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\t\t\t\tArticle ID: 91172\n\t\t<\/p>\n
\t\t\t\t\t\t\t In a statement provided to SmartCompany, the voluntary administrators confirmed they will continue trading Fishburners, as they \u201cundertake an immediate assessment of the business, in tandem with an accelerated sale and recapitalisation process\u201d.<\/p>\n The board of Fishburners said the decision to appoint administrators was linked to \u201cfailed efforts to resolve long-standing rental legacy debt\u201d at the government-backed Sydney Startup Hub, which it called home for several years.<\/p>\n \tSmarter business news. Straight to your inbox.<\/p>\n \n For startup founders, small businesses and leaders. Build sharper instincts and better strategy by learning from Australia\u2019s smartest business minds. Sign up for free. <\/p>\n By continuing, you agree to our Terms & Conditions<\/a> and Privacy Policy<\/a>.<\/p>\n Those debts, combined with \u201csubsequent operating losses\u201d, convinced the board a \u201cformal restructuring process is the most effective way to achieve a sustainable future and continuity for the thousands of tech entrepreneurs who rely on Fishburners\u2019 support services\u201d.<\/p>\n The board has been \u201cactively engaging in consolidation and investment discussions, which the Administrator will now pursue,\u201d they added.<\/p>\n Fishburners \u201chas been a pillar of the Australian startup ecosystem, fostering innovation and entrepreneurship for over 15 years,\u201d added Dickerson.<\/p>\n \u201cWe will seek expressions of interest from parties within the innovation and technology sectors and work with all stakeholders, including the board, employees and founders, to maximise the outcome.\u201d<\/p>\n A first meeting of creditors is set for May 18.<\/p>\n SmartCompany has contacted CEO Majella Campbell for comment, who referred to the KPMG statement.<\/p>\n Founders to have participated in Fishburners include Koala co-founder and CEO Dany Milham<\/a>, v2food founder and CEO Nick Hazell,<\/a> and Natalie Nguyen, co-founder of Hyper Anna<\/a>, now Alteryx Auto Insights.<\/p>\n Fishburners origin story<\/strong><\/p>\n Launched in 2011 by entrepreneurs Mike Casey and Pete Davison, Fishburners intended to connect ambitious founders and technology professionals in Sydney\u2019s developing startup scene. <\/p>\n Unlike other co-working spaces, Fishburners launched as a not-for-profit, reliant on financial support from paid members and corporate sponsors. <\/p>\n Its initial Ultimo space quickly grew to 50 desks. Just four years later, it occupied the entire building at its Harris Street home.<\/p>\n It grew a reputation as a hotbed for local innovation, and by 2015, Fishburners attracted more would-be residents than the premises could house.<\/p>\n In 2018, Fishburners moved to the new Sydney Startup Hub premises in York Street, Wynyard, taking space in a building that also housed Stone & Chalk and Tank Stream Labs.<\/p>\n The Berejiklian Coalition government had backed the 11-storey premises with $35 million in funding<\/a>, which subsidised rent and helped fund office fit-outs.<\/p>\n Announcing the funding in 2017, former Deputy Premier John Barilaro said the \u201chigh-density cluster environment\u201d could help build Sydney into one of \u201cthe world\u2019s top innovation centres\u201d.<\/p>\n For a period, Fishburners also expanded to Brisbane and launched its first international foray with a Shanghai office.<\/p>\n Sydney Startup Hub disruption<\/strong><\/p>\n But the state\u2019s startup support plans changed course with the election of the Minns Labor government.<\/p>\n In 2024, Minister for Innovation, Science and Technology Anoulack Chanthivong announced the Sydney Startup Hub would relocate to the new Tech Central precinct, located two kilometres south in Haymarket, by late 2025.<\/p>\n The government argued the move would draw ambitious founders closer to universities, research institutes, and established scale-ups like Atlassian, allowing startups to absorb skills and technical know-how.<\/p>\n Budget constraints also played a role.<\/p>\n Discussing the decision to break Sydney Startup Hub\u2019s York Street lease three years early, a government spokesperson told SmartCompany<\/a> the hub is \u201cnot commercially viable and not fit for purpose under the current model\u201d.<\/p>\n \n\t\t\tRelated Article Block Placeholder<\/p>\n \t\t\t\tArticle ID: 319651\n\t\t<\/p>\n \t\t\t\t\t\t\t The spokesperson said the current \u201canchor tenant\u201d \u2014 Stone & Chalk \u2014 was \u201cfully supportive of relocating the services currently provided at the Hub to Tech Central\u201d.<\/p>\n Nevertheless, the push to house Sydney\u2019s early-stage founders at Tech Central put resident startups on edge.<\/p>\n Fishburners itself questioned the exact level of support offered by the government in the weeks before the move.<\/p>\n \u201cWithout a clear and structured transition, the government risks creating a serious gap in the infrastructure that supports early-stage founders,\u201d Campbell told Startup Daily<\/a> at the time.<\/p>\n \u201cThis decision is about far more than desks\u2014and unfortunately, it will be the startups who will feel the impact most.\u201d<\/p>\n
\n\t\t\t\t![\"\u201cMore](\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2026\/05\/fishburnersbuilding-1.jpg\")
\t\t\t<\/a><\/p>\n![\"\"](\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2026\/05\/fishburners.jpg\")
The Fishburners co-working space as of 2017. Source: Supplied<\/p>\n
\n\t\t\t\t![\"Debate](\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2026\/05\/large_sydney_startup_hub_hero_banner_f9036cb24f-1.jpg\")
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