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TECH PARADISE

OCTOBER 13, 2017

ADVERTISING SUPPLEMENT OCTOBER 13, 2017

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How the tech world ticks Down Under

FUTURE SYDNEY Looking ahead to a city re-imagined by 2027.

NEW SOUTH WALES

Sydney

A visit to Australia’s most innovative state.


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Offering an enviable quality of life and a thriving startup ecosystem, Sydney and the state of New South Wales have become a magnet for world-class talent. For businesses eyeing Asia-Pacific markets, this English-speaking, innovation-fluent city Down Under, strategically located in Asian time zones, provides the ideal gateway to the region.

WHY SYDNEY?

Sydney is Australia’s commercial and innovation capital, a globally-connected city growing fast “For us, the move to Australia was a no-brainer. There is a strong culture of innovation here, a great startup mentality, with individuals who are truly disrupting their industries.

“American companies see Sydney as an excellent location to launch their businesses into Asia Pacific. Sydney is highly compatible with the US in terms of culture, language, and solution applicability, which allows for an easier fast-start within the region.

Dan Siroker, Co-Founder, Optimizely

“Sydney offers a culture and a way of doing business that San Francisco- and Silicon Valley-based business leaders will find familiar. There really is a lot of overlap in business thinking.”

Bill McMurray, Managing Director, Asia Pacific and Japan, Qualtrics

Geoff McQueen, Founder and CEO, Accelo

A tech-savvy population Sydneysiders and Australians lead the world in technology adoption – an ideal environment to test new technologies: Australians lead the world on PayWave and PayPass adoption – 60% of card transactions in Australia are now contactless. Smartphone penetration is expected to reach 93% in 2018

7th

6th

579 fintech 7.5 million startups

people

Australia’s rank for ease of starting a business - World Bank Ease of Doing Business Index

Sydney’s rank for availability of high-level talent, well above Asian competitors.

The number of Fintech startups in Australia is up from fewer than100 in 2014. 60% are based in Sydney.

New South Wales is the largest state in Australia, accounting for a third of the nation’s GDP.

globally

globally

YOUR SYDNEY TEAM IN SOMA

Joe Kaesshaefer Trade and Investment Commissioner

Diana Coatney Director of Business Development

Let our government representatives in San Francisco help you grow your business in Australia. Joe & Diana look forward to working with you on your global expansion. www.industry.nsw.gov.au

n Connect to us at industry.nsw.gov.au/invest-in-nsw/contact-us n Follow us on Twitter

@InvestSydney

n Call us at 415-795-2669 n Based in the WeWork offices at TransBay (535 Mission Street)


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A letter from Sydney’s Mayor

Sydney and San Francisco have a longstanding connection that has steadily grown between our two cities over the last 50 years. Our formal sister city relationship began in 1968 to strengthen civic, cultural, business, trade, tourism and sporting ties between these ports on opposite sides of the Pacific. Both are outward-looking, dynamic cities with thriving services and innovation sectors. Sydney is one of the world’s most green, global and connected cities. In 2018, led by our Sydney 2030 program, we celebrate our relationship’s golden anniversary and recognise the significant opportunities it continues to bring for both our economies. As the gateway to Australia, Sydney provides headquarters for top Australian corporates including digital, financial, educational and creative businesses, supported by our robust economic strategy. With the largest tech start-up ecosystem in Australia (64% of Australia’s tech startup companies are located in Sydney), we are one of the world’s top 10 most connected cities alongside San Francisco. Our city is the leading knowledge-based economy in Australia, with the greatest share of knowledge-intensive jobs. We continue working towards making Sydney one of the key places in the world to live, work and spend time. I look forward to working together to promote ongoing exchange and the opportunity to further enhance the relationship between our two global cities. — Clover Moore, Lord Mayor of Sydney

STARTUP CAPITAL

KATHERINE GRIFFITHS; CITY OF SYDNEY

Sydney offers an exciting new environment for innovation Startups find a supportive community in Sydney.

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ith 64% of the country’s tech startups, Sydney’s dense entrepreneurial ecosystem is by far Australia’s largest. Numerous startup accelerators and incubators, like the brand-new, AUS$35 million Sydney Startup Hub, help bring innovative ideas to fruition. Inventive public-private partnerships, such as a real-time public transportation update system powered by Transport for NSW and Google Maps, give Sydney’s infrastructure the competitive edge. Those factors help explain why the city ranks among the top 20 cities globally – and 4th in the Asia–Pacific region – for potential as an innovation economy, according to the 2016–17 Innovation Cities Index.

It’s not just startups that are taking notice: numerous technology firms, including Google, IBM, Atlassian, Dimension Data, Dropbox, and Microsoft, have also set up shop in the city. Sydney is the main English-speaking gateway to the burgeoning Asia-Pacific region. And our good governance, with a dedication to making business as smooth as possible, is just as alluring. These features are bolstered by the region’s highly-ranked research universities, which supply companies with top talent while advancing research with commercia l potential in fields like robotics, biotech, agritech and fintech. Add to all this the exceptional quality of life that the city is famous for and it’s easy to see why so many tech trailblazers also choose Sydney to grow their startups.

