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January 17, 2020

Australia's tech start-up scene is taking off-Here's why



It seems like Australian startups are becoming major international players these days. As the 13th largest economy around the globe, Australia seems to be thriving in the economic sector lately.  According to data from KPMG, Australia’s economic success has happened thanks to a surge in venture capital investments, with a record of US$ 630 million.



The country’s main contributors to its economic success include industries like mining, farming, and tourism. Yet, one of the recent newcomers on the economic scene of the country that seems to be powering a massive boom in the tech industry. Cities like Sydney and Melbourne are considered to be the country’s new tech hubs thanks to the massive number of tech companies joining the industry at full force.

The country’s business landscape seems to be drawn by the so-called “Unicorn” startup model. And, if we look beyond the billion-dollar worth Sidney-based unicorn company Canva, the country having 12 such companies that contribute with almost $1.6 billion into the city Melbourne’s economy only, as well as creating over 93.000 jobs. What are Unicorns? They are privately held companies that are valued at over $1 billion and, on average, almost 7 years takes for a startup to grow into a unicorn.

Why is the tech scene heating up?

In today’s digitalized world, it isn’t quite surprising that Australia’s tech scene is growing as well. Yet, the country seems to have a few advantages that helped its tech scene have a massive boom over the last years including government incentives, grants, and, most importantly, investments in major infrastructure lie the National Broadband Network (News - Alert).

The investments brought into the NBN have completely changed the online experiences for Australian Internet users. From a higher speed to reliable Internet, these improvements didn’t only benefit Internet users but, above all, it was a game-changer for the Australian business landscape, especially in the tech industry. 

 Another key element that had a major impact on the Australian tech scene was Fintech. The country’s Fintech landscape has now over 400 established Fintech companies that make it be one of the world’s key players in the Fintech market. And, Australians are those who support this major change in the financial landscape as more than 94% of people claim to know at least one digital payment method.

The future of the Australian tech scene

The Australian economic sector is thriving today, thanks mainly to the technology sector. So, it should be obvious that the tech industry will only continue to grow together with the country’s economy. And, we aren’t just talking about changes like the appearance of more tech startups on the market. The more companies will be in the industry, the more jobs will be created. And, not just for Australians but also for foreign talent. In fact, a study shows that it is expected for the number of ICT workers to increase from 640.000 in 2016 to 721,900 in 2020.

For example, many foreign students come to Australia to study or make internships at the best tech institutions in the country and then apply to extend Visa Australia to remain in the country and work for these new thriving tech companies.     

Also, major changes will be seen in the abilities offered to all businesses, from all sectors to integrate technology better into their companies.

The way things evolve now, there is no doubt that there is a bright future ahead for the Australian tech scene. 



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