Sydney Startup Hub set to lose Government Funding

As the Minns Government looks to cut costs to the state budget, it has been quitely announced that Sydney Startup Hub in Wynard, the hub for emerging startups in Sydney will likely lose it's funding within the upcoming state budget as reported by the Sydney Morning Herald.

The startup hub is the home of many key startup accelerators such as Fishburners, Stone&Chalk, Tank Stream Labs, not to mention also home to dozens of startups. It's also been a key place for industry people to meet, network and learn from each other and has definitely been instrumental in helping to facilitate industry development and relationships. It was not the only cut hinted by the state government with $188 million expected to be confirmed as slashed from the Department of Enterprise, Investment and Trade's in an attempt to reign in the state budget.

While it's a key blow to the Sydney startup and innovation scene, particularly in a year of dwindling funding and mass layoffs, resilience is in our ecosystem's backbone. The startup system will survive even if the hinted cuts turn out to be true.