startup-ecosystem-mapping-report
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South East Queensland 2014<br />
STARTUP ECOSYSTEM REPORT<br />
1
A simplified network map of the<br />
ECOSYSTEM<br />
AMMA<br />
RMSS<br />
Blue Sky<br />
Retail Express<br />
Guvera<br />
Techspace<br />
Tappr<br />
Silicon<br />
Lakes<br />
Budding<br />
Entrepreneurs<br />
Grant<br />
iLab<br />
CA<br />
Transition Level<br />
Investments<br />
Halfbrick<br />
Liquid State<br />
Griffith<br />
Enterprise<br />
SwipeAds<br />
River<br />
City<br />
Labs<br />
Ollo<br />
Mobile<br />
Brisbane Angels<br />
Innovation<br />
Centre<br />
QUT Creative<br />
Enterprise<br />
Australia<br />
Right<br />
Pedal<br />
QUT<br />
bluebox<br />
Nimble<br />
RedEye<br />
UniQuest<br />
Fitgenes<br />
ZOVA<br />
Euclideon
CONTENTS<br />
Foreword 4<br />
Dashboard 5<br />
About 6<br />
Context 7<br />
Breeding Unicorns & Building Ecosystems 10<br />
Formation 12<br />
Organisations 14<br />
Funding 16<br />
Groups 20<br />
Incubation 21<br />
Key Nodes 22<br />
Location 24<br />
Regional Data 26<br />
Markets 28<br />
People 34<br />
Community Ideas 38<br />
References 40<br />
3
FOREWORD<br />
I am pleased to present the South East<br />
Queensland Startup Ecosystem Report which<br />
the Queensland Government commissioned<br />
in partnership with Brisbane Marketing, the<br />
City of Gold Coast and the Sunshine Coast<br />
Regional Council.<br />
The <strong>report</strong> estimates South East Queensland<br />
currently has more than 220 <strong>startup</strong>s,<br />
employing 1,900 people and since 2009, has<br />
raised $126 million in funds.<br />
This <strong>report</strong> provides valuable data about the<br />
contribution <strong>startup</strong>s make to Queensland’s<br />
economy. It quantifies the <strong>ecosystem</strong> around<br />
early stage digital technology companies –<br />
identifying key people, organisations, events<br />
and hubs which drive innovation.<br />
I thank all those who supported and<br />
contributed to this project. It highlights the<br />
value of collaboration as we work together<br />
towards the <strong>startup</strong> community’s goal<br />
for Queensland: By 2033, Queensland is<br />
recognised for its entrepreneurial culture,<br />
with the <strong>startup</strong> sector contributing four<br />
per cent to Gross State Product, injecting<br />
$20 billion and 100,000 new jobs into our<br />
economy, through the global impact of home<br />
grown <strong>startup</strong>s.<br />
The <strong>report</strong>’s findings indicate Queensland’s<br />
<strong>startup</strong> <strong>ecosystem</strong> has a solid foundation<br />
to build a strong, vibrant sector that will<br />
exploit new technologies to build a stronger<br />
economy by creating new industries and<br />
generating more jobs for Queenslanders.<br />
The Honourable Ian Walker MP<br />
Minister for Science, Information Technology,<br />
Innovation and the Arts<br />
It’s an in-depth insight into the diversity and<br />
unique aspects of the South East Queensland<br />
<strong>startup</strong> environment and associated<br />
infrastructure which contributes to a robust<br />
<strong>ecosystem</strong>.<br />
4
Summary statistics as at July 2014<br />
DASHBOARD<br />
No. STARTUPS<br />
226+<br />
Estimated number of <strong>startup</strong>s within SEQ.*<br />
No. FOUNDERS<br />
500+<br />
Estimated number of <strong>startup</strong> founders within SEQ.<br />
PEOPLE: COMMON SKILLS<br />
Strategy<br />
Marketing<br />
Leadership<br />
Business Development<br />
Start-ups<br />
Entrepreneurship<br />
Management<br />
Project Management<br />
Social Media<br />
Management Consulting<br />
18%<br />
13%<br />
8%<br />
7%<br />
7%<br />
7%<br />
7%<br />
6%<br />
6%<br />
6%<br />
No. CO. TEAM SIZE<br />
40%<br />
1%<br />
1 2-10<br />
31%<br />
11-50<br />
2%<br />
51-200<br />
No. PEOPLE<br />
~1,900<br />
Estimated number of SEQ <strong>startup</strong> employees.<br />
No. MEETUP GROUPS<br />
107<br />
Associated with <strong>startup</strong>s, tech and entrepreneurship.<br />
#STARTUPS BY MARKET FOCUS (TOP 10 ONLY)* PEOPLE: AGE %<br />
****<br />
Arts & Recreation Services**<br />
19% 41.0<br />
