Queensland’s innovation hub in Brisbane, The Precinct, will soon get a multimillion dollar upgrade to meet the increasing demand for floor space. The upcoming Queensland Government budget is expected to allocate more than $11 million to the startup hub in Fortitude Valley as part of its innovation spend, including $7 million for the proposed expansion.

The innovation hub was launched in 2017 with River City Labs, the state’s biggest technology incubator, as the anchor tenant. The Precinct currently has 27 tenants on the waiting list; the hub is home to 17 tenants including SoftBank, CSIRO’s Data61 and the Office of the Queensland Chief Entrepreneur.

The proposed expansion will increase the floor space by 50 per cent, with an additional floor to take the current area of 5337 square metres across two floors at the TC Beirne Building to approximately 7500 square metres.

"Demand for The Precinct has been overwhelming," says Innovation Minister Kate Jones. 

"Since The Precinct opened, more than 200 events have been attended by close to 16,000 people."

"Creating the right environment for ‘accidental collisions’ means networking is just part of the normal work routine and that’s vital for these exciting young companies," adds Queensland chief entrepreneur Steve Baxter.

"The expansion presents a fantastic opportunity for more businesses to join our thriving entrepreneurial community.”

Treasurer Jackie Trad will present the Queensland budget on June 12.