Our tech sector is small, but growing fast
There are currently around 1,500 tech startups in Australia, with major hubs in Sydney and Melbourne. What PwC also found is that the sector is growing fast, with the majority of startups founded less than five years ago. A flourishing ecosystem is also developing as incubators, co-working spaces, angel investors and venture capitalists are being set up to support entrepreneurs.
The opportunity is big
The tech startup sector has the ability to grow into an important part of Australia’s economy, providing a significant number of jobs of the future. PwC found that by 2033, the industry has the potential to reach $109bn or 4% to the economy and employ more than 540,000 people.
But unlocking this vast potential will take work
A successful Australian tech sector will take a concerted effort that includes entrepreneurs fostering a more open and inclusive culture, boosting the number of people founding companies, increasing success rates, and ensuring students are taught computer science at an earlier age.
This report will be used to help us and startupAUS, a newly-formed group representing the industry, to help improve the environment for startups; and ultimately making their success and growth a national imperative for Australia.
In the short term it’s estimated we’ll need to have 2,000 more tech entrepreneurs drawn from the existing workforce each year. My hope for the long term is that success will breed success. If we get things right, the opportunities that a high school graduate will have in 2033 will be vastly different - indeed, better - than today.
Posted by Alan Noble, Engineering Director Google Australia
