Deloitte Calls For More Incentives To Keep Tech Start-Ups in Oz

Technology in the hands of businessmen
SHARE
THIS



Australia’s innovation future is under threat, according to Deloitte, with many of the nation’s high-growth tech start-ups or ‘gazelles’ being lured overseas.

Deloitte said successful tech start-ups are being attracted to innovation hot spots around the world by favourable incentives, opportunities to network with like-minded gazelles and potential investors, profile building opportunities and deep talent pools.

“Australia is home to a huge number of growing start-ups with world-class ideas, technologies and potential, and we must keep it that way,” Joshua Tanchel, a Deloitte private partner and leader of the company’s Technology Fast 50 Program, said.

“We must continue to incentivise start-ups as they do in the UK with tax-based initiatives such as the Enterprise Investment Scheme (EIS), Entrepreneur’s Relief and Patent Box in order to harness the ideas boom currently underway.

“But we also need to share the spotlight currently being enjoyed by early-stage start-ups with our high-growth companies in order to safeguard our country’s future prosperity.”

Tanchel said Israel is another country that offers a range of incentives both to home-grown entrepreneurs and foreign investors, including tax incentives for angel investors and government co-investing with experienced venture capitalist funds.

“They also invest in programs to nurture talent and strengthen links between academia and industry and prioritise a responsive business environment,” he added.

“As a result, second only to Silicon Valley, Israel has the highest concentration of high-tech start-ups globally.”

Tanchel said Singapore offers tax deductions for investors, concessional tax rates for start-ups, a Technopreneurship Investment Fund that aims to attract high-growth companies to relocate to Singapore, and a grants scheme that funds the salaries of technical staff.

“We must learn from these global exemplars, while also recognising the importance of creating the right settings for our start-up ecosystem in the Australian context, in order to secure the future of our gazelles here in Australia and in turn secure our position on the global innovation map and with that our country’s economic future,” he said.

Tanchel noted that it was encouraging to see the federal government outlining the second and third waves of its National Innovation and Science Agenda, but stressed that the tech industry cannot purely rely on the government to create a globally competitive ecosystem for Australia.

“We all have to play our part,” he said.

Tanchel said Deloitte has long championed Australia’s tech start-ups, in particular through its Technology Fast 50 program, which is now in its 16th year.

“Our Tech Fast 50 program not only celebrates the success of Australia’s fastest-growing technology companies, but provides ongoing support, opportunities to connect with potential investors and helps put them on the map – both domestically and globally,” he said.

The program ranks nominees involved in any tech related industry – from media, communications, software and hardware to life sciences, healthcare and clean energy – based on their revenue growth over three years, with those who make the top 50 automatically nominated for Deloitte’s Technology Fast 500 Asia Pacific.

Previous winners of Deloitte’s Technology Fast 50 Australia include small business lender Prospa, telecommunications provider Vocus Communications, wine deal website Vinomofo, hotel software company Siteminder, data centre operator NextDC and IT giant Atlassian.

Please login with linkedin to comment

Latest News

Western Australia Gets Its First Influencer Marketing Agency
  • Marketing

Western Australia Gets Its First Influencer Marketing Agency

Western Australia’s first dedicated social influencer marketing agency will launch next week to service the state’s new and rapidly growing digital industry. The Influencer Agency – TIA – brings strategy, accountability and measurement to influencer marketing for WA brands using WA influencers. TIA will also assist influencers wanting to grow their brand by developing new […]

One-on-one With Marie Claire Editor Nicky Briger
  • Media

One-on-one With Marie Claire Editor Nicky Briger

Following the launch of the revamped marieclaire.com.au, editor Nicky Briger spoke to Magazine Networks about all it can offer readers. In September, Pacific Magazines unveiled an all-new digital experience for Marie Claire. Led by design thinking, the new look marieclaire.com.au was crafted to provide a better reader experience across all devices. It’s a testament to […]

Women’s Health Unveils Its New Premium Digital Experience
  • Media

Women’s Health Unveils Its New Premium Digital Experience

Pac Mags’ Women’s Health has unveiled an all-new premium digital experience. With a faster, cleaner, more intuitive and visually consistent brand experience across all devices, the new look is designed to optimise the user’s journey with less clutter, discoverable content and seamless integration for commercial partners. Will Everitt, head of product and technology said: “The digital evolution of […]

Digital Agency Inlight Secures Two Key Client Wins
  • Marketing
  • Technology

Digital Agency Inlight Secures Two Key Client Wins

Independent agency Inlight has announced it has won the digital account for Benetas, a not-for-profit aged care provider in Victoria. Following a competitive pitch process, Inlight was chosen to handle Benetas’ new website design, build and ongoing optimisation. Richard Barker, marketing manager at Benetas, said: “We wanted an agency that could be our true digital […]

AMI Awards 2017 Winners Revealed!
  • Marketing

AMI Awards 2017 Winners Revealed!

With almost 30 awards handed out, B&T predicts plenty of numb bottoms at last night's AMI Awards in Melbourne.