Global Sydney Video: https://record.cityofsydney.nsw.gov.au/.ref www.industry.nsw.gov.au

Canva: Graphic design startup leverages Sydney’s robust talent base In just three years, Sydney-based graphic design startup Canva has grown to more than 10 million users around the world. The popular online platform leverages a library of more than a million photographs, graphics, and fonts with a simple drag-and-drop interface that makes design simple for everyone. Funded by investors in Silicon Valley and Australia, Canva’s innovation is powered by Sydney’s highly qualified, cost-effective talent base. Some employees are fresh graduates of the region’s superlative network of higher education institutions; others are drawn to the city by the local beaches, the mild climate, and the high quality of life. All of Canva’s team members have the high-level skill set and entrepreneurial spirit that propels startups to success. ➤ CONTACT US: If you’d like to know more about Sydney and connecting to the local business community, contact the City of Sydney’s International Engagement team at international@cityofsydney.nsw.gov.au.


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GROW YOUR BUSINESS EVENT IN SYDNEY Your experienced business event partner Put simply, Business Events Sydney (BESydney) brings the world’s best businesses and leaders to Sydney for their next business event. Because we know that today’s conversations at business events are tomorrow’s best practice.

LAUNCH Festival comes to Sydney “We’re thrilled to bring the LAUNCH Festival to Sydney in 2018 and 2019. After 10 years’ hosting the largest start-up conference in America, with tens of thousands of attendees and thousands of startups participating, our first choice for taking the event international was Sydney.

At BESydney, we go beyond securing your event for Sydney and the state of New South Wales. We’re invested in your success and understand that doesn’t happen in isolation.

There’s amazing entrepreneurial energy in Sydney reminiscent of the early days here in San Francisco. Sydney’s an amazing city and we can’t wait to celebrate innovation in the other city by the bay!”

Our industry, government and academic connectivity, coupled with our insights into global trends in the innovation community provides your business the opportunity to connect to a highly engaged and supportive ecosystem.

BESydney has secured the hosting rights for some of the world’s leading technology events for Sydney.

Jason Calacanis, Founder, LAUNCH Festival

OpenStack Summit 2017 SIBOS 2018 RoboCup 2019.

Interested in bringing your event to Sydney? Connect with our Americas representative, Richard Yore today t +1 604 801 9673 or +1 778 872 3595 e ryore@besydney.com.au w businesseventssydney.com.au

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INNOVATION PARADISE JAMES HORAN; DESTINATION NSW

Sydney supports a thriving entrepreneurial ecosystem – and it’s a great place to live

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re geography and tech ambition mutually exclusive? Is a company’s place in the global startup landscape dictated by a company’s location on a world map? Sun-drenched beaches, incredible wildlife, cricket and rugby — the Opera House. When you think about Sydney, Australia the images conjured are known universally. But can you reimagine a city as a global centre of innovation? In the case of Sydney – the answer is yes. Dean McEvoy is CEO and co-founder of TechSydney, an organisation he describes as an entrepreneur-led grassroots initiative dedicated to making Sydney “the most desirable place on Earth to grow a tech company”. A lofty ambition — but perhaps not entirely unrealistic. In Deloitte’s Connecting Global FinTech report, released earlier this year, Sydney was named the eighth best in the world for conduciveness to financial technology growth. Similarly, the World Bank Group’s Ease of Doing Business Index ranks Australia the 7th best country for starting a business, and 15th in the world overall for doing business. A strong entrepreneurial network is essential for a successful startup cityhub, says McEvoy, but equally important — and what everything else ultimately builds upon — is the quality of life. “It’s a bit of an overlooked factor, but when you think about how much of your time you dedicate to building your own business, you want to do it in a place where you can enjoy yourself,” said McEvoy. “By that metric — living in a beautiful, exciting, well-run city with plenty to do — it’s impossible to do better than Sydney.” Surfing at world famous Bondi Beach at sunrise and getting down to business with a flat white and your laptop by 8am in the vibrant Sydney Central Business District (CBD) is a well-trodden path for Sydney professionals. So, how did Sydney emerge as a startup hub in the Asia Pacific? It hasn’t happened by chance. For the past decade a broad coalition of government officials, entrepreneurs, world-leading education institutions and leading businesses have been pouring time, money, and resources into making the state of New South Wales (NSW) and its capital, Sydney, the premier destination in

“When you think about how much of your time you dedicate to building your own business, you want to do it in a place where you can enjoy yourself.” Dean McEvoy, CEO and co-founder, TechSydney Asia Pacific for startups and other innovation-minded businesses. NSW is Australia’s startup state, where over 40 per cent of all startups nationwide choose to base themselves. Already a global financial hub, the NSW capital, Sydney, is adding “startup hub” to its credentials. It’s the place from where homegrown talents like Atlassian storm the global IT ecosystem with their ingenuity. That talent doesn’t only reside in the hustling streets of the Sydney CBD

www.industry.nsw.gov.au


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BUSINESS PROFILE

SYDNEY STARTUP HUB: GROWTH THROUGH COLLABORATION

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rowth through collaboration is a theme of Sydney’s startup ecosystem. Understanding this, the NSW Government is soon to launch the Sydney Startup Hub in November 2017. The 11-floor, 183,000-square foot startup cluster in the heart of Sydney’s CBD will function as a great symbol of the collaborative approach the Government and the local ecosystem are taking to economic development. The hub is expected to accommodate up to 2,500 people and some of Australia’s most innovative startups, incubators, and accelerators. Tenants to be include Fishburners, a not-for-profit coworking space and startup accelerator; Tankstream Labs, a coworking space and entrepreneurship community; and Stone & Chalk, an independent, not-for-profit, fintech startup incubator. The hub will also function as a community centre for the startup scene in Sydney, as well as a landing pad for visiting entrepreneurs. An investment of AUD$35 million (US$28 million) from Jobs for NSW, a private sector-led and government-backed funding arm, brought about the creation of this future hive of collaboration. It’s this startup-friendly landscape that was a major contributor to entrepreneur Ben Heap’s decision to move back to his home country. Heap, founding partner at fintech-focused venture capital firm H2 (which is set to move into the Sydney Startup Hub later this year), spent 25 years in the finance industry, including five years in the United States, before returning to Australia in 2012 to co-found the firm.

