SYDNEY, Oct. 4 (Xinhua) -- Another Australian "innovation hub" focusing on Asia has launched to the sound of three gongs in Sydney's Chinatown on Tuesday night, seeking to leverage the networks of start-ups already established in the region.
Asia is fast becoming the center of the global technology revolution after investors poured 4.5 billion U.S. dollars into financial start-ups in 2015, a near four-fold increase on 2014 via mobile telecommunication revolution.
Rather than a direct competitor to established FinTech incubator Stone & Chalk that's situated in Sydney's Central Business District (CBD), Haymarket HQ instead seeks to create a strong community with a geographic, rather than limited to a particular industry focus.
"What's important to us is these companies have established themselves to a certain degree (in Asia), have some traction and can really contribute," rather than just a "start-up guy" with an idea, Haymarket HQ managing director Duco van Breeman told Xinhua at the launch.
"We are focusing on Asia... (but) what you see is it gravitates more towards China simply because that's where most investment happens, that's where most companies also love to go to because that's where there is more potential."
The space is to act as an enabler, rather than incubator itself, operating as a not-for-profit coworking space linking potential investors and start-ups for incubation, van Breeman said.
Sydney is unofficially designated Australia's "start-up capital" with approximately 46 percent of all start-up companies based in Australia's largest city.
"It's great to see this happening in the heart of traditional Chinatown," said Lucy Turnbull, wife of Australian prime minister and chairwoman of the Greater Sydney Commission, noting Chinatowns' "anywhere in the world" are known for their energy, life and entrepreneurial spirit.
"At this point in time, innovation, start ups and the general digital and general innovation space is where a lot of people want to be...to ensure, to imagine a really bright, exciting future."
NSW Minister for Industry, Resources and Energy Anthony Roberts said the state government understands the importance of "innovation", believing the new "innovation hub" will play an important role in maximising connections to Asian markets.
"This is a first for NSW and a fantastic opportunity for Asia focused start-ups keen to access the massive opportunities on offer in some of the world's biggest business and consumer markets," Roberts said.
So continuing to talk doesn't "cook rice", Haymarket HQ board memeber and chief executive of the Banna Property Group, Brad Chan, told the launch, reciting an old Chinese proverb, alluding to the difficult path ahead.
"But it doesn't really matter so much whether Haymarket HQ helps cook fried rice, Hainan chicken rice, sticky rice," Chan said.
"What does matter, or what is important is that it helps transform the raw uncooked rice into something that is delicious."