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Tech Startup Ecosystem in Australia- Doc

   

Added on  2020-05-11

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1. Why is it necessary to develop a vibrant tech startup ecosystem in Australia?a.Creation of jobsTech startups not only create jobs for the startups initiators but also other additional jobs in other sectors. Many successful startups employ many people hence reduction of unemployment in the country.b. Drive the Australian economic growthThe explosion of many startups is significant in sustaining crucial businesses that drive the economic growth and prosperity of the country as well as creating high-value jobs.c. Add international Competitive advantageMany of the developed countries such as China, UK and US have initiated huge investments in creationof national startup ecosystem. For Australia to compete internationally, it has to develop a vibrant startup ecosystem.d. Transitioning Australia to a knowledge economySustaining startup ecosystem is crucial in ensuring that the transition of its economy to a knowledge-based economy is reached by startups.e.To retain its local startups and avoid brain drainAn increasing number of countries are employing promising startups from all over the world, thereby taking Australian best tech talents hence adding to the brain drain affecting the general country’s technology sector.
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