Premier Anastacia Palaszczuk has revealed plans for Brisbane’s ‘The Precinct’, a startup hub which is set to undergo multi-million-dollar expansion in government plans to ramp up innovation in the upcoming Queensland budget.
Over $7 million from the government’s $518 million ‘Advance Queensland’ initiative will be spent on the building’s expansion, as the government looks to supply further space to foster innovation.
“I’m proud to announce as part of our increased spend in the innovation sector, The Precinct will increase in size by 50 per cent,” said the Premier.
Located in the heart of Brisbane’s Fortitude Valley, The Precinct is currently a space for start-up businesses which spans 5337 square metres across two floors at the historic TC Beirne Building and is set to grow an additional floor to cover around 7500 square metres.
Deputy Premier Jackie Trad said in a statement that the government’s investment in The Precinct will help to “support Brisbane’s growing startup sector and would help to create jobs”.
A major part of the government’s new strategy is to provide additional space for international innovators and investor organisations at The Precinct to work alongside local startups.
“We are committed to investing in innovation and supporting local entrepreneurs because its investments like these that will create the jobs of the future here in Queensland,” the Deputy Premier said.
There are currently 27 tenants on the waiting list for floor space at The Precinct and this is set to continuously grow in coming years. It’s no surprise since more than 200 events have been attended by close to 16,000 people since The Precinct’s opening. The Queensland budget is set to be announced on June 12, and a range of stakeholders were consulted on the project before deciding on the best model to expand The Precinct.
“The expansion presents a fantastic opportunity for more businesses to join our thriving entrepreneurial community,” voiced Queensland Chief Entrepreneur Steve Baxter.
One of the founding tenants of The Precinct, Clipchamp, has just about quadrupled its user numbers growth in the past 12 months since relocating to the building, with nearly 4 million registered users around the world and a growing team.
Clipchamp co-founder and CEO Alex Dreiling voiced that Clipchamp had been a tenant of the Precinct since it opened 14 months ago and had experienced the benefits of being part of Queensland’s premier innovation hub first-hand.
“The Precinct is obviously filled with startups, so we can get help and help others at any time. Just sharing the space with likeminded people is inspiring,” he said on the subject.