Sydney has an amazing group of innovators, designers, coders, entrepreneurs and engineers who are building a global reputation and shaping the future of our economy.
I'm happy to say that the City is now ready to release a draft Tech Startups Action Plan for feedback.
We have spent many months consulting with people working in the sector to find out what support they need in order to continue to thrive.
Our aim is to help create an environment that enables technology entrepreneurs to start and grow successful global businesses.
Over 64 per cent of Australia's tech startups and up to 15 per cent of Australian workers employed in the ICT sector are located in our local government area.
A key to the success of a startup 'ecosystem' is proximity between new and established businesses, universities and media organisations. Areas like Ultimo and Pyrmont have exactly that.
PWC has estimated that the Australian tech startup sector has the potential to contribute $109 billion, or 4 per cent of GDP, to the Australian economy and to generate 540,000 jobs by 2033.
There is fierce international competition for the jobs and economic benefits that the startup sector is creating. The next multi-billion dollar company to follow in the footsteps of Twitter, Uber or Airbnb is already being developed.
We must ensure that Sydney is a supportive location for such development so that our most talented companies and the entrepreneurs behind them grow their business in Sydney.
The City will focus on building a strong entrepreneurial culture and community; creating skilled and connected entrepreneurs; increasing the startup ecosystem density; supporting entrepreneurs' access to funding and developing technology entrepreneurs' access to markets.
You can read the draft Tech Startups Action Plan here, and from next week visit www.sydneyyoursay.com.au to give us your feedback.