The State Liberals will invest $27.5 million establishing an entrepreneurs’ hub on the old Royal Adelaide Hospital site as part of their plans to transform the South Australian economy into the most dynamic in the country.
“South Australia needs to cultivate the next generation of entrepreneurs and turn their ideas into the businesses that will generate the jobs of the future,” said State Liberal Leader Steven Marshall.
“The old Royal Adelaide Hospital site is the perfect location for an entrepreneurs’ hub with its proximity to leading universities, Adelaide’s premier cultural boulevard and the East End making it a highly desirable place to work.
“Locating the Innovation, Incubator and Start-up Hub in the fully restored heritage buildings that wrap around the corner of North Terrace and Frome Road will deliver a world-class facility that will be the envy of the nation.
“Within a decade, we want South Australia to have a higher rate of business start-ups than anywhere else in Australia.
“I want to ensure that no South Australian child beginning school in 2018 will need to go interstate or overseas to be successful in work and that will require an entrepreneurial led renaissance of our economy.
“A not-for-profit board will be appointed, predominantly from the private sector, to oversee the governance and management of the facility, with the board to appoint a suitably experienced Chief Entrepreneur to lead the facility’s establishment and oversee day-to-day management.
“The Innovation, Incubator and Start-up Hub will be a new age factory – a factory that will take brilliant South Australian ideas and facilitate turning them into world class businesses and jobs.”
The Innovation, Incubator and Start-up Hub will be an environment where:
- New entrepreneurs are encouraged and supported to develop their ideas;
- Existing businesses are encouraged to explore new technologies to build on their established success;
- Investors can readily identify opportunities to back emerging and growing businesses; and
- Successful entrepreneurs can mentor and guide future entrepreneurs.