Ben and Toby Heap of the Sydney venture capital firm H2 Ventures. “The business potential of entering Sydney’s rapidly growing fintech ecosystem, along with the great collection of resources available to startups and entrepreneurs in the city, was a huge motivator to build our company here,” Heap said. “The talent, the networks, the general ease of doing business here — all of it made Sydney an extremely desirable place for us.” Sydney’s fintech scene — while the subject of a great deal of excitement in NSW and around the world — isn’t the only industry benefiting from the active support and investment of the NSW government. SnackableTV is a unique startup and online platform which aims, in the words of its founder Kate Edwards, to become “the Netflix of bite-sized content.” The platform offers original, short-form content geared toward the young adult market, presented through a sleek, youthful interface. It’s a formula which has already brought SnackableTV millions of unique visitors since it was launched earlier this year, and the company has grown from just a few employees to more than 20 in just a few short months, with plans to bring the platform overseas soon. Early-stage funding for the company came in the form of an

AUD$300,000 loan from Jobs for NSW. “We knew our idea and business model were fresh and innovative, but getting early-stage funding can be a challenge,” said Edwards. A veteran of the thriving Sydney arts and film scene through her work at her creative firm, Kontented, Edwards added: “Creative-oriented businesses are an important element of a well-rounded startup ecosystem. Helping these businesses get off the ground ultimately benefits us all, and loans like the one we received from the NSW government are a great mechanism for achieving that end.” While there is no doubt the NSW Government is committed to funding and infrastructure to see the Sydney startup scene thrive, the ecosystem’s strengths should also be viewed in the context of its people. Contributing to Sydney’s and NSW’s sought-after reputation as a city to do business is the country’s competitive immigration policy which helps to draw talented workers from across the world, as well as to its highly-ranked universities including the University of Sydney and the University of NSW. This diverse, multicultural populace in turn contributes to Sydney’s distinctive culture for which the city is famous.

40%

— it’s the surrounding regions that round out a picture of a state that is truly innovation fluent. The NSW economy delivers nearly a third of Australia’s total GDP. 100 miles up the coast from Sydney, the University of Newcastle is now the site of a oneof-a-kind aerospace and defense industry incubator, while the University of Wollongong — located about an hour’s drive from Sydney’s CBD — boasts its very own cluster of innovation and entrepreneurial excellence. While many industries find productive and successful homes in NSW including advanced manufacturing, agribusiness, healthcare, and education technology, the current star of the NSW economy is, without question, fintech. Fintech in Australia, centered on Sydney, has seen impressive growth in the past few years. So has the greater financial services industry, which now represents around nine percent of the country’s GDP. That’s even higher than the country’s globally renowned mining sector. This shift reflects Australia’s transformation into a modern services-oriented economy.

Of Australian startups are based in Sydney

GETTY IMAGES

www.industry.nsw.gov.au


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The University of Wollongong attracts talented students from all over the world.

A PIPELINE OF TALENT AND INNOVATION New South Wales’ higher education sector drives the region’s startup and entrepreneurial ecosystem

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eaders worldwide realize that investing in human capital is as important as investment in digital technologies for prosperity in the 21st Century. Australia offers a successful model of such leadership in action, where the government in the state of New South Wales (NSW) has rolled up its sleeves with industry and higher education providers to generate a pipeline of highly-qualified, innovation-fluent and globally connected talent to fuel economic growth. Sydney, the NSW capital, is an emerging hub for startups and entrepreneurship and a go-to destination for established companies looking to expand into the Asia-Pacific region. A strong education system is essential to the State Government’s goal of fostering new business, says Simon Smith, Secretary of the NSW Department of Industry. “We want to make setting up shop in NSW as easy possible, and that includes having an abundant pool of local talent from which businesses can easily draw upon. What we like to tell businesses is that we already have the talent — all you have to do is bring over your ideas and your innovations, and our people will make the rest happen.”

Local startups for a global economy Sydney is the startup capital of Australia, hosting nearly half of the country’s business startups. NSW is building on its impressive innovation

architecture by creating the brand-new Sydney School of Entrepreneurship (SSE). Established through investment by the NSW Government, SSE is a partnership between 11 NSW universities and the State’s technical and further education provider, TAFE NSW. A platform for talented students from a range of disciplines, SSE acts as a startup factory by providing access to practical entrepreneurial training, mentoring and support. Leading this plan is Nick Kaye, the CEO of SSE, who highlights the vital role of the NSW Government in making the project come to fruition. “People accustomed to the United States’ way of doing things will probably be surprised by how big a part the NSW Government has played in this project, but their help has been instrumental in achieving our vision for this project. I think we’re really creating something truly unique.” NSW students also benefit from access to resources that foster entrepreneurship and allow them to innovate while still in school. iAccelerate, an incubator and accelerator attached to the University of Wollongong, serves as a model for this. Located just south of Sydney in the regional city of Wollongong, it is currently helping a group of 55 startups in education, health and well-being, technology and the range of service sectors. iAccelerate CEO Omar Khalifa attributes its success to the pragmatic approach his university has taken toward being an innovation hub:

www.industry.nsw.gov.au

“Regional areas take a more practical approach to finding solutions to problems relevant to their area or their strengths.” Omar Khalifa, CEO, iAccelerate University of Wollongong


