Australian Tech Startups Call For Government Support.
With various inputs from Australian entrepreneurs and investors, the Crossroads report by StartupAUS has recently put forward a proposed set of solutions that will accelerate the growth and maturation of the startup ecosystem.
StartupAUS board member and Head of Engineering at Google Australia, Alan Noble, had commented that as of recently have the small number of Australian technology companies have managed to achieve a presence in global scale.
“However we still lag behind many other nations, with one of the lowest rates of startup formation in the world, and one of the lowest rates of venture capital investment. If we fail to address this, we risk forfeiting over $100 billion in economic benefits from emerging tech companies, and an irreversible decline in Australia’s competitiveness,” Mr Noble said.
The Crossroads report claims that the conditions for a successful startup system have as of yet been successfully established within Australia. These reason are set out primarily do to the market failures within areas such as education, expertise, access to capital and regulatory support.
A list of Actions that can support the Australian startup ecosystem have been recommended in the report, namely:
- Increase the number of entrepreneurs;
- Improve the quality and quantity of entrepreneurship education;
- Increase the number of people with ICT skills;
- Improve access to startup expertise;
- Increase availability of early stage capital to startups;
- Address regulatory impediments, particularly in relation to employee share schemes and crowd-funded equity for start-ups;
- Increase collaboration and international connectedness.
Needs To Be Done.
As to what can be done in order to put these recommendations to use, Jana Matthews, StartupAUS board member and managing director of ANZ Innovyz START, commented that it would be up to the government at all levels to take the lead, and do more to grow, promote and back tech startups. If they refuse to do so, then Australia will most likely to miss out on a major economic and cultural benefits.
“The time to act is now, and we will be bringing this report to federal, state and local policy makers and Ministers with a view to driving action in this space,” Ms Matthews said.
With a list of successful Australian startups like Atlassian and Freelances, Ms.Matthews believe that these companies should be proof enough that Australians have what it takes to make it internationally.
Pointing to successful Australian startups like Atlassian and Freelancer, Ms Matthews believes these companies are proof Australians have what it takes to make it internationally.