An area of particular excitement for me at the moment is the start-up space locally. This space has had the opportunity to flourish, fail and flourish again elsewhere in the world but hasn’t really been given that much of a chance here in Australia until now.
I’m not coming out and saying areas in Australia are the next Silicon Valley, however I think we will begin to see many more successes for entrepreneurs and investors alike.
As a result the entire ecosystem will benefit and continue to scale.
What do we have to do to help make this happen? Start challenging the status quo!
We are a hard working and pretty successful country in the scheme of things, however our two speed economy is a serious issue (in my eyes). I wonder if there a way for us to become a start-up powerhouse? If there is we really need to do what we can to bring this to realisation.
We need to shatter the barriers that currently exist and begin building globally scalable businesses from our little (but actually really big) island.
One of the changes I think we will begin to see is the regular emergence of the ‘full-time start-up’. At the moment a lot of start-ups are working part time and holding down a consulting gig or job to pay their bills. The more and more I hear from guys overseas the less and less decent start-ups are having to do this for too long.
It seems that there are certain ecosystems where start-ups begin working full time earlier than they may be able to elsewhere. I think this is one of the things that could really stimulate the scene.
Imagine putting everything you have into a business (once you have validated its potential for existence) rather than spending just late nights and weekends (and mornings) on it …… Staggering thought.
This is just one of many changes that will get us moving in the right direction but of course, like most things isn’t an overnight fix.
I think government and education systems are also critical to the success of local start-ups over time, however I am not holding my breath.
The takeaway from this is that through more bootstrap successes, more investors take note, local entrepreneurs develop trust + get noticed, investors open their wallets and as a result start-ups can accelerate through their build>measure>learn feedback loop quicker than before, get more customers and begin working full time on their start-up sooner rather than later. (It’s only worth working on something full time if you have completed the ‘search’ phase of the business and have in front of you a repeatable and scalable business model).
Entrepreneurship can be a viable career choice providing you have the right tools, mindset and contacts. If we adopt the mindset together, success as a whole is inevitable.