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World-class educational institutions together with great quality of life appeal to domestic and international students. “We find that while urban centers tend to focus on traditional high tech and fintech incubation, regional areas take a more practical approach to finding solutions to problems relevant to their area or their strengths.” On top of that, the school has found that the incubator functions as a “feedback loop to the university, as well as to secondary and trade schools about what will be required of them to fulfill the needs of our emerging companies.” A magnet for world class talent NSW’s innovation credentials have made the state a premier destination for international students. Home to some of the top universities in the world and with nearly 40 percent of the country’s international enrollments, totaling more than a quarter of a million last year, it is Australia’s leading destination for international students and is benefiting from the diverse insights and culture of innovation they contribute. In 2016, NSW launched its International Education Strategy to build on this success and grow the state’s international education sector further. The Australian Department of Education and Training’s data shows that 2017 international student enrollments in NSW are already over 15 percent higher compared to the previous year and over 50 per cent up on five years ago.

NSW graduates over 9,000 students in Engineering and related technologies each year.

BUSINESS PROFILE

SUPPORTING GLOBAL BUSINESSES’ EXPANSION

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acquie Dwyer, Vice President of APAC at Canadian cloud-based teaching platform Top Hat, says that the NSW university system has been a great market for Tophat’s innovations, which includes tools for creating multi-media textbooks and mechanisms for student engagement. “When we were expanding, NSW seemed like a natural place to go for us because of its strong edutech scene and its government’s commitment to innovative tech in the classroom,” Dwyer says. She likens Sydney to another of the world’s great centers of innovation: “Sydney is a great place to be. When you walk around outside and experience the city, it really feels a lot like San Francisco.” Sydneysiders, and Australians in general, lead the world in technology adoption, making NSW an ideal environment to test new technologies and products. Though the company has only been Down Under for less than a year, Tophat’s technology is already present in every university

in NSW, and is poised to expand further into Australia. Aiding Top Hat’s expansion into the NSW and Australian marketplace was its relationship with Sydney-based Polyglot Group, a leading global boutique consultancy dedicated to helping businesses looking to grow locally or expand across borders. One of the key challenges to international business expansion is compliance with local regulatory requirements, and NSW has a growing industry dedicated to assisting that process. Local businesses like Polyglot enable international businesses to grow in Australia and the Asia-Pacific, by providing comprehensive services in HR consulting & outsourcing, talent acquisition, payroll outsourcing and business setup. Its end-to-end global expansion solution provided Top Hat with one point of contact for all of their international needs, enabling them to focus on their core business priorities. www.industry.nsw.gov.au

“Sydney is a great place to be… It really feels a lot like San Francisco.” Jacquie Dwyer

Vice President of APAC, Top Hat

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SYDNEY AND SAN FRANCISCO: PARTNERS IN INNOVATION

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s thriving cities focused on innovation, Sydney and San Francisco have many things in common, including great entrepreneurial support, diverse multicultural populations, and a wealth of skilled talent fuelling their growth. Sister cities for nearly 50 years, Sydney and San Francisco have maintained close connections based on a natural partnership in trade, travel, and culture. Both ambitious and creative, the cities work well together. Sydney brings to the table its well-educated, highly qualified workers (a number of whom have ended up in the Bay Area), an outstanding quality of life, and the right location for globally expanding businesses. San Francisco brings substantial investment and trade opportunities to Sydney. Both cities offer the entire range of startup resources, and talent and business flow quite freely between them. Today, more American companies than ever are eyeing Sydney for their expansion plans. The two cities also serve as dual homes for many companies and entrepreneurs: Atlassian, Australia’s best-known startup-made-good, is co-headquartered in Sydney and San Francisco, while 10 US-based unicorns (including Uber and Airbnb) have made Sydney their Australian headquarters. Three of these companies — WeWork, Snap, and construction tech giant Procore — have set up shop in Sydney just within the past year. BUSINESS LEADERS: THE SYDNEY/SAN FRANCISCO CONNECTION

In the zone for APAC Bill McMurray, Managing Director, Asia Pacific and Japan, Qualtrics

Sydney is tops for trips

“American companies see Sydney as an excellent location to launch their businesses into Asia Pacific. Sydney is highly compatible with the US in terms of culture, language, and solution applicability, which allows for an easier fast-start within the region. These businesses can build

Sam McDonagh, Country Manager – Australia, Airbnb “Australia is an exciting growth area for Airbnb globally, and a major driver of this growth is Sydney, one of Airbnb’s top ten cities globally.” More Australians are embracing home-sharing and opening up their homes and spare rooms to welcome travellers from around the world. A recent Deloitte Australia report found that last year Airbnb guests contributed more than $1.6 billion to Australia’s GDP and supported 14,000 jobs. “Earlier this year, we launched Trips in Sydney - we chose Sydney as the first Australian city for this offering. Trips brings together where you stay, what you do and the people you meet, all into one platform and is a great way for travellers and locals to discover new things to do, meet new people, and play tourist in their own backyard.” www.industry.nsw.gov.au

quickly by taking advantage of the city’s qualified, yet affordable talent pool. Sydney also operates within the Asian time zone allowing local teams to provide sales and support across the Asia Pacific region during regular business hours.” Originally founded in Utah, Qualtrics offers a blueprint for successful APAC expansion via Sydney. The company, which offers Experience Management software, launched its Asia-Pacific headquarters in Sydney just over two years ago with input from the San Francisco office of the Government of New South Wales.


