What innovators want: has Mac Park got it?

We recently asked a focus group of innovators what they’re working on, what their needs are, and what they think of our area, creating a snapshot of Macquarie Park’s innovation ecosystem and revealing new insights on what’s needed to create a thriving new business:

INSIGHT 1: what do you want? When choosing a place to create their company, innovators are all about location, business services and proximity to other innovators and business. When asked what they like about Mac Park, we tick all the same boxes!

INSIGHT 2: who are you? The majority of innovators we interviewed are in the start up stage - in the early phases of their business. Less than 15% were in the ideation, scaleup and maturity stages.

Good news: 55% have female founders or co-founders, and 42% already have diversity and inclusion goals in place. This is above the national average - equality matters in Macquarie Park!

By comparison Australia registered 355,000 startups in October 2020 - but just 22% were led by women.

INSIGHT 3: show me the money!

Collaboration is critical in the early stages of the innovation cycle - and so is money!

When asked where their funding came from, founder’s savings, grants and prizes, and research came out on top.

When asked what their preferred source of funding is, grants and prizes came out on top, along with venture capital and investment from corporates.

There’s a clear opportunity to enhance venture capital and corporate investment in Macquarie Park, as the business, research and innovation communities continue to grow together.

Much of our work at Connect Macquarie Park Innovation District is driven by data - from smallscale snapshots like this one, to Park-wide surveys and censuses.

Stay tuned as we explore more of the innovation landscape in Macquarie Park in the coming months!