Supercharging Australia’s startup ecosystem
Delegates from G20 member states met last month in Hyderabad, India, for the Startup20 inception meeting. Our own Rajiv Cabraal attended to fly the flag for Australia’s startup ecosystem.
Rajiv is the head of our commercialisation team. He focusses on turning our research into products and services that deliver real world benefit.
What is Startup20?
“Startup20 is a key part of India’s G20 2023 presidency,” Rajiv says.
“It’s focussed on finding ways to create consistency across the startup ecosystems of member countries."
Startup20 will help kick-start a global conversation around innovation and lead to consistent and accessible best-practice guidelines.
Startups are an engine for innovation-fuelled economic development and growth.
"Being a part of Startup20 gives us the opportunity to build international connections and gain useful insights for Australia’s startup ecosystem," Rajiv says.
Lessons from the rapid rise of India’s startup ecosystem
“India has been a hub of innovation and entrepreneurship for a while now,” Rajiv says.
India's startup ecosystem has grown at an impressive rate. There are now about 86,000 startups in India and a staggering 80 new startups are created every day.
India boasts more than 100 unicorns (a private company valued at more than $1 billion), while Australia has about 15 unicorns in its innovation ecosystem.
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Supercharging home-grown startups
Countries around the world have created targeted programs and implemented supports for startups. There are many lessons for Australia’s startup ecosystem.
"While it was encouraging to reflect on our own performance, it was clear that we need to continue stretching to nurture the right conditions to support Australian startups," Rajiv says.
Australia has a strong science and research community, and a mature innovation ecosystem. Australian startups have access to a range of targeted incubators and accelerators. This includes our ON Accelerate program designed to launch research-driven companies into the market. Through our SME programs we connect businesses, including startups, to our researchers and the broader Australian research ecosystem.
Australia’s pool of capital may be smaller comparatively, but it is mature. The recent State of Australian Startup Funding report shows our funding ecosystem remains resilient despite a global drop-off in funding.
The challenge for Australia is in applying more end-to-end or system thinking to the startup journey, the programs designed to assist startups, and the innovation to impact journey. We need to accelerate the pace of Australian startups launching into global markets.
There are also opportunities to look at how international startups can be motivated to connect with Australia. We want them to create an Australian presence and tackle broader Australian challenges, such as through our Missions program.
Strengthening our innovation partnership with India
As well as connecting with G20 member countries, Rajiv’s attendance at Startup20 contributed to our science diplomacy efforts.
Our research and innovation partnership has significantly strengthened under the Australian Government’s India Economic Strategy.
We’re working in areas like green steel and critical minerals via an innovation program to fast track cutting edge research and innovative ideas. We're creating real world outcomes that address shared national challenges and priorities.
We’re partnering with India to bring together the Indian and Australian innovation ecosystem. We're co-designing and co-delivering the India Australia Innovation and Technology Challenge. This challenge will draw on our complementary capabilities and resources. We look forward to supporting Indian and Australian innovators to create solutions that tackle shared national priorities and challenges.