Over the next few years, the startup ecosystem in Victoria is foreseen to reach four billion dollars — an estimate from a new report. The said report, commissioned by government body LaunchVic and published by Startup Genome, is all about the present and future of the startup ecosystem in Melbourne, and it sees the startup ecosystem in Victoria to reach an economic value of $4 billion based on a model being used by Startup Genome to determine which cities all over the world to serve as a certain standard called the Success Factor model.
When technology-based startups transform into “scaleup” companies, economic values and jobs are also affected, making the economic values grow and generate new jobs for the public. To give a clearer idea, startups are a “temporary organization designed to search for a repeatable and scalable business model,” according to serial entrepreneur and Silicon Valley legend Steve Blank.
In order for startups to grow and become “scalable” is when it searches for the right business model and makes use of it quickly; hence, affecting the flow of the market. Regarding jobs, economist Enrico Moretti estimates that every technology job in a startup is able to produce five more jobs to other parts of the economy on both skilled and unskilled, which is three times higher than manufacturing jobs.
In Victoria, there are various tech startups, namely Seek, Carsales.com, and REA Group, were able to produce thousands of jobs and supported ten thousand more; therefore, being able to produce billions of dollars in value that went into the hands of employees, pensioners, and government coffers. Also, being successful has made the brand of Victoria and Australia to reach out to global waters.
This is already an opportunity for the country. As long as Victoria can sustain and increase the growth, the of its startup ecosystem, the foreseen $4 Billion can really become a reality. Through the years, there have been startups that flourish, while others faced their demise. The ones who faced the fall often resort to selling their startups to people industries that can take advantage of the platform. Business brokers victoria should be vigilant on how to sell such startups to help in continuing the growth of the industry and the economic growth of the country as well.
