Australia’s startup climateAustralia’s physical infrastructure, internal market dynamics, and commercial and legal infrastructure were evaluated positively in terms of start-up environment. Moreover, the entrepreneurial climate in Australia is rather opportunity-driven, meaning that most of the entrepreneurs in Australia started their business out of an opportunity. Many Australian startups operate in the banking and fintech industries with the majority located in Australia’s largest city Sydney. Recently, Judo Bank became the leading startup based on funding in the country, securing a staggering 1.5 billion U.S. dollars. It comes as no surprise that Australians have embraced fintech into their everyday lives, with the rate of fintech adoption quadrupling in just four years.
Startup hubs and acceleratorsThe involvement of companies as well as universities to accelerate startups in their early stage has increased drastically within the last years. Universities, such as the University of Sydney, have started investing a lot of money in entrepreneurship and have launched new programs or expanded their already existing schemes. Despite the increased governmental and private support, as well as a lot of angel and venture capital investment deals, Australian startups face intangible barriers to their growth such as a risk-averse culture and a strong sense of national humility.
Regardless of this, Australia has become a thriving startup economy. As an English-speaking country near Southeast Asia, it is a magnet for high-quality talent from abroad. Startup hubs in metropolitan cities, such as Sydney and Melbourne, have developed a melting pot of ideas and innovation in Oceania.