The business innovation hub will focus on climate tech start-ups and scale-ups in particular, offering cost-effective office space that seeks to enable emerging companies to prosper.
A new, affordable office space is slated to open in Sydney’s CBD next year to help boost the city’s start-up ecosystem and act as an innovation hub for climate-related tech companies.
The business innovation hub, named ‘Greenhouse’, will focus on climate tech start-ups and scaleups in particular, offering cost-effective office space that seeks to enable emerging companies to prosper and expand into global markets.
The hub will occupy 3,800 square metres across the first three floors of Lendlease’s new 56-storey tower at 180 George Street and is due to open in 2022.
The innovation hub is the result of planning negotiation between the City and Lendlease. LendLease and the City entered into a voluntary planning agreement to provide a range of public benefits including open space, community spaces and the business innovation space.
The City has awarded an accommodation grant to Innovillage, a wholly owned subsidiary of seed investment company, Investible, to sub-lease and operate the hub to start-ups. Innovillage will manage and operate Greenhouse, including the running of associated programmes supporting tech start-ups under a co-working model with support from Investible and its partners.
Greenhouse aims to directly support more than 100 high-performing businesses in creating more than 1,500 new jobs over 10 years. It will also engage the wider tech ecosystem, create pathways for early-stage start-ups as well as corporate and university talent and help position Sydney as a global leader in climate tech.
“Emerging technology companies will play a critical role in enabling a net-zero carbon future, but they face increasingly complex challenges and require different levels of support as they scale”
“Greenhouse is a wonderful opportunity for tech entrepreneurs and the scale-up economy to be located in one of the most advantageous and desirable locations in Australia, and for the City to showcase Sydney’s tech start-up ecosystem to the world,” said Clover Moore, lord mayor.
“Technology businesses are pivotal to Sydney’s future. They create high-quality jobs, boost the local economy, strengthen our connections around the world and make Sydney a more desirable place to live, work and visit.
She continued: “By supporting our fastest-growing, sustainability-focused businesses with affordable, premium office space and access to expert-run services and globally competitive talent, we hope to reaffirm Sydney’s reputation as a vibrant and sustainable city and the home of smart, inclusive and green innovation.”
Investible said Greenhouse businesses will have access to a range of talent and growth services as well as investment opportunities, including the Investible Climate Tech Fund, a new venture capital fund to be launched this year.
“Emerging technology companies will play a critical role in enabling a net zero carbon future, but they face increasingly complex challenges and require different levels of support as they scale,” added Creel Price, co-founder of Investible and CEO of Greenhouse.
“We’re designing a space that’s optimised for growth; bringing together a diverse group of investors, experts, partners and advisors to provide climate tech businesses with the nutrient capital, talent, programmes and community to grow to their fullest potential.”
Greenhouse is expected to open in late 2022 and will be part of the new community infrastructure created by the City of Sydney and Lendlease at George Street. The precinct also includes a public plaza, retail laneways, bicycle hub, public art and a new hospitality venue on the site of the former Jacksons on George.