SEVEN foreign companies are bidding for a spot in a three-month course designed to boost start-up success.
Program director Jana Matthews (pictured) says the immaturity of the Australian start-up scene shows up in the lack of returnees – the same people whose experience can smooth the way for new ventures.
“We don’t have the business people, the lawyers or accountants who have taken companies public over and over and over again,” she says. “The whole infrastructure is immature.”
Sydney start-up incubator Pollenizer last month teamed with Deloitte to measure Australia’s start-up ecology and found only 4.8 per cent of new businesses scaled up to sustainable profitable businesses.
The report also found the global capital of start-ups, Silicon Valley, was 6.7 times larger than Sydney, while Australia’s other recognised hubs – Melbourne, Brisbane and Perth – had 65 per cent to 13 per cent of Sydney’s pulling power.
Matthews, who has been closely connected with the US’s second-largest start-up space in Boulder, Colorado, says the Innovyz START program will take its second round in January with a firm eye on global candidates.