The Turnbull government today announced its next ‘landing pad’ for Australian startups will be in Berlin.
The so-called landing pads are essentially co-working spaces for startups to jump in and out of when looking to expand internationally. They are run by an Austrade-appointed manager.
It’s the fourth global co-working space rolled out as part of the Turnbull government’s innovation push and joins spaces in San Francisco, Tel Aviv and Shanghai.
The government is hoping that the new landing pads, which will be set up in “global innovation hotspots”, will be where market-ready Australian startups can access mentors, talent and investors in other innovation hubs across the world.
Trade and investment minister Steven Ciobo said Berlin is a low-cost business centre and Germany’s startup hub.
“The city is ideally positioned as a landing pad site for emerging Australian companies,” he said.
Innovation minister Christopher Pyne added that the Berlin location would help develop local partners for startups to crack into the European market.
“Placing landing pads in innovation hot-spots will help entrepreneurial Australian companies access complementary entrepreneurial talent, mentoring, investors and a wider connected network of innovation hubs,” he said.
In the last 24 months Berlin has overtaken London to become Europe’s leading venture capital fund, with over $US2.2 billion invested into startups since 2014.