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However, resistance to change hasn't stopped the creation of disruptive new ideas, particularly in Sydney. Here's a look at the entrepreneurs, and investors who are powering the next wave of innovation Down Under.
Humble beginnings inspired a voracious entrepreneurial streak, and Kogan is now worth hundreds of millions of dollars thanks to his startup, Kogan.com, a wildly successful online retailer.
Over 40% of companies worldwide use big data analytics but the results can vary. The main benefit of big data analytics is thought to be the ability to make better strategic decisions, with 69% of companies identifying this as the primary benefit.
Techstars Adelaide is designed to support early-stage companies advancing state-of-the-art applications in Internet of things (IoT), big data, sensors and robotics, with potential to developing and commercialising technologies connected to the defence and security sectors.
Regional entrepreneurs, innovators, artisans and small business owners across the country will have the opportunity to pitch their big business ideas when Australia Post Regional Pitchfest launches nationwide from March next year.
The aim of App is to help us understand what normal is when it comes to how much time we truly spend on our phones. There is so much noise in the media about this issue but most of the data is anecdotal without any real data.
The selected group, SmallStash, takes aim at financial education for kids, assisting parents to better educate their children on money and savings.
Four startups with a fledgling product or service will be selected to participate in the Acceleration Program and be supported through a mentored process to become a market ready, investable company.
HCF, Australia's leading not-for-profit health fund and corporate Startup accelerator Slingshot have selected seven Startups and five Scaleups from more than 200 applicants and 45 Pitch Day finalists.
Some of the problem areas to be addressed include disability access and support, employment, entrepreneurship, health, housing, language, legal and migration advice, working qualifications, tracing family, and translation services.
Travelshoot announces an investment of $500,000 from these Queensland based investors to help scale its business and maximise global opportunities with its travel partners, including Flight Centre Travel Group, Helloworld and RACQ.
Consumers are able to search for auctions on the site in nearly 10 ways – including by price, auction status or suburb - and look at the bidding history of those that have already gone under the hammer.
"James," he said. "There are only two ways to get rich quick." "The first option is to behave badly. Really badly. Be dishonest, tell only half truths, turn your back on consequences and maybe even break the law."
It doesn't matter if you're an established business that wants to achieve dramatic growth in the year ahead or a newbie startup that is seeking to understand how others have grown quickly on tiny budgets
Outfit is already making more than $750K with its recurring revenue model in its first year, and Bruce plans to grow the business to $10mil recurring revenue by 2020. He is looking at a Series A round of funding in the next 6 months as well.
Employment Hero Founder and Chief Executive Officer, Ben Thompson said: “By simplifying administrative processes we can help businesses be significantly more productive.
The private sector led, NSW Government-backed Jobs for NSW is calling on business accelerators, incubators and other start-up partnering services to sign up to the new Sydney Startup Hub, which it’s hoped will rival similar venues around the world.
Houston-based Innovation Institute of the Texas Medical Centre has announced it will help accelerate the launch of Adelaide-based tech company Personify Care mobile patient monitoring platform into the US market.
Stocard, the world’s leading mobile loyalty wallet, announced its latest financing round from Silicon Valley-based Rocketship.vc. Stocard will use the capital from the raise to expand in new markets including Australia
The survey of more than 600 small business owners across the country revealed that one in two (50 per cent) respondents are not satisfied with the government’s management of the Australian economy.