It is quickly becoming one of the best destinations in the world for starting up a business in Australia. As a result, the country's entrepreneurial spirit has generated exciting prospects for professionals wishing to make the leap into the startup industry.
There was a ranking of the 11 most successful Australian businesses published by Business Insider a few weeks ago. Not only did it feature all of the usual app development and design companies but it also included one of the world's largest venture capital investments, Bigcommerce.
Why is this the situation now? Is there a reason why Australia has become such a desirable place to pursue your business dreams?
1. LOCAL MARKET TECH ADOPTION
Australia's economy is ranked 13th in the world and fourth in the English-speaking world. According to the International Monetary Fund, Australia's 24 million customers are also among the world's wealthiest, with an average income of $59,000 per person in 2017.
Because of its riches and geographic isolation from the rest of the English-speaking world, Australia has a high rate of technology adoption. Google, Twitter, LinkedIn, and Airbnb have all reported high penetration and per capita revenue estimates from their Australian operations.
As a result of its strong financial services business, Australia's funds management sector appeals to FinTech firms. As of 2017, Australia's managed funds sector has a market capitalization of US$1.6 trillion, making it the world's sixth largest.
In the past, these domestic market dynamics have allowed successful startups in Australia such as tech companies to build and iterate in a responsive, lucrative local market while pursuing worldwide development strategies.
2. NETWORKING OPPORTUNITIES
Growth tends to lead to further growth. Start-ups are a prime example of this phenomenon. A large number of entrepreneurs are establishing enterprises for the first time without any assistance. As a result, they tend to gravitate towards one another.
When they're surrounded by like-minded people, they'll be able to find that support. There is a rise of coworking in Australia as a result of this shift.
More and more companies are setting up coworking spaces where they may communicate with other professionals in their field.
Because of this, networking can help you be more successful in business, especially when it's just you attempting to manage it.
3. STRONG STARTUP BASE
The growth of really global tech businesses is increasingly being seen in Australia's major cities, which are creating strong startup fundamentals.
Incubators, accelerators, and coworking spaces have all grown in popularity in recent years, as have other startup support methods.
Starting up a business in Australia is simple. It is the seventh easiest place in the world to establish a business and the sixth easiest place in the world to receive credit, according to the World Bank. Australia's outstanding and highly accessible health-care, education, and social assistance systems contribute to the country's consistently high livability scores.
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These elements are the foundations on which multibillion-dollar tech companies like Atlassian, Aconex, SEEK, Halfbrick Studios, and Canva have developed their businesses.
4. AT THE CUTTING EDGE OF AI
Australia is investing in AI technologies with a firm eye on the future. Thus, new mobility solutions were approved in the state, as well as opportunities for global application of their research.
Silicon Valley's Internet of Things Summit has officially named Myriota's telecommunications business the best industrial startup and second greatest startup firm in the world. The award was given for its low-power, low-cost IoT-enabled transceiver, which was designed for rural firms.
Australian science is also having a huge impact in medicine and biotechnology. The University of Adelaide recently created a “smart needle” to make brain surgery less risky. Their cutting-edge technology allows surgeons to see potentially dangerous blood veins as they inject the needle, allowing them to avoid causing deadly bleeding.
HOW LONG WILL IT LAST?
In many cases, small firms don't plan for the future. Most of them go out of business within the first five years of starting their business. Businesses with foresight realize they need to position themselves in markets that will be around for many years to come.
There are no indicators that Australia's entrepreneur boom will abate anytime soon. Australia gives a strong foundation for typically volatile business kinds to begin expanding.
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