The Victorian startup ecosystem is thriving outside Melbourne’s CBD
New research has found 97% of firms are in Melbourne but the majority are outside the city centre.
Victoria's startup ecosystem is burgeoning outside of its city centre, according to a new report from LaunchVic in partnership with dandolopartners and Startup Victoria.
The Mapping Victoria's Startup Ecosystem 2017 Report found that while 97% of firms are based in Melbourne, the majority (71%) are located outside the city centre, mostly in the inner city and south eastern suburbs.
The report also noted that there is a "relatively low concentration of firms in the west of Melbourne." There were 3% of firms distributed across three regional centres: Geelong, Bendigo and Ballarat. Interestingly, Geelong-based firms had a "very high" response rate to the survey.
There are currently 21 accelerators to support these startups, but it is not noted whether these are located regionally or within Melbourne. The report also details the 150+ coworking spaces tend to be located in Melbourne.
However, there have been initiatives launched to support regional startups, such as the recent introduction of a regional meetup series by Crowe Horwath. The first of these meetups was held in Geelong.
All up, Victoria has 190 meetup groups with a further 460 focused on tech.
The report comes out following the recent news from the Victorian Government to establish a financial technology hub, which is expected to open late 2017 or early 2018. Sydney startup hub Stone & Chalk have also recently announced plans to expand to Melbourne. It will initially be housed alongside agtech innovation hub and accelerator SproutX.
- Banks will prioritise tech, data and new partnerships this year
- Jamaica Stock Exchange plans to offer cryptocurrency trading by the end of 2018
- Trading app Stake drops its minimum funding amount to just $50
- Blockchain investment in the US this year has already outpaced 2017’s figures: Report
- New tech-focussed super fund, Zuper, launches to compete with traditional funds