In the final part of our master class series with Steve we are taking a look into why startups and new business are critical. Due to the mining industry boom starting to draw to a close, it's now time to refocus Australia in a new direction. By shifting the focus onto high intellectual property industries, better known as tech startups, we can create a huge export industry whilst retaining our talent in Australia, and creating a better economy for everyone.
"Why do I think startups and new business innovation is Australia is critical? Well, we have been a fantastic nation and had an amazing run of success over the past 25 years, specifically driven from the mining and resource industry. That party is over. In some respects we have been actually left quite disadvantaged from it, we've actually ramped up the cost of our society through wages and the cost of construction and everything else goes up. All of the big construction projects go away, and the wages stay high be the people lose their job, and we're left with quite a small chain of royalties coming in.
So we need to re orientate or refocus our country away from low productivity industries such as mining and the resource industry to the high intellectual property dense industries such as high growth capital potential companies, sometimes called tech startups. They are about 95% export if we get them right. I believe, In the Atlasssian documentation release last week they say that 90% of the revenue comes from outside of Australia, but about 70% of the workforce is inside Australia. If we can get this right it can be an all export industry and there will be a lot of people earning a lot of money which would be fantastic."
Another interesting look at getting a new business off the ground comes from Bill Gross. Bill has founded a lot of startups, and incubated many others — and he got curious about why some succeeded and others failed. So he gathered data from hundreds of companies, his own and other people's, and ranked each company on five key factors. He found one factor that stands out from the others and shared them with us.
This has been the final part of our Steve Baxter Master Class. We hope you've enjoyed the series, and just in case you missed any episodes, you can catch up on them all here: