Goon and Pringles, the bootstrap culture of the Adelaide Startup Scene.


This month Google commissioned PWC to research the Australian technology startup sector. If you want to read the full report you can read it here, but feed back from many was: Too Long; Didn't Read, so I've decided to provide a summary here and also bring it into an Adelaide specific context.

  • Current State: 1,500 startups 1% of which are in Adelaide 
    This would amount be 15, I believe this number to be understated but at least we no longer have "the doesn't show the requisite startup activity," Label to deal with. That being said, the Majoran Startup Map shows that there are 71 on listed, the report data was sourced from StartupAus, many local startups are not listed on their warehouse. 
  • Support: The support infrastucture so far as Government, Community, Incubation, Acceleration, Advisory and Funding has expanded rapidly over the last two years
    You may have noticed this in Adelaide: In the last two years we've seen the addition of InnovzySTART, Majoran Distillery, Venture Dorm and Startup Weekend all of which play a key part in the ecosystem
  • Revenue: Only 1% of tech startups that survive reach $2,000,000 revenue
    I am certain this number can be improved servicing a global market
  • Capital: Australia spends $7.50 per capita on VC compared to $75.00 in USA
    Not necessarily a bad thing, it means that only the true high potential startups get investment
  • Investment: Number of angel investments have doubled every year from 2010 to $21,000,000 and 39 deals in 2012
    This is actually really exciting, let's keep up the momentum!
  • Education: 29% of founders come from a computer science background, 39% from commerce and management backgrounds
    From my observations at Startup Weekend and Majoran I would agree with this figure.
Where
  • Economics: $109 billion dollars, 540,000 jobs and 4% GDP by 2033
  • Pipeline: 8,000 potential founders needed by 2014
  • Survival: 5,600 established (sustainable) startups by 2023
How
  • Community: From Brad Feld's Boulder Thesis:
    1. Entrepreneurs must lead, 2. Leaders must have a 20 year commitment to the community, 3. Culture of inclusiveness, 4. Engage all constituents: Entrepreneurs, wantrepreneurs, mentors, investors, educators, advisors
  • More Entrepreneurs: More people interested in entrepreneurship, more people learning code
  • Open Markets: More governments and big corporates doing business with Startups
  • More Funding: Unlock the $1.4 trillion in superannuation and more recycled capital from successful founders
  • Regulatory Environment: Improvements in Employee Share Option Plans
Hope this was short enough for you guys to read.