Innovation is the future of Sydney's economy

Our economy continues to go through big changes. One thing is clear: Australia's future lies in innovation, not digging up and exporting minerals.

This week I visited Fishburners in Ultimo. Since my last visit the incubator space for tech start-ups has gone from strength the strength. There are now more nearly 200 members in the four-level Harris Street space working on 124 companies.

Fishburner logo

Whether it's GoFar's new technology to improve the efficiency of cars on our roads or Mad Paws' plan to help people find someone to mind their pet, the ideas being worked on at Fishburners and other start-up hubs in Sydney have enormous potential.

Over 64 per cent of Australia's tech start-up companies and almost 15 per cent of Australian workers employed in the ICT sector are located in the City of Sydney.

The digital businesses are clustered chiefly around the fringe of the city centre in areas like Ultimo-Pyrmont, Surry Hills, Redfern and Chippendale. In Ultimo-Pyrmont alone, employment in ICT businesses more than doubled in the five years to 2012.

Sydney's future economic growth and prosperity will depend on how well we support and promote this high-potential and highly innovative sector.

I'm proud to be an Honorary Member at Fishburners, and I will continue to work with the innovators and entrepreneurs who are building Sydney's reputation as a centre for start-ups.

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