Sydney is becoming an increasingly popular choice for start-ups in Australia says workspace service provider, Instant Offices. The start-up scene in the city has seen substantial growth in the past two years alone with the tech industry leading the way.
Sydney has seen a large investment in Centre’s, expanding the market and making workstation rates more competitive than ever. 2014 saw a dip in workstation rates however, 2015 sees the Serviced Office market making a swift recovery.
New South Wales is the start-up capital of Australia with 48% of new businesses choosing it as their headquarters. This according to the latest research from Start-up Muster. Sydney has been named as the country’s hub for start-ups, making up 12% of new businesses compared to Melbourne with 7%. The size of Sydney’s start-up scene is now about the same as Paris, Tel Aviv and Singapore, showing just how much it has grown in recent years.
For the majority of entrepreneurs (58%) this is the first time they will be launching a start-up. This rapid growth of new ventures is helping to create employment across the city, with the average start-up producing at least three jobs.
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The motivation behind start-ups in Sydney is also different from some other start-up hubs around the world, such as Silicone Valley. According to research from the International Labour Organization, Sydney entrepreneurs are 86% less likely to want to get rich, and are 37% more likely to want to build a great product. These companies are also more likely to be more product-centric and SME-focused than their American counterparts.
Coworking space in Sydney has become extremely popular among growing businesses, with 55% reporting that they use coworking spaces either all or some of the time. Businesses are also choosing serviced offices for a more flexible solution. The average price of these suites in the CBD is $600 – 1,200 per person per month.
Sydney’s growing start-up community has regular meetups and events where entrepreneurs share ideas, as well as an abundance of shared and coworking spaces to support up-and-coming businesses.