Ultimate Global Podcast’s Post

Name: Ultimate Global Podcast on LinkedIn: #everystorymatters #learnwithsaurabh #personaldevelopment
Uploaded: 2024-06-07T06:59:55.771Z
Duration: 5 min 40 s
Channel: Ultimate Global Podcast

Ultimate Global Podcast

1,320 followers

6mo

💡 What really makes the current Australian Tech startup space different from the past? Hear it from the legend Alan Jones himself. ➡️ This industry survived during the COVID-19 lockdown as it could still operate effectively over online meetings, which never seemed like a reality in the past. And this was one of the biggest points of difference for the Tech startups over others. People stopped commuting to their workplace but were still closely connected to the Tech startup space through online channels. ➡️ That's the reason why this industry has started to become more regionalized rather than just focus on the top cities such as Sydney and Melbourne. ➡️ And because of the hybrid style of working in Tech startups, the proximity between Silicon Valley and Australian startups has also reduced. They are more connected to each other. And this has also enabled better knowledge and skill sharing amongst the startup communities globally ➡️ Alan also shared his experience of closely working with Startmate on one of the laser-focused goals- "To bring Australian Tech startups in the limelight of Silicon Valley". Alan actually worked for 2 weeks in Silicon Valley to understand what all is needed for startups to move to Silicon Valley. #everystorymatters #learnwithsaurabh #personaldevelopment

Transcript

Some of the the dimensions that make it different to the past, but I think one of those really important dimensions is, is that somehow our industry survived lockdown when, when we are such a, you know, an impersonal connection sort of industry in the past. But how we survive lockdown and how many other industries survive lockdown was by learning how to work as part of a team remotely over video like this, right? And the that has massive ramifications for for how we perform as. As an industry, and we're only just starting to see the, the longer term, the bigger ramifications of that shakeout. So, you know, what's been happening for the last year or two years, we've all been learning how to do this, you know, comfortably and fluidly and, and relatively well. But, but what's going to happen from from here on out. This is that, you know, the textile industry in Australia is still relatively concentrated in a couple of places. You know, the data shows pretty clearly that that the Sydney textile industry is, is, is the biggest. The community here is the biggest. And and to this largely clustered around Sydney Harbour with with a little bit more on on the southern side of of of the Sydney Harbour, you know, roundabout 3 from winnowed out to sort of UTS Sydney University. With a little bit on the lower North Shore and a little bit out West, but there's that sort of geographic focus in Sydney and there's likewise a geographic focus in Melbourne where the textile opportunities a little bit smaller. But we've seen already with employees of the larger tech startups because it's easier to track what, you know, their behavior with large number of employees that that during lockdown, a lot of those employees were were free to go and move to a lower cost, high quality of living part of the state that they lived in and and. Forget the numbers, but there's a meaningful percentage being maybe a third, I forget maybe close to 50% of Atlassian employees, for instance, which no longer work within two hours of Atlassian's office. So they're not commuting anymore, right. So, So what happens when somebody is is doing commuting, but it's still connected to the to the textile community is, is a potential that can pull people out to where they've moved to. So I think we're already studying the beginnings of that migration. So there's a first wave of tech migration from from the Mt lockdown cities of. It's about some Victoria and, and those people you know, and now in Wollongong or an Orange or Bathurst, Bendigo and Ballarat and, and, and they are starting to pull other people out from, from the cities out to where they are. When you've got sufficient critical mass in those little local regional hubs, you'll start to see startups form from those people in those places because most people's started by these, even the successful ones might run for, for five to 10 years. Must start up by these, you know, run something less than three years, something less than 18 months, right? So you've got to the regions you're working in, a job working, missed out by the year and it's time to change. Something you do is going to go around the people that you know in Bendigo who are also part of the startup community. So I've got this idea, you know, or you've got this idea I want to join your team. So that will change the character of the Australian textile industry because it will become more regionalized or become less focused on Sydney and Melbourne. I think that's a very, very healthy thing because as I've been saying for for a long, long time, Australia is a highly urbanized city. And a lot of our problems as an economy and as a society, as cities with the quality of life is, is, is the degree of that verbalization. So as we learn to get more distributed, you know, Australia doesn't have a Boulder, Co, you know, Australia doesn't have a Michigan, so he doesn't even have a Chicago. And so, you know, one thing that that we've always suffered from is, is this high concentration. Will be better for our economy, better for society when more of our textile industry is, is really coded to the regions. That's starting to happen now. But in five years time you'll look back and you'll be amazed that anybody thought that, that they had to be based in Surrey Hills to work on their on their textile. Another thing which has has come from from that lockdown experience is that by far larger tech industry in Silicon Valley and it's now much, much more open to what's going on in Australia and New Zealand than than they were five years ago and certainly vastly more than they were ten years ago. There was a time, you know, so I was one of the founding mentors and investors and stuff, you know, and our, you know, starting hypothesis. You know, one of our primary goals in, in setting up startup start night was, was to bring Australia's best ability stage tech startups to Silicon Valley. That was our actual stated aim. That's what we tried really hard to do. We talked teams over there for two weeks and, and, and we've, we've spent money to accommodate them and fly them over there and spent that whole 2 weeks there helping them learn what they were going to need to do in order to. And move their business there because we knew at that time that was going to be necessary if you're going to, to, to raise venture capital and succeed. So what's happened during lockdown is that American investors, you know, due to low interest rate economy, they've, they've been pumped up. They had plenty of capital to invest, looking for places to invest. It still flow in the US has, has not been sufficient to sustain them. And companies from overseas have stopped relocating to Silicon Valley due to, due to the pandemic. So they've started to get more. Flexible, more open to the idea of the potential of of investing in a company that you might only really get snow over over a video call. So that unlocks tremendous potential for Australian startups. I think we should start to see overtime and more of an evening at less of a difference difference between the average valuations of of companies with similar sorts of performance metrics.

