Microsoft has announced it will move its start-up program to the government-backed Sydney Startup Hub.
A plan to transform Sydney into an innovation capital has received a major boost with tech giant Microsoft confirming it will roll out a start-up program in the harbour city.
Microsoft on Wednesday revealed its ScaleUp program would move into the Sydney Startup Hub. Sydney becomes the eighth city in the world to host such an initiative.
NSW Premier Gladys Berejiklian said the decision was a "huge" vote of confidence in the city.
The coalition government committed $35 million to the Startup Hub in 2017 in a bid to attract businesses.
Small Business Minister John Barilaro said Microsoft came to town because of the hub.
"We should not underestimate how big of a deal it is that Microsoft has chosen the Sydney Startup Hub and Sydney as its eighth location for its program," the Nationals leader told reporters.
Microsoft's ScaleUp program was established in 2012 to help accelerate the growth of start-ups worldwide.
Since its inception around 730 companies have graduated from the program and raised US$3 billion in funding for their projects.
Microsoft Australia managing director Steven Worrall on Wednesday described the move as a "resounding acknowledgement of both the quality and potential of Australian tech start-ups and entrepreneurs".