Tank Stream Labs has today released its ‘Leadership in Innovation’ report, surveying startups around the country, which shows that our startup sector is growing and providing an outsized contribution to economic growth.
The report, Leadership in Innovation Report 2016, shows that although almost three quarters of respondents have been operating for less than three years, almost half are already selling to markets around the world.
The report also provides an insight into the startup sector’s contribution to economic growth. More than 60 per cent of respondents said they employ three or more people, with 46 per cent of companies having grown their revenue by more than 20 per cent in the past 12 months.
The report also focussed on take-up within the startup community of Government grants and programs.
While the report showed relatively low levels of collaboration between the startup sector and research organisations such as universities and the CSIRO, around one in four startups said they have a significant Government client or end user.
As noted recently, there are a number of initiatives launched by both the Federal and State Governments to help bridge the gap for early stage startups who find Government programs and procurement guidelines too complex and daunting. This will be a major focus for the sector in 2017.
The report also shows that Government policy matters. Although 40 per cent of respondents said it has become easier to raise capital in Australia during the past 12 months, there is much demand for Crowd Sourced Equity Funding rules to be passed, after having been delayed in Parliament.
Although almost one in four respondents said they disagree that Australia has a capable and educated workforce from which to find new employees, policies to help retain employees are working. One in five respondents said they have used changes to Employee Share Ownership Schemes to retain employees.
Thanks again for everyone who took part in this year’s survey – it’s an important basis for engaging with and lobbying for the policies that will help the sector continue to grow.
CEO, Tank Stream Labs