Oxford St potential home to innovative start-ups
Sydney Lord Mayor Clover Moore told an Oxford Street networking event the famous strip can become home to a growth of Silicon Valley-style start-ups.
In the inaugural 66 Meet-Ups networking evening on June 6, Moore said with the right mix of venture capital, affordable rent and tax incentives there could be an increased culture of innovative start-ups.
“We know that start-ups need a supportive environment that allows for experimentation and, yes, for failure as well,” she said.
“They also need affordable spaces in the inner city where like-minded people can gather.
“We need to start redirecting some of the money that goes into property, mining and exploration into our local talent, as well as encouraging the Federal Government to look at tax incentives, so we can help innovative small businesses become the mid-sized or larger businesses of Sydney’s future.”
Original PayPal investor Peter Davison said there has been a shift in the way people can conduct and access businesses around the world.
“It’s easy to buy a domain name, it’s easy to start buying traffic, it’s easy to build a website, anybody can do it,” he said.
"So instead of trying to emulate Silicon Valley, a mature ecosystem of investors, entrepreneurs and acquirers, Sydney can provide opportunities for the new breed of bedroom entrepreneur.
“We need to start out by giving them the opportunity to learn from each other, network and talk to the big end of town. Doing so might trigger an industry of successful small businesses, creating jobs and bringing in money. With a little luck, one or two Silicon Valley-like success stories might emerge.”
More than 100 creative entrepreneurs and investors attended the event, organised by start-up Around You and the tenants of 66 Oxford Street, a City of Sydney-owned building that was offered to entrepreneurs earlier this year at affordable rates.
Tech start-ups, an architect, a textiles design house, two co-working spaces and three art and design shops are currently among the 16 tenants that have moved into City-owned spaces.
[Pictured] Sydney Lord Mayor Clover Moore addressing the crowd at 66 Meet-Ups.
For more information, visit www.66meetups.com