City boosts local economy through commitment to start-ups

THE City has helped create almost 50 jobs through its commitment to support emerging start-up businesses across the Greater Geelong region.

The projected job growth contributed to an annual sum of $16 million to the local economy and reaffirmed the City’s drive to boost Geelong’s stance as a centre of business and creativity.

Data released by the City has detailed the impact of their contribution to Runway’s Start-up Incubator programs between 2017 and 2018.

Headquartered in North Geelong, the objective of the entrepreneurship program is to transform the region into a city recognised as a global centre of innovation.

Through validating ideas and offering mentoring, training, or assisting in scaling up businesses, Runway is identified as a catalyst for growth in the sector.

The City’s investment into the program contributed $3.6 million in wages and $16 million in economic output.

Runway programs have supported in whole more than 430 jobs and given entrepreneurs access to a co-working space offering substantially discounted professional services.

Across the state the program has contributed to just shy of $39 million in annual salaries.

Runway Co-Founder Nick Stanley said Geelong was quickly asserting itself as a destination for innovation and creative job growth.

“The leadership position taken by the City of Greater Geelong has been key to achieving these great outcomes,” Mr Stanley said.

“It clearly demonstrates the value of bringing together government, not-for-profits like Runway, and the private sector to create real and lasting impact.”

Mayor Stephanie Asher said the Start-Up program was empowering Geelong residents to launch their own businesses while accessing a creative community.

“Together we’ve created new jobs and growth, adding $16 million in output to the local economy annually, an additional $145m in revenue to the state, and more than 430 new jobs across Victoria,” she said.