Australian Technology Park primarily houses start-up hi-tech companies, especially biotech firms, and spin-offs from university research. The Park also houses venture capital companies, banks and legal firms. It was created in 1995, by the Government of New South Wales, the University of Sydney, University of Technology, Sydney and University of New South Wales, and was originally operated by the Sydney Harbour Foreshore Authority before operation was passed to the Redfern Waterloo Authority. The Park has encouraged collaborative ventures that maximise the capacity of companies to take products of market driven research through to the commercialisation phase. The intent of the Park is for university scientists and engineers to join with industrial scientists and engineers to apply university research ideas in new products and production processes. As such, researchers have been located alongside companies with the capital and expertise to commercialise and export them with the objective of improving Australia's global competitiveness. The Park also includes conference, dining and exhibition facilities.