TCA wants to work with Government to ensure a fit for purpose strategy to accelerate NSW tech sector
SYDNEY 22 SEP 2023 – The Tech Council of Australia welcomes the announcement that the NSW Government is committing to developing an Innovation Blueprint in partnership with industry and other stakeholders. This is vital to ensure NSW remains competitive at creating and scaling innovative companies.
“This week’s NSW state budget confirmed that some programs supporting innovative businesses and researchers are seeing funding cut back or discontinued”, TCA CEO Kate Pounder said.
“We appreciate that the budget situation is tight and some tough choices have to be made. However, to get the budget back on track, it will be vital to grow investment and jobs in new industries, and to develop technologies that help lift productivity. That is the only sustainable way to get inflation down and ease cost of living pressures.”
“To do that, NSW needs to keep investing in the next generation of innovative companies and research in the state.
“We want to work with the NSW Government to ensure it is providing a competitive funding environment for startups and innovative businesses in NSW.”
“This is an urgent issue for a number of companies in the state who have been under funding pressure for the last year due to uncertainty in the investment market and pauses to both federal Industry Department and NSW state grants programs following elections in both jurisdictions.”
“We are glad that some key programs will continue to receive support. However, cutting back on funding in some programs and cutting others will make it harder in the short term for NSW companies to access funding compared with other states.”
“We recommend that the government work with the industry to quickly clarify what grant funding is available, and how companies can apply for it, to minimise the impact of the changes on the industry to provide certainty for businesses accessing funding.”
“We welcome the Innovation Blueprint process as it provides the opportunity to develop a sustainable future funding model. Speed is of the essence in ensuring that a funding gap doesn’t open up for innovative businesses in NSW.”
“It is important the Government works with the industry as a priority to look at funding models in NSW, and how it can remain competitive versus other states. This should include exploring VC-style funding models – in addition to grants programs – as pioneered by Victoria and Queensland.
“We are committed to working with the State Government to make sure that support for office spaces for innovative businesses, such as at the Sydney Startup Hub, continues. The high cost of living and property prices impacts startups as well as households and small businesses. Ensuring affordable spaces to work is critical to keeping high potential new businesses in the state.”
The tech sector is a critical part of the NSW economy, currently generating 342,000 jobs, with the potential to contribute 500,000 by 2030. Tech activity currently contributes $67 billion to the state’s economy.
NSW is currently Australia’s most successful state in the tech sector, launching a number of Australia’s most successful tech companies and being rated as one of the world’s top 20 startup ecosystems by Startup Genome.
“NSW has an incredible opportunity to lead Australia when it comes to developing new companies and jobs in tech. But it will require ongoing investment to retain that position.”
Ms Pounder stated that the TCA were optimistic about the future of tech in NSW.
“We want to work with the NSW Government to advocate for Australia’s tech future, and will push even harder for further efforts to future-proof the State economy”
About the Tech Council of Australia
The Tech Council of Australia is the peak industry body for Australia’s tech sector. Providing a trusted voice for Australia’s technology industry, with over 160 members, the Tech Council comprises the full spectrum of tech companies. We aim to advise and engage with Australian governments, businesses, and the wider community to help support the ongoing creation, development, and adoption of technology across industries. Our vision is for a prosperous Australia that thrives by harnessing the power of technology.
For more information
Sofia Polak, Akin Agency
media@techcouncil.com.au
0434 275 449