Clems Sydney CEO Andy Pontin Quits
  • Advertising

Clems Sydney CEO Andy Pontin Quits

Sure, B&T flashed the news of Andy Pontin quitting this morning. White lies aside, he's actually still got six months.

by B&T Magazine

B&T Magazine
Adobe MAXes Most Creatives In A Room Record
  • Advertising
  • Media

Adobe MAXes Most Creatives In A Room Record

B&T's journo is reporting live from the annual Adobe Summit in Vegas. Although, "reporting" is somewhat of a stretch.

Opinion

by David Hovenden

David Hovenden
Digital Women’s Network & The Australian College Of Marketing Unveil Latest Short Courses
  • Marketing

Digital Women’s Network & The Australian College Of Marketing Unveil Latest Short Courses

The Australian College of Marketing is collaborating with the Digital Women’s Network to bring new short courses aimed to provide the latest skills across all aspects of the Digital landscape, kicking off in Melbourne and Sydney in 2018. Course content will focus around various topics related to the digital marketing landscape. All courses will run […]

Man working at office desk, looking at computer and scratching head
  • Technology

Where Are Digital & Tech Skills & Salaries Headed?

The rapid pace of technological change in the digital sector is seeing demand for those with the right skill sets outstrip availability, both locally and globally. The individuals who have kept their skills up to date are being well-rewarded financially. Now, Digital + Technology Collective’s expanded annual Skills and Salary Survey will put some numbers and context […]

Disney & ESPN Unify Sales & Partnerships Teams
  • Advertising
  • Marketing
  • Media

Disney & ESPN Unify Sales & Partnerships Teams

Disney and ESPN have formed an even closer bond, announcing a new alignment of the two properties through their media sales and partnerships teams. Instead of entering through three doors, Disney ESPN Media Sales & Partnerships will give media buyers and marketers a refined, singular point of entry for Disney, ESPN Digital and Maker. Nik […]

by B&T Magazine

B&T Magazine
Sydney Start-up Muzaara Partners With Commission Factory To Turbocharge Digital Ad Spends
  • Advertising
  • Marketing

Sydney Start-up Muzaara Partners With Commission Factory To Turbocharge Digital Ad Spends

Sydney-based adtech start-up Muzaara has announced a new strategic partnership with performance marketing platform Commission Factory. Together, Muzaara and Commision Factory are providing SMEs with a secret weapon to skyrocket their online brand visibility and effectively manage and maximise their online advertising campaigns. This partnership will allow both online marketing companies and their impressive roster […]

Kellogg’s Creates AR Halloween Trick Or Treat Experience Via Shazam & Orchard
  • Campaigns
  • Marketing
  • Technology

Kellogg’s Creates AR Halloween Trick Or Treat Experience Via Shazam & Orchard

Breakfast cereal manufacturer Kellogg’s has joined forces with Shazam and digital agency Orchard to deliver a first-of-its-kind augmented reality (AR) Halloween Trick or Treat experience for families. The campaign, which leverages Shazam’s visual recognition platform and recently-launched AR platform, sees Kellogg’s pilot the replacement of physical gifts in cereal packs with a digital experience that […]

Kraft Heinz Appoints Cummins&Partners As New Creative Agency
  • Advertising

Kraft Heinz Appoints Cummins&Partners As New Creative Agency

Kraft Heinz today confirmed the appointment of Cummins&Partners as its new Creative agency after an extensive pitch process. They will be responsible for brand strategy and integrated creative across the expanding Kraft Heinz portfolio including Kraft, Heinz and Golden Circle. A Kraft Heinz spokesperson said: “After an exhaustive search involving a competitive pitch, we have made […]

Patrick Delany (CEO, Fox Sports), Hugh Marks (CEO, Nine Entertainment Co), Miranda Devine (Columnist, News Corp), Michael Miller (Executive Chairman, News Corp Australasia), Grant Blackley (CEO & Managing Director, Southern Cross Austereo) at Radio Alive 2017
  • Media

Media Bosses Weigh In On Ten-CBS Deal

Do you enjoy articles featuring industry big-wigs? Well, it doesn't come much bigger and wiggier than this, we say.

by B&T Magazine

B&T Magazine
Kantar TNS’ Ali Dexter Joins T Garage As Director Of Insights & Strategy
  • Marketing

Kantar TNS’ Ali Dexter Joins T Garage As Director Of Insights & Strategy

Melbourne-based market research consulting agency T Garage has announced the appointment of Ali Dexter as its director of insights and strategy. Dexter joins T Garage from Kantar TNS, where she was the director of its Qualitative division. Prior to that, Dexter held a number of senior roles at Kantar TNS in the US and Vietnam.  “After […]

XXXX on Tuesday, March 21, 2017, in Las Vegas. (Jeff Bottari/AP Images for Adobe)
  • Advertising

Adobe Releases Advertising Cloud App

Not one, but two Adobe announcements. The tech elves have been busy this week, not that we're inferring Adobe is Santa.