41<br />
Information Media & Telecommunications 19%<br />
36<br />
Other & Unknown Services***<br />
15% 32.8<br />
Health Care & Social Assistance<br />
8%<br />
Professional, Scientific & Technical Services 5% 24.6<br />
Finance & Insurance Services<br />
5%<br />
Retail Trade<br />
5% 16.4<br />
Advertising Services<br />
4%<br />
11<br />
8.2 9<br />
Administrative & Support Services<br />
3%<br />
5<br />
Education & Training<br />
3%<br />
0.0<br />
18-24 25-34 35-44 45-54 55+<br />
.<br />
No. SUPPORTING COMPANIES<br />
~550<br />
Estimated number of companies involved in the <strong>startup</strong><br />
<strong>ecosystem</strong>.<br />
No. STARTUPS & GROUPS BY YEAR FOUNDED<br />
60<br />
Startups<br />
55<br />
Groups<br />
50<br />
40<br />
****Number of Startup Companies founded by calendar<br />
year in the “No. Startups & Groups by Year Founded”<br />
graph does not equal the total “No. Startups” as the<br />
founding dates of some <strong>startup</strong>s within SEQ were not<br />
identified.<br />
.<br />
No. ASSOCIATED PEOPLE<br />
10,000+<br />
Based on the number of members of technology Meetup<br />
groups and employees of <strong>startup</strong>s & supporting entities.<br />
30<br />
20<br />
10<br />
0<br />
23<br />
13<br />
8 8<br />
2009 2010<br />
26<br />
10<br />
2011<br />
29<br />
23<br />
2012<br />
28<br />
2013<br />
25<br />
2014<br />
TOTAL FUNDING RAISED BY STARTUPS<br />
$<br />
37M<br />
Estimated total amount of funding raised by Queensland<br />
Startups between January 2009 and July 2014.<br />
TOTAL FUNDING RAISED<br />
$<br />
126M<br />
Total funding raised from January 2009 to July 2014<br />
by Queensland Startups and Established Digital<br />
Technology companies.<br />
*Note, while the <strong>report</strong> uses the Australia New Zealand<br />
Industrial Classification (ANZIC) to classify the<br />
“Market Focus” of companies, this does not represent<br />
their industry classification, but rather the target market<br />
of a <strong>startup</strong> company - the market they are addressing.<br />
**Arts & Recreation Services includes Digital<br />
Game studios and developers. Further detail on this<br />
classification can be found in the footnote on page 31.<br />
***Other & Unknown Services is predominately made<br />
up of unclassified companies.<br />
5
How and why.<br />
ABOUT<br />
PROJECT AIMS<br />
This project aims to quantify the <strong>ecosystem</strong> around<br />
early-stage high growth digital technology companies<br />
(<strong>startup</strong>s for short) from South East Queensland (SEQ)<br />
- identifying key people, organisations, events and<br />
innovation hubs within the community around which<br />
innovative activity is centralised. The <strong>report</strong> aims to<br />
measure its comparative strength, identify critical issues<br />
within the <strong>ecosystem</strong>, and identify potential areas for<br />
government intervention and collaboration.<br />
SCOPE<br />
In terms of scope, the <strong>report</strong> maps the primary people<br />
(founders, angels and other participants), organisations<br />
(<strong>startup</strong>s, venture capital firms, co-working spaces,<br />
incubators and government agencies), groups (angel and<br />
community groups) and events (awards, conferences,<br />
programs) involved in or supporting early-stage<br />
technology <strong>startup</strong>s within South East Queensland.<br />
The <strong>report</strong> only includes those companies and people<br />
that have made a direct tangible contribution to the<br />
development of high growth <strong>startup</strong>s – whether that be<br />
through mentoring, sponsorship, investment, grants or<br />
space, etc.<br />
The <strong>report</strong> attempts to quantify in detail the fund flows<br />
to <strong>startup</strong>s based in SEQ. However it does not quantify<br />
the amount of investment flowing out of the state into<br />
external <strong>startup</strong>s.<br />
A seperate <strong>report</strong> <strong>mapping</strong> the regional Queensland<br />
<strong>startup</strong> <strong>ecosystem</strong> will be available in November 2014.<br />
METHODOLOGY<br />
