{"id":44729,"date":"2023-10-20T15:38:13","date_gmt":"2023-10-20T15:38:13","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/a-100-million-global-first-innovation-precinct-is-coming-to-sydney-startupsmart\/"},"modified":"2023-10-20T15:38:13","modified_gmt":"2023-10-20T15:38:13","slug":"a-100-million-global-first-innovation-precinct-is-coming-to-sydney-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/a-100-million-global-first-innovation-precinct-is-coming-to-sydney-startupsmart\/","title":{"rendered":"A $100 million &#8220;global first&#8221; innovation precinct is coming to Sydney &#8211; StartupSmart"},"content":{"rendered":"<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"332\" itemprop=\"image\" class=\"entry-thumb\" src=\"\/wp-content\/uploads\/2016\/04\/Malcolm-Turnbull-china-640x332.jpg\" alt=\"Malcolm Turnbull speaking in China\" title=\"Malcolm Turnbull china\"><\/div>\n<p>Australia is set to get a \u201cglobal first\u201d $100 million innovation precinct that will foster innovation, support local startups and drive commercialisation.<\/p>\n<p>Malcolm Turnbull announced the partnership between the Chinese Ministry of Science and Technology and the University of New South Wales during his first trip to China as prime minister.<\/p>\n<p>The deal will see a $100 million Torch Precinct established on the university\u2019s campus.<\/p>\n<p>The Torch precincts have been operating in China for nearly 20 years and now generate 7% of the country\u2019s GDP.<\/p>\n<p>The UNSW precinct, the first of its kind outside of China, could contribute $1 billion to Australia\u2019s GDP in its first ten years, according to a Deloitte study.<\/p>\n<p>UNSW president Ian Jacobs says the precinct is a \u201cglobal first\u201d.<\/p>\n<p>\u201c[It] has the potential to reset the Australia-China bilateral relationship and boost the nation\u2019s innovation system,\u201d Jacobs says&nbsp;in a statement.<\/p>\n<p>\u201cThis is about future-proofing our national competitiveness by strategically positioning Australia as China becomes the world\u2019s largest investor in R&amp;D and the 21st century\u2019s science and technology superpower.<\/p>\n<p>\u201cThe Torch partnership is an important milestone in the further development of Sydney as Australia\u2019s global innovation city.\u201d<\/p>\n<p>A group of eight Chinese companies have already committed $30 million to the program, with an aim to build investment to $100 million.<\/p>\n<p>The industry partners will establish incubator spaces on the Kensington campus before the precinct is constructed by 2025.<\/p>\n<p>During his trip to China, Turnbull also <a href=\"\/advice\/growth\/government-reveals-location-of-third-11-million-startup-landing-pad\/\">officially unveiled the startup landing pad in Shanghai<\/a>, joining other locations in Silicon Valley and Tel Aviv.<\/p>\n<p><em>Follow StartupSmart on<\/em> <em>Facebook,<\/em>&nbsp;<em>Twitter,<\/em><em>LinkedIn&nbsp;<\/em><em>and&nbsp;<\/em><em>SoundCloud.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australia is set to get a \u201cglobal first\u201d $100 million innovation precinct that will foster innovation, support local startups and<\/p>\n","protected":false},"author":1,"featured_media":59114,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/44729"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=44729"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/44729\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/59114"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=44729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=44729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=44729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}