Microsoft moves into new startup hub in Sydney

Source: Xinhua| 2018-02-14 10:21:08|Editor: Chengcheng
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SYDNEY, Feb. 14 (Xinhua) -- American computer giant Microsoft officially moved into the Sydney Startup Hub on Wednesday, with the aim of sparking growth and innovation in the technology sector down under.

As part of the new move, the firm will also bring their highly successful accelerator program to the harbour city.

"Microsoft launched the Scale-Up Program in 2012, and since then, close to 650 startups have raised around three billion U.S. dollars in funding after graduating from programs run in Bangalore, Shanghai, Beijing, London, Berlin, Seattle and Tel Aviv," Microsoft Australia managing director Steven Worrall said.

After investing 28 million U.S. dollars last July to make the innovation hub a reality, the New South Wales State (NSW) Government declared "the decision by Microsoft is a huge vote of confidence in our city, our economy and the people that make up our start up community."

Already home to Stone & Chalk, Fishburners, Tank Stream Labs, The Studio, Westpac Bank's FEULD, H2 Ventures, Slingshot, Transport for NSW's Future Transport Digital Accelerator, the Department of Finance and Services, and an innovation team from Caltex's C-Lab, the inclusion of Microsoft is seen as a huge windfall for Aussie innovators.

According to NSW Deputy Premier John Barilaro, one of the first items on the agenda for the newly established hub, is to boost its connection with technology businesses around the country in more isolated communities.

"The Sydney Startup Hub will deliver a dedicated Regional Landing Pad' for regional startups, and will host events to connect entrepreneurs from the regions," he said.