Creative solutions through partnerships
Globally, industry and government are investing in digital technologies at a rate unprecedented in history. The largest companies in the world by market capitalisation are digital technology companies and the largest companies in the world by revenue – mainly in retail, resources and automotive – are also huge investors in digital technologies.
In Australia there is a vibrant digital sector comprising a growing number of multi-billion dollar companies and an exciting ecosystem of innovative start-ups, especially centred on Sydney. Large parts of wider Australian industry – from banking to mining – are also embracing digital technology with huge investment programs in areas including robotics and AI. It is estimated that digital technology workers will grow to 792,000 by 2024.
The NSW government commits to develop the Central to Eveleigh Sydney Technology and Innovation Precinct, in which the University of Sydney is a partner, creating an estimated 50,000 new digital technology jobs. Other precincts in NSW are also embracing digital industries – Western Parklands Aerotropolis in Defence and Aerospace electronics and Westmead in health data and bionics. These commitments have come on the back of huge growth in technology start-up funding, with venture capital funding growing from $60 million in 2007 to >$1.4 billion in 2018, the majority of this funding going towards start-ups within the Sydney region.