This article is from the Australian Property Journal archive
THE University of Melbourne, Artesian Venture Partners, RMIT and La Trobe University have signed up as founding partners for the Victorian government’s The Cremorne Digital Hub.
The high-tech jobs precinct in Melbourne’s city fringe suburb of Cremorne, around 3km out from the CBD, will see industry, universities, and investors come together to create jobs advance the state’s technology and innovation capability and digital skills development.
“The Hub will turbocharge this rapidly growing sector, encourage collaboration, build capability and provide access to expert networks here and around the world,” said Jaala Pulford, minister for innovation, medical research and the digital economy.
The foundation members propose to invest a combined $40.9 million in-kind, in addition to $6.25 million in cash across the next 10 years.
A $50 million to $100 million “Sidecar Fund” will also be seeded and managed by Artesian, to secure an income stream for the hub through early and later stage investment programs, which will be open to new and growing digital ventures in the state.
“With its central location, concentration of tech and creative industries, the precinct is uniquely positioned to attract investors, businesses and talent,” added Richard Wynne, member for Richmond.
First announced as part of the Cremorne Place Implementation Plan, The Cremorne precinct already contributes more than $4 billion to the Victorian economy annually and as the country’s newest and fastest growing technology precinct, it houses more than 700 business and over 10,000 workers.
The precinct is currently home to some of the country’s top tech companies valued at over $1 billion, including Carsales, REA Group, MYOB and SEEK.
“The consortium members are partnering with the Victorian Government to deliver a world-class initiative to attract investment, develop talent, create jobs and stimulate economic growth,” said Tim Heasley, acting CEO for the Cremorne Digital Hub consortium.
The Cremorne Digital Hub consortium and industry partners board appointments are anticipated for later in 2022.