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Saurabh Kaura

Working with passionate, purposeful & impact-driven individuals, ideas, projects & organisations || Host of Ultimate Global Podcast
6mo
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💡 What really makes the current Australian Tech startup space different from the past? Hear it from the legend Alan Jones himself. ➡️ This industry survived during the COVID-19 lockdown as it could still operate effectively over online meetings, which never seemed like a reality in the past. And this was one of the biggest points of difference for the Tech startups over others. People stopped commuting to their workplace but were still closely connected to the Tech startup space through online channels. ➡️ That's the reason why this industry has started to become more regionalized rather than just focus on the top cities such as Sydney and Melbourne. ➡️ And because of the hybrid style of working in Tech startups, the proximity between Silicon Valley and Australian startups has also reduced. They are more connected to each other. And this has also enabled better knowledge and skill sharing amongst the startup communities globally ➡️ Alan also shared his experience of closely working with Startmate on one of the laser-focused goals- "To bring Australian Tech startups in the limelight of Silicon Valley". Alan actually worked for 2 weeks in Silicon Valley to understand what all is needed for startups to move to Silicon Valley. #everystorymatters #learnwithsaurabh #personaldevelopment

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Claire Halliday

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Founder Labs

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We're thrilled to announce the launch of our brand new page dedicated to keeping you updated on all things Founder Labs 🚀 This is your go-to hub for the latest updates about the accelerator program, and local tech news that's shaping the future. Here's a glimpse of what you can expect by following us: 💼 Stay informed about the latest Founder Labs developments, including application deadlines, Entrepreneur in Residence updates, cohort announcements, and upcoming events to sign up to. 🌟 Get exclusive insights into the thriving tech ecosystem in Belfast and beyond, with highlights on industry trends, emerging startups, and breakthrough innovations. 🤝 Connect with like-minded entrepreneurs, mentors, and investors who are driving forward the startup scene in Northern Ireland and beyond. And let's not forget our incredible partners who make all of this possible: 🌍 Invest Northern Ireland 🏛 The AMP Growth Incubator 🔬 Queen's University Belfast 🐶 Dogpatch Labs 🛀 Ormeau Baths Together, we're on a mission to empower startups and build a stronger, more vibrant tech community. Join us on this journey and be part of something extraordinary! Hit that "Follow" button to stay in the loop, and don't forget to spread the word. Let's elevate the startup experience together! 💡 #FounderLabs #StartupNews #TechCommunity #InvestNIFunded #NorthernIreland #InvestNI
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