to partner rather than just be a part of government that seems to have a pocket,\u201d Borg says.<\/p>\n

\u201cWe need to be part of a solution, not just sitting on the side.\u201d<\/p>\n

Follow StartupSmart on<\/em> Facebook,<\/em> Twitter, LinkedIn and SoundCloud.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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