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DESTINATION NSW

A Credible case study Stephen Dash, founder and CEO, Credible “I’ve seen a major shift in funding dynamics over the last 5 years – traditionally start-ups would look to US VC’s for early stage and growth stage financing. In our case, even though the majority of our team is in San Francisco, most of our funding has come from the Australian investment community … and in particular from Sydney”. As Dash’s experience reflects, the barriers to cross-border investing are lowering as the Sydney and San Francisco start-up communities become more and more integrated.

Peas in an innovation pod Geoff McQueen, founder and CEO, Accelo There’s something about Sydney that appeals to San Francisco-based companies and entrepreneurs. “Sydney offers a culture and a way of doing business that San Francisco- and Silicon Valley-based business leaders will find familiar. There really is a lot of overlap in business thinking.” McQueen is the Australian-born founder of Accelo, a fast-growing San Francisco-based startup offering cloudbased CRM (customer relationship management) and PSA (professional services automation) software. The company has more than 60 employees, who he says are nearly evenly split between the headquarters in San Francisco and a second office in Wollongong, a college town just a short drive down the coast from Sydney.

Startups: Women supporting women Dr Catriona Wallace, entrepreneur and founder of AI virtual assistant startup Flamingo “When I returned to Australia, I instantly noticed a substantial transformation in terms of the number of women-led startups in Sydney,” says Catriona Wallace, of Flamingo. Wallace says this can be attributed to several factors, including attention and initiatives from the NSW Government, as well as a strong and growing movement of just “women supporting women.” Sydney was recently ranked the 11th-best global city for female entrepreneurs by the Dell Women Entrepreneur Cities Index.

www.industry.nsw.gov.au


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An artist’s rendering shows the plan for the renovated Sydney Fish Market.

3XN ARCHITECTS

INFRASTRUCTURE BOOM Planning for Sydney’s future with bold urban design and smart civic investment

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hree million visitors a year visit the Sydney Fish Market, a local treasure just a mile or so from Sydney’s central business district. Perched on a dock in the working fishing port of Blackwattle Bay, the market has been a favorite of residents and tourists alike for decades. In near continuous operation since the 1960s, however, the market is now showing its age. Yet its future is bright thanks to an audacious AUS$250 million plan to transform this beloved attraction into a modern culinary and cultural destination. The market will move along the docks to an adjacent site next year, replacing its heavy industry neighbors and becoming a catalyst for urban renewal across the district. The Sydney Fish Market redevelopment is emblematic of a strategic approach to growth under the governments of Sydney and New South Wales. In the case of the fish market, the redevelopment plan takes account of Sydney’s growth as a tourist destination and being home to an increasing number of Australians and expats. The redevelopment continues a longterm plan to relocate industry away from the valuable city center and harbor foreshore to make way for greater residential, commercial and recreational use. Sydney appreciates its past, but it isn’t stuck in it. The Sydney Fish Market will remain, but its dated physical trappings will give way to a site that offers the space and the modern sensibility the city deserves. It is this focus on planning for the future that is seeing Sydney and NSW lay the groundwork for longterm sustained growth while preserving its cultural heritage.

CATH BOWEN

The evidence is everywhere, including at the world-famous Sydney Opera House. Thanks to a AU$202 million investment from the NSW Government, this international icon is undergoing a comprehensive upgrade to maintain its standing as a world-renowned musical and architectural destination. The global economic climate is always changing, and NSW knows this well. Strategic planning has historically been essential to Sydney’s growth, whether in making policy or direct investment in public works and urban planning. Now the NSW Government is making good on a plan to develop Sydney and the state’s infrastructure for the next 20 years and beyond. This AUS$73 billion investment over four years is a once in a generation opportunity. It’s a massive stimulus for

www.industry.nsw.gov.au

Track laying in a tunnel near Norwest Station. Infrastructure projects such as this are propelling Sydney for population and business growth in the next decade.


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TRANSPORT FOR NSW

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TRANSPORT FOR NSW

TRANSPORT FOR NSW

The New South Wales government is putting into action a 20-year infrastructure plan for Sydney and the state. Clockwise from top left: Artist’s impressions of Circular Quay Wharf balcony Redevelopment; the Sydney Fish Market; Sydney’s urban train service and metro station.

NSW’s economy and flowing from it will be unique opportunities for local and international businesses in the near term. Sydney’s connectedness and liveability will increasae significantly, with construction already started on new rail and cable-car lines, freeways and tunnels, as well as upgrades to major transport hubs like Central Railway Station and Circular Quay ferry terminal.

SYDNEY AND NSW INFRASTRUCTURE SPENDING

Renewal along Sydney’s waterways Over the next 10 years, massive infrastructure projects in both urban and suburban Sydney will transform the cityscape. The redevelopment of The Bays Precinct epitomizes the city’s urban infrastructure renewal plans. Originally a center for industry, and with an abandoned coal-fired power station at its core, the neighborhood is close to the CBD. In keeping with Sydney’s march toward a serviceand high tech-based economy, the 3.5 miles of harbor foreshore and 235 acres of land will be transformed into housing, offices, retail space, public parks and more. Though a key goal of the project is to create a unique waterfront destination that Sydney’s residents can enjoy, The Bays Precinct is an opportunity for the city to create thousands of new jobs and drive growth and innovation across the region.

