The Gold Coast, traditionally known for its stunning beaches and vibrant tourism industry, is rapidly becoming a magnet for the technology sector, particularly in the health field. This shift is drawing entrepreneurs and investors seeking a balance between professional opportunities and a laid-back lifestyle.
John Servinis, co-founder of the online health platform HotDoc, is among those who have recognized the allure of the Gold Coast. “There’s been a lot of brain drain from the cities,” Servinis noted. “It’s easy for someone chasing a better lifestyle to leave Sydney or Melbourne for this.” Servinis has chosen the Gold Coast as the home base for his next project, underscoring the region’s growing appeal.
Tech Industry Growth on the Gold Coast
The technology sector’s contribution to the Gold Coast economy is becoming increasingly significant. According to Invest Gold Coast, the tech industry added $1.4 billion in gross value added (GVA) to the local economy in the year leading up to June 2023. This figure is quickly catching up to the $1.6 billion GVA contributed by tourism, the city’s traditional economic powerhouse.
The City of Gold Coast is strategically positioning itself to capture a larger share of the tech industry, which is projected to be worth $250 billion by the end of the decade, as reported by the Australian Trade and Investment Commission. The city is home to approximately 9,000 tech employees, a number that local authorities are keen to expand.
Investment in Co-Working Spaces
To support this growth, the city council has invested in the Cohort Innovation Space, a co-working office designed to help start-ups establish and expand. The space is part of a broader effort to create a supportive ecosystem for entrepreneurs, featuring an annual program called LuminaX that teaches start-ups how to secure funding.
Dr. Vu Tran, a general practitioner, is one of the entrepreneurs benefiting from this initiative. He met the co-founders of his start-up, Bloody Good Tests, through the LuminaX program. The start-up allows individuals to pay for blood screenings without needing a doctor’s referral. “It’s given us access to great facilities, infrastructure, and networking,” Dr. Tran said.
“The Gold Coast’s livability increased my output and creativity at work,” said John Servinis, highlighting the city’s conducive environment for innovation.
Networking and Community Building
Networking opportunities abound on the Gold Coast, with entrepreneurs and investors regularly meeting for coffee catch-ups, walks, and idea exchanges. These gatherings leverage the city’s natural beauty and pleasant climate, fostering a community spirit that enhances collaboration and innovation.
The Gold Coast’s research hubs, including Griffith University’s Institute of Biomedicine and Glycomics, the Gold Coast University Hospital, and Bond University, further bolster the city’s credentials as a burgeoning tech hub. These institutions provide a foundation for research and development, attracting talent and investment from across the country.
Looking Ahead
The Gold Coast’s transformation into a tech hub is a testament to its strategic vision and investment in infrastructure and community building. As the city continues to attract entrepreneurs and investors, its economy is set to diversify beyond tourism, positioning it as a leader in Australia’s tech landscape.
With ongoing support from local government and a growing community of innovators, the Gold Coast is poised to become a significant player in the national and international tech industry, offering a unique blend of professional opportunity and lifestyle appeal.