The <strong>report</strong> was compiled in partnership with several<br />
community organisations and government agencies.<br />
Information was gathered through workshops in<br />
Brisbane, on the Gold Coast and the Sunshine Coast,<br />
and from interviews with over 35 people within<br />
the community. Information on people, events and<br />
companies was also gathered using data from online<br />
platforms including Linkedin, AngelList, ASSOB,<br />
CrunchBase, Gust, Twitter, Eventbrite, Kickstarter,<br />
Pozible and Meetup, and complemented with internet<br />
research.<br />
Combining several data sources gives a more<br />
comprehensive view than one in which information is<br />
taken from any one individual source. For example,<br />
looking at funding events during the previous 5 years<br />
Crunchbase gives only 20 or so events out of the 100+<br />
events identified using additional sources.<br />
However while all attempts have been made to be<br />
comprehensive, some critical people and organisations<br />
in this rapidly growing sector may have been missed.<br />
DEFINITIONS<br />
Startups<br />
There are varied definitions of high growth early stage<br />
digital technology <strong>startup</strong>s. Whilst any type of earlystage<br />
business can be called a <strong>startup</strong>, for the purposes<br />
of this project the definition used by StartupAus,<br />
Google Australia and PwC Australia was adopted: a<br />
‘<strong>startup</strong>’ is a company primarily focused on developing<br />
innovative digital technology, with a high leverage on<br />
labour, an innovative scalable business model, capable of<br />
rapid growth, and under five and half years in age.<br />
Digital<br />
The project focused on companies that create value<br />
primarily around digital technologies such as developing<br />
software products or services, scalable hardware<br />
based products and services such as drones, sensors,<br />
autonomous vehicle technology, Internet of Things<br />
(IoT) technology, and wearables.<br />
Exclusions<br />
Digital technologies are being deployed across all<br />
industries and permeate all aspects of our society. The<br />
borders between industries are being eroded making<br />
it increasingly difficult to say whether a new company<br />
like Uber is a transport company, software company, or<br />
a labour hire company. The reality is that an increasing<br />
(majority) proportion of Australian businesses have<br />
digital technology as a core component of their<br />
business.<br />
Consulting: The project excluded non-scalable<br />
companies engaged with digital technology, such as<br />
those with a high reliance on manual labour such as<br />
digital design studios, digital marketing, software<br />
development houses and computer consulting<br />
companies. Technology support, networking, and<br />
computer repair businesses were also excluded.<br />
Similarly excluded were design and development<br />
companies providing IP development as a service purely<br />
for other firms such as advertising agencies that build<br />
mobile and web apps for clients or gaming studios that<br />
purely work for clients. However, many companies<br />
build potentially scalable digital products (e.g. iPhone<br />
apps) alongside their consulting services, in which case<br />
they have been included.<br />
Established Technology: the <strong>report</strong> excludes digital<br />
technology companies established prior to 2009 from<br />
the definition of a ‘<strong>startup</strong>’. However in some cases the<br />
<strong>report</strong> mentions companies, investment figures or entity<br />
numbers for more mature digital technology companies.<br />
In these cases the <strong>report</strong> refers to these as Established,<br />
Mature or Later stage digital technology companies, or<br />
Tech companies for short. Data that encapsulates both<br />
Startups and established Digital Technology companies<br />
is always referenced as such.<br />
Support Entities<br />
Key organisations that support the development of<br />
<strong>startup</strong>s such as incubators, accelerators, meetup groups<br />
and venture capital firms were included.<br />
