The annual pilgrimage to the West Island came around a little earlier than usual this year with the opportunity to attend TechConnect, a public conference for tech startups, investors and advisors held in the three main Australian city centres. I attended the Brisbane event and was pleasantly surprised to find a quietly confident and emerging local tech scene with a supportive community backed by real political commitment and publicly funded resourcing. Notably, some of the initiatives also address the opportunity of the national broadband roll-out.
Keynote speaker at TechConnect was Tyler Crowley, co-founder of This Week In Startups, professional pitch coach and advisor to governments looking to develop innovation ecosystems around technology. Crowley’s advice to start-up clusters was simple. Build a tech hub and identify a “documentarian” to champion the cause. He also recommended promoting more tech meetups and nailing down some sponsors to shout a few beers. Seems like we’ve been doing these things already in New Zealand, so it was encouraging to hear this and underlined our commitment at iwantmyname to support our community.
Brisbane’s start-up scene was abuzz during conference week because of recent news that Twitter had bought local company We Are Hunted. The acquisition was essentially a talent grab as Twitter works towards integrating music services into its platform. But such stories will certainly embolden the Aussie start-up scene which has produced a number of shining stars in recent years. Freelancer is a site that leverages the shift towards web-based out-sourcing and which has grown in leaps and bounds. Everyone agreed Freelancer CEO Matt Barrie gave the best talk at the conference and it wasn’t hard to see why the company was forging ahead so well. Barrie is no slouch in the academic area, with several Masters degrees and university lectureships in both network security and new venture development. He was named Australian entrepreneur of the year in 2011.
From taxi drivers to company CEOs, throughout my visit to the Sunshine State I constantly ran into ex-pat Kiwis who’d made the leap across and done well for themselves. A few years back we shared some office space with young upstart Chris Loh who had been working on developing a collective of iOS developer talent. Now he’s based at QUT’s Creative Precinct on the Kelvin Grove campus and just launched a Kickstarter campaign for a cool tablet based gaming system. Tyler Crowley alluded to crowd funding as the next important source of capital for start-up tech firms, mentioning that AngelList recently received SEC approval in the U.S. to offer opportunities to members through a crowd-funding app.
The paucity of start-up capital is a universal conversation topic and Australia is no exception. Venture capital intensity sits at about one eighth of that found in the United States. Odd considering Australia’s $1.5 trillion economy has one of the highest per capita GDPs globally. But why invest in tech, when you can dig wealth straight out of the ground in the Outback? One of the TechConnect speakers had the answer however – “good start-ups always raise capital”, said Jeremy Colless from Artesian Venture Capital, which works with university incubators and tech accelerators. “Generate real value and don’t come looking for investors until you have some customers on board”. That’s good advice.