The City’s investment in start-up businesses has created almost 50 new jobs and helped deliver $16 million annually into the local economy.
New data prepared by the City using REMPLAN has revealed the full impact of the City’s financial support of Runway’s Start-up Incubator programs in 2017 and 2018.
Based in Federal Mills Park in North Geelong, Runway works with entrepreneurs to help bring their dreams of starting, growing or pivoting their business to life.
The City’s direct investment in the programs created 49 new jobs, contributing $3.6 million in wages, $6.4m in gross regional product and $16m in economic output annually.
Overall, Runway has helped create more than 430 jobs across Victoria, supporting almost $39m in annual wages and salaries.
Greater Geelong Mayor Stephanie Asher said Runway was empowering Geelong’s clever and creative community to launch and grow their businesses.
“Together we’ve created new jobs and growth, adding $16m in output to the local economy annually, an additional $145m in revenue to the state, and more than 430 new jobs across Victoria,” Mayor Asher said.
Runway Co-Founder and Chairperson Nick Stanley said Geelong had established itself as a destination for innovation and job creation.
“The leadership position taken by the City of Greater Geelong has been key to achieving these great outcomes,” Mr Stanley said.
“It clearly demonstrates the value of bringing together government, not-for-profits like Runway, and the private sector to create real and lasting impact.”