Startup Daily can reveal Fishburners operated under a long-term subsidised sublicence agreement with Stone & Chalk after the closure of the original Sydney Startup Hub.
Fishburners was operating under a long-term subsidised sublicence model at Tech Central before entering voluntary administration last week. Stone & Chalk was acting as the primary operator of the Tech Central precinct under a restructured NSW startup ecosystem model.
Details provided to Startup Daily by Stone & Chalk revealed how Sydney’s startup ecosystem was restructured following the closure of the original Sydney Startup Hub.
This included a shift away from direct government tenancy relationships toward an operator-led structure at Tech Central.
How Fishburners’ Tech Central sublicence worked
Stone & Chalk CEO, Stela Solar, said Fishburners and its community had operated within the Tech Central Innovation Hub since September 2025 under what she described as a “subsidised sublicence agreement”.
Solar also confirmed the arrangement was intended as “a longer-term operating model” rather than a temporary transition measure following the closure of the original Startup Hub.
Details provided from multiple sources also confirmed that Fishburners operated as a sub-tenant of Stone & Chalk at Tech Central Innovation Hub (TCIH), with the latter acting as the primary operator of the site.
Startup Daily understands the NSW Government no longer held a direct tenancy relationship with Fishburners within Tech Central.
The arrangement varied significantly from the original Sydney Startup Hub model. The Wynyard-based precinct launched in 2018 under the previous Coalition government as a centralised startup hub.
Fishburners operated there as an anchor tenant under a government-supported arrangement that is understood to have included subsidised rent to support its network of tech innovators and entrepreneurs.
However, after the Minns government deemed the York Street hub “not commercially viable”, the state moved startups and community partners into the newer Tech Central precinct in Haymarket.
ASIC filings lodged by Fishburners in October last year revealed the organisation had accumulated more than $2 million in rent arrears linked to the former Startup Hub site, while simultaneously transitioning into the TCIH model.
The documents showed that Fishburners had entered into a repayment arrangement with Investment NSW covering historical lease liabilities, while continuing operations from Tech Central and a WeWork site in Sydney.
The filings also revealed auditors had raised “material uncertainties” around the organisation’s ability to continue operating as a going concern.
Fishburners administrators launch rapid EOI process
Fishburners entered voluntary administration last week, with KPMG administrators now overseeing an expression of interest (EOI) process aimed at recapitalising or selling the organisation.
In a document seen by Startup Daily, Fishburners chair Bilyana Smith described the process as an opportunity for a “reset” that would allow the organisation’s programs to continue “unencumbered by legacy debt”.
“The move is designed to resolve historical legacy debt and ensure that the Fishburners mission — supporting the next generation of Australian entrepreneurs — continues in a sustainable, well-capitalised environment,” the document states.
The EOI document describes Fishburners as a “strategic opportunity” for investors or buyers, citing its national brand recognition, founder network, programs and “two prime Sydney locations in leading technology hubs”.
The EOI process is targeting buyers and investors across innovation, technology, education and “property-adjacent” sectors. The turnaround on the EOI is tight, closing on May 15.
Despite the voluntary administration, Solar said that Fishburners remains “a key member of the Tech Central Innovation Hub and a key player in the NSW early-stage startup ecosystem” and that it is “continuing to operate business as usual.”
“We remain committed to maintaining continuity of support for innovators within the Tech Central Innovation Hub, so they can continue building and scaling without disruption.
“We’re working closely with the Fishburners team and administrators to support the members with as much continuity and clarity as possible. No matter what happens, innovators have a place to continue building at Tech Central Innovation Hub.”
Investment NSW also said it is “exploring ways to support impacted residents of Tech Central Innovation Hub to minimise disruption, ensure continuity of operations and support the innovation ecosystem.”
Disclosure: Fishburners CEO, Majella Campbell, is the co-host of Startup360.
