Sydney's economic strategy grants greater focus on startup spaces

Sydney's startup industry is set to receive more focus, according to draft documents that outline the city's strategy for economic development.

As part of the City of Sydney's draft Economic Development Strategy (PDF), creative and digital industries are set to receive an increased focus, with action plans now slated to be developed for the sectors. Specifically, the strategy identifies digital businesses in particular as being a central part of its goals of being a "green, global, and connected" city.

At the moment, however, the draft strategy recognises that these industries are facing significant challenges in the supply of affordable spaces, despite it recently opening up and supporting co-working spaces in Oxford and William streets.

It currently identifies Ultimo-Pyrmont, Eveleigh (due to the Australian Technology Park complex), and Green Square as the city's digital industry hubs. For the Ultimo-Pyrmont hub in particular, the City of Sydney believes that almost 20 percent of workers in the area are employed in the digital economy. Additionally, across all industries, small businesses (those with fewer than 20 employees) make up more than 80 percent of all businesses in Sydney.

Part of the action plan for these industries will look at expanding their work in opening up spaces for the local tech industry even further.

Additional initiatives include the possibility of rolling out further grant and sponsorship programs, as well as investing in infrastructure.

The City of Sydney has also developed draft action plans for the retail and tourism sectors, which will likely have a similar structure to the plans for the creative and digital industries. These drafts, as well as the strategy, are open for submissions until September 30.