Incubator: an organisation that offers mentoring, office<br />
space, and other resources to help <strong>startup</strong>s grow. Whilst<br />
incubators assist <strong>startup</strong>s in raising funding they do not<br />
provide investment in return for equity. Their programs<br />
are generally open, longer in duration and relatively<br />
unstructured.<br />
Accelerator: accelerators or seed accelerators are<br />
similar to incubators, but differ in that they take an<br />
equity portion of their participating <strong>startup</strong>s in return<br />
for investing seed capital - where incubators do not.<br />
Accelerators generally have a structured program that<br />
runs over a discrete period of time (often 3 to 6 months)<br />
after which the <strong>startup</strong> ‘graduates’.<br />
Groups: community groups or meetup.com groups<br />
that meet together in fairly informal circumstances to<br />
discuss digital technology, <strong>startup</strong>s or entrepreneurship.<br />
This data is almost entirely based on meetup.com<br />
groups which is a worldwide platform for organising<br />
community groups and widely adopted within <strong>startup</strong><br />
communities worldwide.<br />
Funding & Investment<br />
The <strong>report</strong> captures information on the money raised<br />
by technology companies and <strong>startup</strong>s to fund company<br />
and product development. Startups secure funding in<br />
multiple ways: private investment, government grants,<br />
crowdfunding, public investment, prizes and loans. The<br />
<strong>report</strong> excludes money flowing out of the state into<br />
<strong>startup</strong>s from other states or countries.<br />
When the <strong>report</strong> refers to Funding, Investment or<br />
Matched Funding it means:<br />
Funding: the <strong>report</strong> means all types of funding<br />
including private investment, government grants,<br />
matched funding, crowdfunding, public investment,<br />
prizes and loans. While crowdfunding is technically a<br />
way for customers to pre-order a product or service the<br />
<strong>report</strong> includes it within the analysis of <strong>startup</strong> funding<br />
as it serves a similar role to other funding methods. This<br />
definition excludes the Tax office’s R&D Tax Incentive.<br />
Investment: the <strong>report</strong> means private or public equity<br />
investment in a company in exchange for shares in the<br />
company, including convertible notes, options and other<br />
financial tools for purchasing shares.<br />
Matched-Funding: a large portion of <strong>startup</strong> funding<br />
in Queensland came from the Australian Government’s<br />
Commercialisation Australia (CA) grant program,<br />
established in 2009. The grant offered to match private<br />
funding for successful applicant companies on a<br />
80:20 to 50:50 basis - depending on the grant type.<br />
By matched funding the <strong>report</strong> refers to the portion<br />
provided by the applicant, and excluding the portion<br />
provided by the government - the government grant.<br />
All currencies used within this <strong>report</strong> are in $AUD<br />
unless otherwise stated.<br />
6
Why is digital technology important?<br />
CONTEXT<br />
SOCIAL IMPACT OF TECHNOLOGY<br />
Information and communications technology is pervasive<br />
and soon to be ubiquitous. New technologies that evolved<br />
from the cumulative innovations of the past 80 years have<br />
dramatically changed the way people create, consume<br />
and communicate - transforming societies and economies<br />
at unprecedented rates.<br />
While the process of innovation is never ending, the<br />
development of the first transistor, microprocessor and<br />
computer in the late 40s initiated a wave of computing<br />
innovation. It brought the first satellite in 1957, the<br />
linking of computers into large-scale networks in 1969,<br />
the first Japanese smartphones to achieve mass adoption<br />
in 1999, and the first touch screen in 2007.<br />
Of the 7b+ people on the planet, 5.5b watch TV, 2.7b use<br />
the internet, 1 1.8b use smartphones, 2 and 1.7b use those<br />
smartphones at least monthly. 3<br />