Sydney and New South Wales’ 20-year infrastructure plan

Western Sydney looks to growth With a population of two million, Western Sydney would be Australia’s fourth-largest city if counted on its own. Today, this thriv-

M4 freeway across Western Sydney

$73

billion

$5.3

billion New Western Sydney airport

$250

million Sydney Fish Market

$670

million

www.industry.nsw.gov.au

ing precinct is already Australia’s third-largest economy, and with the population expected to increase to three million within the next 20 years—the NSW Government has made it a key target for infrastructure investment. A key project is a AUS$670 million upgrade to transform the busiest section of the M4 freeway across Western Sydney into a state-of-the-art “smart motorway.” This will leverage real-time data to open and close lanes, adjust speed limits, and gather information about traffic patterns to create faster, less stressful commutes. With similar goals but an even bigger scope, the Western Sydney Airport is another project critical to the future of Sydney’s economy, and that of NSW. Currently under construction and on track to open by 2026, the AU$5.3 billion airport will help the city manage its rapidly expanding economy and population, taking pressure off its existing international airport and supporting an estimated 28,000 direct and indirect jobs across the region. Business thrives on strong infrastructure Our fast-growing modern cities are particularly vulnerable to urban infrastructure woes, and meeting the challenges requires forward thinking and strong urban planning. The NSW Government’s plan demonstrates a top-down understanding that something as important as Sydney’s infrastructure can’t just be addressed piecemeal. With the green light given to major projects like Western Sydney Airport and The Bays Precinct, Sydney’s future as a jewel of the Asia-Pacific looks assured.

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CHRIS JONES; DESTINATION NSW

Regional New South Wales is an ecologically diverse area with nine regions.

REGIONAL NEW SOUTH WALES

Entrepreneurial and innovation ecosystems surround Sydney

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tretching from the sub-tropical north to the Snowy Mountains of the south and the wide open spaces of the west, Regional New South Wales (NSW) is an ecologically and industrially diverse area. Home to some 2.7 million people, known for their warmth and friendliness, Regional NSW plays a critical role in driving growth in the state’s economy. Encompassing the nine distinct regions of NSW that aren’t part of the City of Sydney, it adds significant agricultural and industrial backbone to the state economy, and has its own gateways to key Asian markets. Supporting key industry sectors such as mining, food processing and defence manufacturing, the NSW regions benefit from active government investment that ensures stability and growth. NSW’s AAA credit rating continues to make significant contributions to regional development through investment in strategic infrastructure, education, research, and economic stimulus funding. From 2017 to 2018 it has committed to spending AUD$6 billion on improving regional and rural infrastructure, AUD$5.1 billion on improvements to road and rail freight corridors and replacement of the inter-city rail fleet, AUD$1.1 billion on investment in water supply infrastructure, including dams and wastewater and sewerage solutions, and AUD$300 million on education and country schools. This diverse regional economy benefits from a number of key advantages promoting business growth. Government investment in Regional NSW’s infrastructure, particularly transportation, has allowed the region to attract companies looking to expand in Australia. The affordability and abundance of commercial property means a lower cost of business for companies compared to Sydney. Reliable government services and utility infrastructure along with good road, rail and air links makes locating outside Sydney quite feasible without losing access to the benefits offered by a big city. The continuing rollout of a state-of-the-art National Broadband Network, which will soon deliver fiber optic communications infrastructure to ev-

DESTINATION NSW

Students at the Innovation Campus of the University of Wollongong. NSW is home to a number of world-class universities and vocational schools.

www.industry.nsw.gov.au


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REGIONS OF NSW

1. Far West NSW’s largest region geographically, the Far West is a leader in mining, with continuing growth in agribusiness, renewable energy and tourism, and features a rich Aboriginal cultural heritage.

2. New England The New England region features a premium agribusiness economy with emerging renewable energies and services sectors, while enjoying easy access to Sydney and South East Queensland.

3. North Coast Leveraging its proximity to Queensland, Brisbane, Sydney and some of Australia’s best beaches, North Coast’s diverse economy is strong in tourism, manufacturing, services and agribusiness. The region is recognised as one of the fastest growing “hotspots” for entrepreneurial enterprises in Australia.

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10. Central West & Orana The heart of NSW - Central West and Orana is home to extensive agribusiness and mining sectors as well as growing tourism, gastronomy and wine industries.

4. Hunter The Hunter Region is the largest regional economy in Australia, connected to major shipping ports across Asia-Pacific. It’s a major wine, tourism and food destination with strong defence, education and advanced Manufacturing industries.

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5. Central Coast NSW’s Central Coast is an hour’s drive from Sydney and home to international food processing, transport and logistics companies as well as a skilled, mobile workforce attracted to the coastal lifestyle.

10 6. Greater Sydney Australia’s commercial headquarters and gateway to Asia-Pacific.

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9. Riverina-Murray Riverina-Murray is one of Australia’s main food-producing and agribusiness regions. It’s also home to a developing agri-tech cluster, with additional strengths in manufacturing, forestry, tourism and defense.

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9 7 8. South East and Tablelands South East and Tablelands is NSW’s renewable energy powerhouse, offering a variety of investment opportunities in agribusiness and aquaculture along with growing alpine, marine and cruise ship tourism.

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7. Illawarra-Shoalhaven The Illawarra-Shoalhaven economy is driven by advanced manufacturing, knowledge-intensive services and unique defence capabilities. Wollongong, Australia’s 10th largest city proudly boasts an award winning technology precinct that is linked to the world class University of Wollongong.

BUSINESS PROFILES

Mars Pet Care: Global reach and local commitment

Mars Pet Care’s manufacturing facility. The affordability of commercial property in NSW helps the company stay competitive.

ery corner of Australia, will keep businesses globally-connected with domestic and international markets never far away. A number of world-class universities and vocational training colleges in regional centers help provide a local skilled labor pool for modern business needs, while external sources of labor are also easy to find. The attraction of a lower cost of living in fantastic coastal and rural environments, together with NSW’s high-quality hospitals and schools, draws in qualified talent both from elsewhere in Australia and overseas. For business and industry groups, the proximity to these world-class research and innovation hubs also means that they can tap academic expertise and partner with researchers and scientists to develop commercially viable technologies. The NSW Government will soon release an interactive web-based tool that provides all the information companies need to invest in regional NSW. This includes targeted information to international and domestic investors, such as sectors of greatest economic importance and potential, along with supporting statistics and success stories of other international and domestic companies that have successfully invested and prospered in regional NSW.

