The 1830 built Macquarie House in Civic Square, Launceston, will be redeveloped as a digital hub for entrepreneurs, start-up companies and individuals to come together to develop technological ideas into profitable ventures.
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The Catalyst Project has gained Federal Government funding from the carve up of 100 million dollar forest peace deal compensation.
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James Riggel has been one of the people behind developing the project to this stage, along with local politicians and other interested individuals.
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He spoke with Drive presenter Hilary Burden on the day Prime Minister Kevin Rudd came to Tasmania to make the announcement of the 31 projects and initiatives that have been supported by the deal.
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"The project has a long and varied history; it's basically a collision of a whole heap of different bits of momentum, that we are all trying to do something exciting for Launceston."
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"I was approached by Senator Whish-Wilson to present at a forum that he had organised, and we called this forum The Catalyst Project."
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Mr Riggel has previously taught at the Human Interface Technology Laboratory (Hit Lab) at the University of Tasmania.
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"To succeed in innovation you also need a certain amount of infrastructure, and you need a certain culture."
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"You find that culture in the university, I think, but you don't neccessarily find it out in the commercial world."
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"This is an opportunity to create something that is a little bit more open, and that gives people an opportunity to stay and work on the projects that they are really passionate about here, rather than getting on a plane and going elseware."
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Listen to the interview with Hilary Burden from the ABC Northern Tasmania Drive program.
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