CBRIN boosts ACT economy with AUD $196 million GSP in 2024

The Canberra Innovation Network (CBRIN) has significantly contributed to the economy of the Australian Capital Territory (ACT) by adding AUD $196 million to Gross State Product (GSP) in 2024, according to a PwC report.

The report highlights that CBRIN-supported activities directly contributed AUD $123 million to the ACT's GSP in 2024, with the remainder attributable to indirect impacts. Over the past decade, for every dollar provided by the ACT Government, CBRIN has generated more than AUD $50 in GSP.

Chief Minister Andrew Barr commented on the findings, stating, "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 AUD $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."

CBRIN CEO Petr Adamek emphasised the strategic focus of the network. He said, "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." He further outlined the network's future goals, "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."

The report also disclosed that CBRIN supported approximately 1,609 jobs in 2024, showing an increase from 1,409 jobs in 2023. This contributes to CBRIN's continual role in boosting employment in the region.

Survey data from CBRIN participants demonstrated significant benefits, with 86% reporting improved capabilities due to the network's programs. Additionally, 53% of respondents noted that CBRIN's offerings had a high or critical impact on their success.

The impact of CBRIN extends beyond economic metrics. Participants also mentioned positive changes in various aspects of wellbeing: 51% reported increased social connections, 48% benefited from better access to education and lifelong learning, and 36% experienced economic stability improvements.

Davina Mansfield, a tech entrepreneur from Viden, shared her thoughts on the impact of CBRIN, saying, "CBRIN has been 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."

The full Economic Impact report prepared by PwC outlines the significant contributions of the Canberra Innovation Network to the ACT's economy and community over the past decade.