Answers to Questions

TOMORROW STUDIO

2 Ms CHAPMAN (Bragg) (18 May 2010). What was the capital cost of establishing the 'Tomorrow Studio', located at Level 1, 193 Wakefield Street, Adelaide and what is the operating budget for 2009-10?

The Hon. A. KOUTSANTONIS (West Torrens—Minister for Industry and Trade, Minister for Small Business, Minister for Correctional Services, Minister for Gambling): I have been advised the following:

The Tomorrow Studio is a critical project within the Investing in a Digital Tomorrow initiative that was approved by Cabinet to commence in 2008-09 for a four-year period. The objective of the initiative is to encourage the development of start-up companies in the fast growing digital media sector.

The Tomorrow Studio operates as a business incubator where start-up companies are provided support and guidance in their early growth stages. It currently has 20 start-up business tenants. The capital cost of establishing the Tomorrow Studio was $60,829 and its operating budget for 2009-10 was $179,000.

The Economic Development Board has identified the Knowledge Intensive Services (KIS) sector, which includes digital technology, as a high growth sector with the potential to make a significant contribution to the economic development of South Australia.

There continues to be significant growth in this sector both domestically and internationally. This trend is likely to continue with services exports contributing an estimated $1.9 billion a year to the State's economy.