Tech Scaleup Australia – 2024 Report

The global race for innovation and startups is accelerating, fueled by increasing geopolitical tensions and stricter regulations. Cities and regions around the world are intensifying efforts to boost their startup ecosystems and secure global recognition. Meanwhile, “innovation hunters” – VC funds and corporations – are focusing their investments on high-density ecosystems like Silicon Valley, the US East Coast, Israel, and London. Without achieving critical mass or establishing strong international connections, local ecosystems risk stagnating.

Australia, however, has made significant strides in recent years. Regional powerhouses such as New South Wales and Victoria are gaining traction, with 709 and 409 scaleups respectively. Both regions are now part of a select group of 50 to 60 global ecosystems that have reached the scaleup phase, producing hundreds of innovators each year. For these regions, and Australia as a whole, there is a tangible opportunity to emerge as “Star” ecosystems on the global stage.

But to truly compete with top-tier innovation hubs, Australia must overcome its geographic isolation by building strong international connections.

One such step in this direction is Sydney’s second edition of South by Southwest (SXSW), supported by the NSW Government. This event, along with the Mind the Bridge Scaleup Summit Australia, represents key milestones in Australia’s journey toward global recognition. The Scaleup Summit, traditionally held in tech hubs like Silicon Valley, South Korea, and New York, brings together startups and corporations for valuable scouting and collaboration opportunities.

Forging these international connections is essential. It’s the only way to unlock Australia’s full potential and solidify its place on the global innovation map.