Steve Baxter looking to sell River City Labs, according to reports

Ben Hall - Business News Australia - 9 May 2018

Queensland's chief entrepreneur and 'Shark Tank' star Steve Baxter is reportedly looking to sell River City Labs, the Brisbane startup hub which he founded seven years ago.

It's believed the reason behind the sale is not a financial one and that he believes River City Labs, which mentors young entrepreneurs in a co-working space in Fortitude Valley, had reached a 'tipping point.'

"The time has come for me to pass the baton for River City Labs. Today, I've launched a process to find a new owner," The Australian reports, citing an unpublished blog post.

"Firstly, like any startup, RCL has taken a lot of my time over the past seven years. Since we launched, I've had three beautiful kids, joined the cast of a national TV show, and invested in over 20 start-ups. After seven years, I've realised I need to make a change.

"Secondly, as the sole director/owner of RCL, I've allowed myself to remain the "go-to" guy for major decisions. While RCL's rock star CEO Peta Ellis has day-to-day operational control, I'm still the board, chairperson, and bankroller for RCL. Read More