Wollongong is "open for business" and they want you to invest

At New South Wales Parliament House last week, premier Mike Baird addressed a crowd of prospective investors and interested parties about Wollongong, at Advantage Wollongong.

Noting that the Illawarra region, and Wollongong specifically, is "open for business" key spokespeople, such as Minister for the Illawarra John Ajaka and Wollongong Lord Mayor Gordon Bradbery took to the podium to launch the Wollongong Investor Prospectus.

Plans to make it a "mini Melbourne" were discussed prior to the speeches, with one spokesperson telling Property Observer that the idea is to bring in small laneways and to revitalise the ground level retail. This should go some way to diversifying the area's economy.

Part of the ongoing issue for the region has been retaining their skilled young professionals when they graduate. The University of Wollongong and, most notably, their innovation campus are hoping to help with increasing the retention rate by encouraging startups, particularly in the IT sector. Providing a place for startups to surge, for creativity and for seed funding, they hope that this will keep young entrepreneurs in the region through the iAccelerate project.

The iAccelerate project opened in March this year in the innovation centre, as the iAccelerate Hub is built.

Another focus for Wollongong is keeping employment in the area - part of the push behind encouraging businesses to relocate. The investor prospectus calls it "Australia's most connected regional city" and notes that 25%, or 20,000 people, still commute to Sydney.

So what is the "advantage" in Advantage Wollongong?

The prospectus reveals that there are four aspects considered an 'advantage' if you're looking to invest in Wollongong.

1) Globally connected

One hour south of Sydney, "the nation's largest and most dynamic economy".

Digitally wired with the National Broadband Network being rolled out in Wollongong.

A tier 3 data centre has been established in the area by Metronode.

2) Superb liveability

It has a coastal lifestyle, with 17 patrolled beaches and a bushland backdrop, as well as recreational activities, retail faciltiies and restaurants.

Affordable housing is available with apartments, executive residences, coastal villages, family homes and leafy acreages.

Residents usually commute minimally to the city, with less congestion than Sydney.

Connect to Sydney Trains network, servicing those who commute to Sydney. Health infrastructure, schools and the university are also in place.

3) City of innovation

The University of Wollongong is "helping drive Wollongong's reputation as the City of Innovation" with almost 6,000 graduates each year.

The new Innovation Campus offers commercial organisations the ability to work with world-class research teams.

iAccelerate - an initiative from the university, will help "fast track the development and graduation of sustainable and scalable businesses into the region".

4) Supportive business environment

Competitive business costs.

Strong business networks providing support and strength for members.

City Centre is undergoing a revitalisation with over $700 million worth of construction underway or completed.

Large skilled and multilingual workforce, with a steady stream of graduates.

Diverse economy with national and international corporations part of the business landscape.

Would you invest in Wollongong?

Image courtesy of Richard Taylor/Flickr.

Photo has been updated since publication.