CBRIN-supported activities contributed $123 million directly to the ACT's gross state product (GSP) in 2024, according to a new report by PwC.
For every dollar from the ACT Government, CBRIN generated over $50 in GSP.
CBRIN directly and indirectly supported around 1,609 jobs in 2024.
The Canberra Innovation Network (CBRIN) has bolstered the economy of the Australian Capital Territory (ACT) by contributing $196 million in Gross State Product (GSP) in 2024, according to a landmark impact report by PwC.
As Canberra Innovation Network marks ten years of service, the report underscores CBRIN’s almost $900M impact on the ACT economy, representing over 1,600 jobs contributed directly and indirectly as of 2024.
According to the Canberra Innovation Network’s Economic Impact report, CBRIN’s efforts contributed $123 million directly to gross state product (GSP) in 2024, and $196 million including indirect effects. For every dollar of cash funding from the ACT Government, $50 was returned in GSP over ten years.
“Canberra is a great environment for innovation. The ACT Government’s support and investment in CBRIN through its first decade of growth has delivered significant economic outcomes for Canberra. CBRIN has supported the creation of more than 1,600 jobs, and economic growth worth almost $200 million to our gross state product in 2024 alone. As the centre of Canberra’s innovation ecosystem, CBRIN is well positioned to continue driving growth across Canberra’s strong and diverse economy,” said ACT Chief Minister, Andrew Barr.
“CBRIN focuses on creating the environment and culture in which innovative ventures in the ACT emerge, connect to expertise and resources, grow and achieve global impact. This benefits Canberra’s economy and the ACT community,” said CBRIN CEO Petr Adamek.
“Our ambition is to grow our impact tenfold over the next decade. Our role is to accelerate the economic transformation of Canberra as it continues to diversify away from dependence on public sector to knowledge-intensive industries, creating jobs that are sustainable, globally competitive, and high value.”
Surveyed participants overwhelmingly reported gains in entrepreneurial skills and confidence, with 86% noting increased capabilities through CBRIN programs.
Local tech entrepreneur Davina Mansfield of Viden reflected on her experience with CBRIN, describing the network as “instrumental in (Viden’s) journey, providing invaluable support and resources both in the early stages of our business and as we've grown.”
“Their guidance and community have empowered us to innovate and scale with confidence. CBRIN have created an ecosystem that fosters innovation and belonging. We are extremely grateful to the whole CBRIN team for their support of Viden.”
Key findings from PwC’s ‘Canberra Innovation Network’s Economic Impact report’:
- CBRIN-supported activities contributed $123 million directly to the ACT's gross state product (GSP) in 2024, reaching $196 million when including indirect effects.
- For every dollar in cash funding from the ACT Government, CBRIN generated over $50 in GSP since 2014
- CBRIN directly and indirectly supported around 1,609 jobs in 2024, a continuation of its increasing contribution to ACT employment (up from 1,409 jobs in 2023).
- 53% of respondents reported that CBRIN’s resources, programs, and events had a high or critical impact on their success.
- Nearly all (92%) businesses engaging with CBRIN reported achieving at least one positive outcome, with 36% noting achievement of seven or more significant outcomes.
- CBRIN’s activities positively impacted various wellbeing indicators, including social connection (according to 51% of respondents), access to education and lifelong learning (48%), and economic stability (36%)
The full impact report can be accessed at: https://cbrin.com.au/impact or Full Report - Canberra Innovation Network’s Economic Impact