Tech-giant Microsoft has announced that it is bringing its world-renowned intensive program for start-ups to the new Sydney Startup Hub, making Sydney one of only eight locations in the world to host the accelerator program.
Microsoft’s program, ScaleUp, is designed to fast-track start-ups who have usually already received initial funding and are looking to expand. They will have access to expert guidance, technology tools and also to Microsoft customers.
“The decision by Microsoft to move in is a huge vote of confidence in our city, our economy and the people that make up our start up community,” NSW Premier Gladys Berejiklian said.
Last year the NSW government committed $35 million to creation of the hub which has now officially opened. It is located across 11 floors on York Street above Wynyard Station.
“This is a resounding acknowledgement of both the quality and potential of Australian tech start-ups and entrepreneurs,” Microsoft Australia managing director Steven Worrall said.
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In addition to running the ScaleUp program, Microsoft will be an active tenant of the Sydney Startup Hub.
Microsoft also recently announced that Sydney-based Annie Parker (formerly CEO of Fishburners and co-founder of muru-D) has been appointed to lead Microsoft’s start-up programs globally, including Microsoft ScaleUp.
Sydney will join cities such as Seattle, Beijing, Berlin and London in hosting a Microsoft ScaleUp program.
In addition to Microsoft, the Sydney Startup Hub has already secured a list of tenants including Stone & Chalk, Fishburners, Tank Stream Labs, The Studio, Westpac’s FEULD, H2 Ventures, Slingshot, Transport for NSW’s Future Transport Digital Accelerator, the Department of Finance and Services, and an innovation team from Caltex’s C-Lab.
In the five years the Microsoft ScaleUp programs have been running, close to 730 companies have graduated from the program and raised almost US$3 billion in venture capital with 48 exits – where the company is bought out or acquired by another company.
