25 Jun 2018
New South Wales is set to spearhead sports innovation with the official launch of the Sydney Sports Incubator at Sydney Olympic Park today by the NSW Sports Minister Stuart Ayres.
Minister Ayres said the Sydney Sports Incubator will nurture sports startups to develop, accelerate and commercialise their innovations, growing Australian expertise in sport.
“The Sydney Sports Incubator will provide entrepreneurs the very best chance of success to develop their sports product, launch into the market faster and more effectively, as well as gain a stronger competitive advantage,” Mr Ayres said.
“We are encouraging the development and retention of sports lead innovation right here in New South Wales, which in turn will promote more jobs in the sporting field, raise our profile and give our athletes the chance to access and influence the latest technologies before they hit the market.”
The Sydney Sports Incubator is a joint initiative of the New South Wales Institute of Sport (NSWIS) and Sydney Olympic Park Authority that will provide a unique collaborative sporting environment offering office space, a fully contained research laboratory, high-level mentorship, an entrepreneurial education program and access to sporting organisations and athletes based at Sydney Olympic Park.
The Incubator will be operated by Element 8 Ventures providing education, mentorship and funding support to increase the odds of startups' business success.
Sydney Olympic Park Authority CEO Charles Moore said Sydney Olympic Park is the ideal location for the Sydney Sports Incubator, with access to over 50 sporting organisations and world-class sporting facilities .
“The Sydney Sports Incubator will benefit from the specialised nature of Sydney Olympic Park, globally recognised as an integrated sports and business community, providing sports startups access to a diverse network to leverage from,” said Mr Moore.
NSWIS CEO Kevin Thompson believes the project has the potential to help develop products, which will support elite athlete performance.
He said, “NSWIS is always looking for ways in which we can support Australian athletes to become world’s best. We are excited to provide our expertise and support to the Sydney Sports Incubator and look forward to seeing the growth of innovative new projects, which could provide a performance advantage for generations of athletes.”
The Sydney Sports Incubator has been validated and tested in the market since 2016 and after identifying significant potential and viability, now enters an exciting new phase under the expertise and management of Element 8 Ventures.