In 1986 less than 1% of the world’s capacity to store<br />
information was digital. In 2002 humanity was able to<br />
store more information in digital than analog format –<br />
launching the “digital age”. And by 2007 over 94% of<br />
humanity’s knowledge was stored digitally. 4<br />
Networked digital technology is being rapidly adopted<br />
and will soon be ubiquitous. Somewhere during 2008<br />
the number of connected electronic sensors on the planet<br />
exceeded the number of people; this will have grown to<br />
26b+ devices by 2020. 5<br />
ECONOMIC IMPACT OF TECHNOLOGY<br />
These innovations have facilitated an enormous new<br />
capacity to create, capture, analyse, disseminate<br />
information and release a flood of <strong>startup</strong>s, many of<br />
which are revolutionising production and distribution<br />
systems on a global scale.<br />
Outsourcing white-collar tasks to more efficient or<br />
productive economies is now the norm, enabling<br />
developing economies to provide services to developed<br />
nations at scale and on demand.<br />
When historians look back at the last 80 years they<br />
will conclude we are living through a pivotal period<br />
in humanity’s history. The question for Australia and<br />
Queensland is whether they want to be creators of<br />
technological innovation, or just simply consumers.<br />
The largest companies of the last century were industrial<br />
corporations, born of the industrial revolution in the<br />
1800s: mass-production companies such as Ford,<br />
Volkswagen, Toyota, GE, Bayer; and the suppliers of raw<br />
materials such as Exxon, Shell, BP and BHP.<br />
But over the recent decades computer, software and<br />
now internet companies such as Apple, Google, IBM,<br />
Microsoft and Facebook have been vying with more<br />
traditional corporations to lead the pack. PwC’s 2014<br />
<strong>report</strong> on the Global Top 100 Companies by Market<br />
Capitalisation showed that Technology and Financials<br />
are the leading sectors to have grown market cap in the<br />
Top 100 (+149% and +136% respectively) - driven by<br />
innovation and recovery from the financial crisis. 6<br />
Apple – the largest by market cap – having almost<br />
quadrupled in value during the past five years.<br />
And this is just the beginning. In the coming decades<br />
virtually every industry can expect to face disruptions<br />
rivalling those of the industrial revolution. Some<br />
industries will face extinction; new sectors will be<br />
created; and others are being transformed beyond<br />
recognition.<br />
In 2013, in reference to the long-term economic<br />
potential of technology, US Federal Reserve chairman<br />
Ben Bernanke stated:<br />
“Some would say that we are still in the early days of the<br />
IT revolution... even as the basic technologies improve,<br />
the commercial applications of these technologies have<br />
arguably thus far only scratched the surface.” 7<br />
CREATIVE DESTRUCTION<br />
During the early 20th century economist Joseph<br />
Schumpeter observed that the most significant advances<br />
in economies are often accompanied by a process<br />
of “creative destruction” which shifts profit pools,<br />
rearranges industry structures, and replaces incumbent<br />
businesses. This process is often driven by technological<br />
innovation at the hands of entrepreneurs.<br />
According to IBIS World’s white-paper A Snapshot<br />
of Australia’s Digital Future to 2050, 15 different<br />
industry sub-sectors face extinction due to factors such<br />
as size, international competitiveness, the potential for<br />
displacement, and technology.<br />
“Casualties may include: newspaper, magazine,<br />
book and directory publishing – substituted by their<br />
online versions; radio, free-to-air TV and cable TV<br />
broadcasting – absorbed into internet distribution; and<br />
video rental.” 8<br />
Entrepreneurs, policymakers and societies need to be<br />
at the forefront exploiting these new technologies to<br />
maintain national competitive advantage and global<br />
relevance.<br />
Entrepreneurs need to understand how markets might be<br />
eroded or enhanced by emerging technologies a decade<br />