Mars Petcare, one of the world’s leading pet food and veterinary care businesses, has been operating successfully in Bathurst for 40 years since 1966. Continuing its proud track record of regional investment, in May 2015, Mars opened its newly built AUD$100 million state-of-the-art dry pet food factory reinforcing its commitment to Australian manufacturing and continuing its proud track record of regional investment (they built on a brownfield site). It represents one of the largest investments ever made in Bathurst. The facility, which is one of the most advanced and versatile dry pet food factories in the Mars Global network, accommodates 150 local workers and primarily services the domestic market. Mars has publicly stated that the business is a believer in sourcing, manufacturing and selling locally wherever possible. The factory is equipped with the latest in modern and efficient equipment, energy efficient building design, lean workflow principles and the highest quality and food safety standards, which has direct implications for competitive, low-carbon Australian manufacturing. Its energy efficient build is expected to deliver reductions of 47% in future energy intensity and 40% in carbon intensity – significant improvements on the base position.

NEC focuses on technology-based solutions NEC Australia, a leading international ICT solutions and services firm, established a new corporate office in Wollongong in 2016, employing 180 people. The new office is the centrepiece of an AUD$40 million investment in the region and will support major customers of NEC across Australia. Located at the heart of University of Wollongong’s (UOW’s) 33-hectare Innovation Campus precinct, the corporate office allows NEC Australia to harness new opportunities to collaborate with world-class researchers at the UOW Innovation Campus specialising in fields that align with NEC’s global focus on technologies and solutions. NEC Australia will also support the UOW Innovation Campus’ ambition to find solutions that address Australia’s current and future challenges in managing an ageing population, coping with industrial transformation and sustaining coastal environments.

www.industry.nsw.gov.au


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CYBER SECURITY

AGTECH

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FINTECH

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DESTINATION NSW

T FIVE NSW INDUSTRIES EVERY INVESTOR SHOULD KNOW ABOUT

he stellar growth of its financial technology (fintech) scene in recent years has seen New South Wales (NSW) cement its position as a leading financial services hub in the Asia-Pacific. According to a new report from KPMG, Scaling the Fintech Opportunity: For Sydney and Australia, Sydney now accounts for 62% of a rapidly-growing number of fintech firms in Australia, well over 500 at last count. Fintech is just one of a number of high-growth industries of the future where NSW has emerged as a world leader in innovation and investment opportunity. The renewable energy and cleantech sectors are also booming, and a AU$195 billion federal government investment program in defense is unlocking opportunities in manufacturing, cybersecurity and information technology, creating thousands of jobs in the process. Opportunities abound in NSW, and companies in dozens of industries from film to pharmacology have made successful homes in its capital, Sydney. Here are five key strengths of Sydney’s economy that a globally-minded investor or business leader should know:

Fintech epitomizes service-oriented economy Any city, regardless of its breadth of industry strengths, inevitably becomes associated with business sectors for which it is particularly well equipped. For San Francisco, read tech. For Los Angeles, the film industry. For Sydney, it’s technology for the financial services industry. Deloitte now ranks Sydney as one of the world’s top-10 hubs for financial services, and the city’s fintech companies are making an impact in a short space of time in payments systems, lending, investment advice, digital currency and more. Examples include Tyro, which provides industry-leading mobile point of sale (POS) terminals; Prospa, an online lending service that offers quick business loan applications and evaluations; Airwallex, whose flexible solutions simplify cross-border payments using fixed rates; and

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CLEANTECH

Opportunities abound in NSW, and companies in industries from Fintech to Cleantech have made their homes here.

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DEFENSE

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ZipMoney, an interest-free lending service with a promising outlook that recently received a AUS$40 million investment from major Australian bank Westpac. With strong support from fintech hubs, a robust fintech industry association, regulatory changes that incentivize fintech startups, and investment from major Australian banking institutions, Sydney is the place for fintech success. Agricultural technology: making food more efficient According to the 2016 report Powering Growth: Realizing the Potential of Agtech for Australia, the global opportunity in agtech is expected to amount to approximately $189 billion between 2013 and 2022. On a national level, agriculture is expected to become Australia’s next $100 billion industry by 2030. Global venture capital in this industry is already worth $1.5 billion, and is growing rapidly. NSW is in a particularly good position to take advantage of this growth to become a global center of agricultural innovation, thanks to the region’s top talent, research institutions, and startup culture. The state is already investing in this opportunity, funding the creation of the Graham Center for Agricultural Innovation at Charles Sturt University. Research at the center will build on the work of current NSW innovators, such as Agridigital, a young startup making significant strides in creating trust and transparency for global agricultural supply chains using blockchain technology. Cybersecurity investment ensures ongoing growth The global cybersecurity market is expected to increase from $106 billion to $170 billion by 2020, and the NSW Government is moving quickly to take advantage. In the wake of 2016’s infamous cyberattacks in the U.S., it appointed a new Government Chief Information Security Officer, and its state-funded, private sector-led initiative, Jobs for NSW recently announced an investment of AUD$1.7 million for a brand-new global cyber security R&D facility for the big British telecom firm BT.

