Business experts in Australia predict that small businesses and start-ups will be the drivers of the economy in the aftermath of the mining boom. According to Innovation Minister Arthur Sinodlinos, most of recent jobs that have been created came from the sectors of small businesses and start-ups.
The start-up ecosystem is being encouraged by the government by providing them with more opportunities to get their ideas to the market and flourish as a result. For example, start-ups enjoy support from the $1.1 billion National Innovation and Science Agenda from the Turnbull government. There are also new tax incentives for early stage investors. The Incubator Support Initiative was launched and landing pads in San Francisco, Shanghai, Singapore, Tel Aviv and Berlin were created.
For start-ups, the largest source of their revenue comes from subscriptions (36.4%) and website purchases (14.3%). However, when it comes to funding that start-ups badly need in order to continue growing, 72% admitted they need funding while 53.9% have never tried to seek for funding. 2.4% are currently raising funds for their business needs. The most common reason why some start-ups have not attempted to raise funds is they are not yet ready.
The government has been very supportive of start-ups and small businesses but only 33% of start-ups have applied for government grants. Among those who applied for the grants, about 22% were successful.
According to KPMG Australia Head of Innovation James Mabbott, the drivers of job growth in Australia are the small and innovative businesses. If you will take a close look at where new jobs are coming from and where they are created, you will find out that the greater majority is generated by small businesses.
However, the problem in the creation of small business is being able to determine the type of business that has the right potential to scale. In the creation of business, it is important to consider the employment and innovation perspective.
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