SUMMARY

The Small Business Feasibility (the study) was undertaken by Council to deliver on Major Initiative # 1 of Wyndham’s Economic Growth Strategy:

Small Business Accelerators: Explore options for the development of a business case for incubators, business accelerators and co-working spaces. This study has been prepared to provide an evidence-based understanding of:

The demand for a coworking / innovation hub capability in Wyndham City.

(i) How a coworking / innovation hub can add value to the prosperity of Wyndham City; and if so in what way?

(ii) What would be the appropriate coworking / innovation model for Wyndham City?

Completion of the study ensures Wyndham City is well progressed in its implementation of building and facilitating the development of the local start-up and small business ecosystem.

The purpose of this report is to seek Council’s confirmation of the recommendations of the study; most specifically to work towards attracting a private company to invest in and operate a coworking space and for Council to support the operation of an innovation hub.

Attached to this report is the final study document titled: “Wyndham City, Coworking & Innovation Hub Business Opportunity”.

KEY ISSUES

Alignment to Wyndham 2040 & City Plan as it relates to encouraging local employment growth.

Facilitating and fostering a culture of entrepreneurship and innovation in Wyndham’s business community.

The need for successful partnerships particularly with the private sector.

RECOMMENDATION

That:

1. Council confirms the findings of the Small Business Feasibility Study (Wyndham City, Coworking & Innovation Hub Business Opportunity).

2. In delivering on the findings and recommendations of the study, that Council confirms the following key directions:

• Seek to attract a privately funded coworking operator to Wyndham City;
• Support the development of a Council funded Innovation Hub managed by way of the recommended governance model described in the study; and
• Deploy requisite resources to develop Wyndham City’s start-up ecosystem and manage the day to day operations of the innovation hub once the hub is established

MOTION

CRS WALTER VILLAGONZALO / AARON AN

That:

1. Council confirms the findings of the Small Business Feasibility Study (Wyndham City, Coworking & Innovation Hub Business Opportunity).

2. In delivering on the findings and recommendations of the study, that Council confirms the following key directions:

• Seek to attract a privately funded coworking operator to Wyndham City;
• Support the development of a Council funded Innovation Hub managed by way of the recommended governance model described in the study; and
• Deploy requisite resources to develop Wyndham City’s start-up ecosystem and manage the day to day operations of the innovation hub once the hub is established

(CARRIED)