To be located in fast-growing North Sydney, an extension of the Sydney CBD across the Harbor, the facility is expected to create hundreds of new jobs over the next five years. Further contributing to Sydney’s burgeoning cybersecurity scene is VC darling Crowdstrike, the Orange County-based cybersecurity technology firm famous for pinning the 2016 US election cyberattacks on Russian hackers. The company opened a new office in Sydney last year as the first step in its plan for expansion into the region. Currently valued at over $1 billion, Crowdstrike is also benefitting from its Australian expansion with a $100 million capital investment from its Australian client (and mobile phone provider), Telstra. Defense industry invests in science education Earlier this year, the NSW Government launched its Strong, Smart, and Connected defense industry strategy, which in addition to enhancing the country’s highly-regarded, globally-competitive defense sectors also promotes the uptake of science, technology, engineering and mathematics subjects at schools and the transfer of STEM-skilled employees into NSW. This skills-creation strategy is a long-term one, but one need not look far into the future to see the plan’s potential for job creation: in NSW, some 10,000 jobs are created from every AUD$1 billion spent on defense. Strong, Smart and Connected identifies AUD$195 billion federal defense spending to be targeted over the next decade, which is expected to translate into thousands of new jobs. Major defense and aerospace players have already invested in NSW, including Boeing, Lockheed Martin, BAE Systems,and Raytheon. Under the defense strategy, the state is acting to create an even greater supply of smaller businesses to service the sector, as well as establish links with the university system to create high-value jobs in fields such as applied virtual simulation, armor composite engineering, and rapid phenotyping. Cleantech addresses global climate change Once heavily reliant on mining and heavy industry, NSW is today investing in renewable energy. The NSW Government has demonstrated its commitment to a clean tech economy through the Renewable Energy Action Plan and Draft Strategic Plan for the NSW Climate Change Fund. These ensure that in the course of mitigating climate change, the renewable energy revolution will be a net positive for the NSW economy. Private industry has taken up the government’s renewable energy charge with verve, and more than AUD$13 billion in renewable energy investment has been proposed. EnergyLab, Australia’s first renewable energy startup accelerator program, launched last year in Sydney while Wattwatchers, a Sydney-based energy startup enabling homes and businesses to reduce their energy consumption with its smart energy meter, attracted VC attention earlier this year with a AUD$2 million fundraising round. Five industries among dozens more The five industries listed above represent just a portion of the business and investment opportunities on offer in Sydney and NSW. The city’s startup-friendly climate, highly-ranked talent base and stellar quality of life make it a prime destination for innovative companies looking to make their mark.

www.industry.nsw.gov.au

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SYDNEY:

Just the facts

A global city:

Currency:

More visitors come to Sydney and New South Wales and stay longer than in than any other state in Australia.

The Australian dollar.

163 events

There are on the Sydney and NSW event calendar.

$1.25AUD = $1USD There are more than

100 beaches

NEW SOUTH WALES

Sydney

Population:

5 million

Climate: Mean minimum Mean maximum temperature temperature

47˚ Commercial Space 3.6%

79˚

Transportation

Central Business District vacancy rates.*

6 miles

US $45/sq. ft.

from the Central Business District, connected by train.

US $583/month Average cost of a co-working desk (AUD $729.)**

2500 Number of workers who can find space in the new 11-floor SydneyStartupHub, which opens in late 2017. Major accelerators occupying space in the hub will include Stone & Chalk, Tankstream Labs, Fishburners & The Studio. *SECOND HALF OF 2107; SOURCE: COLLIER’S **END OF 2016; SOURCE: KNIGHT FRANK

Daily direct Flights to: San Francisco Los Angeles Dallas Singapore Hong Kong

Tokyo Beijing Shanghai Seoul

and many other destinations throughout the Asia Pacific area as well as all over Australia & New Zealand.

Opal Card: Use this reload-

able smart ticket to pay for travel on ferries, trains, buses and light rail anywhere from the Blue Mountains to Bondi Beach.

Ferries: More than 14 million

people cross Sydney Harbour by ferry every year. Circular Quay is the main passenger hub in the Central Business District.

Housing US $2,040 Median monthly rent for a 600-900 sq. ft. 1-bedroom apartment in Greater Sydney (AUD $2,550).

US $504,000 Median cost to buy a 1-bedroom apartment in Greater Sydney (AUD $630,000). SOURCE: RENTCAFE

(This one is Bondi Beach.)

Economy & Business

SYD - Sydney Airport

Cost of Grade A office space.*

Within the Sydney metro area

Trains: Operated by Sydney Trains, and with stations marked with a T, the system is easy to use, including service to Sydney airport. Trip planning apps are available at transportnsw.info/apps

Australia has a world-leading financial services regulatory system, with the World Economic Forum recently rating it as one of the world’s most stable global financial systems and 7th globally in financial market development.

9th largest Global ranking of the Australian Securities Exchange (ASX), headquartered in Sydney. The ASX is the third largest stock market in Asia.

8th Sydney’s rank in the 2017 Global Financial Centre Index.

60 International banks are headquartered in Sydney.

more than 40% Of the startups in Australia are in Sydney.

11 US Unicorns already operating in Sydney include Airbnb, Docusign,Dropbox, Github, Okta, Qualtrics, Procore, Snap, Survey Monkey, Uber, WeWork.

6 World-class universities are in the Sydney metropolitan area.

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The best of Australia starts with Qantas

Fly non-stop from San Francisco to Sydney. Australian hospitality, all inclusive service and convenient Australian connections throughout Australia. connections Qantas makes makes it easy. Qantas Discover more more at at qantas.com qantas.com Discover

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