from now; how technologies might bring new customers<br />
or force them to fight for existing ones. Policymakers<br />
and regulators need to decide how to invest in new<br />
forms of education and infrastructure; protect the rights<br />
and privacy of citizens; and create an environment in<br />
which citizens can continue to prosper even as emerging<br />
technologies disrupt their lives.<br />
McKinsey’s 2013 <strong>report</strong> Disruptive Technologies:<br />
Advances That Will Transform Life, Business, And<br />
The Global Economy identified the top 12 disruptive<br />
technologies that have the greatest potential for economic<br />
impact and disruption by 2025. They estimated the<br />
potential economic impact that each technology would<br />
have by 2025 and concluded that these 12 technologies<br />
alone had “the potential to drive direct economic impact<br />
in the order of $US 14 trillion to $US 33 trillion per year<br />
in 2025.” 9<br />
TOP 12 DISRUPTIVE TECHNOLOGIES<br />
GLOBAL ECONOMIC IMPACT IN 2025 ($T)<br />
Mobile Internet<br />
Automation of knowledge work<br />
The Internet of Things<br />
Cloud technology<br />
Advanced robotics<br />
Autonomous and near- autonomous vehicles<br />
Next-generation genomics<br />
Energy storage<br />
3D printing<br />
Advanced materials<br />
Advanced oil and gas exploration and recovery<br />
Renewable energy<br />
DIGITAL DISRUPTION IN AUSTRALIA<br />
3.7-10.8<br />
5.2-6.7<br />
2.7-6.2<br />
1.7-6.2<br />
1.7-4.5<br />
0.2-1.9<br />
0.7-1.6<br />
0.1-0.6<br />
0.2-0.6<br />
0.2-0.5<br />
0.1-0.5<br />
0.2-0.3<br />
Seven of the twelve disruptive technologies fall within<br />
the purview of the digital <strong>startup</strong> companies outlined<br />
within this <strong>report</strong>: Mobile Internet, Automation of<br />
Knowledge Work, The Internet of Things, Cloud<br />
Technology, Advanced Robotics, Autonomous Vehicles<br />
and 3D Printing.<br />
It should be noted that when McKinsey refers to<br />
economic disruption, this economic potential should<br />
not be equated with market sizes for these technologies;<br />
it could be captured as consumer surplus as well as in<br />
new revenue and GDP growth. McKinsey also mentions<br />
that in the case of Internet-based technologies, value has<br />
tended to shift to consumers; as much as two-thirds of the<br />
value created by new Internet offerings has been captured<br />
as consumer surplus. However, they conclude that:<br />
“It is impossible to predict all the ways in which<br />
technologies will be applied; the value created in 2025<br />
could be far larger than what we estimate here.” 9<br />
Assuming an Australian GDP growth is 3% and<br />
McKinsey’s estimates of the potential economic<br />
impact of these 7 digital technologies along with their<br />
distribution of the impact on Developed economies is<br />
applied, it results in an annual economic impact on the<br />
Australian economy in 2025 of $497b - from these 7<br />
digital technologies alone.<br />
To put that into perspective: 22% of Australia’s GDP in<br />
2025 will be disrupted from the application of these 7<br />
digital technologies alone.<br />
GLOBAL ECONOMIC IMPACT IN 2025 ($US TRILLION) 14 7
Why is digital technology important?<br />
CONTEXT<br />
DIGITAL DISRUPTION IN QUEENSLAND<br />
What does this mean for Queensland’s economy in 2025?<br />
Boundlss’ analysis, using McKinsey’s data, suggests<br />
the impact of these 7 disruptive digital technologies<br />
on Queensland’s economy will be ~$96b per annum<br />
in 2025, or roughly 24% of the state’s projected $396b<br />
economy.<br />
DISRUPTIVE DIGITAL TECHNOLOGIES -<br />
ECONOMIC IMPACT ON QUEENSLAND ($B) ($M)<br />
Automation of knowledge work<br />
Mobile Internet<br />
The Internet of Things<br />
Advanced robotics<br />
Cloud technology<br />
Autonomous and near- autonomous vehicles<br />
3D printing<br />
While these projections may seem high, they are less<br />
than those in Deloitte’s 2012 <strong>report</strong> Digital disruption<br />
Short fuse, big bang? which foresees 33% of the<br />
economy facing disruption from all digital technologies<br />
within the next five years.<br />
“One-third of the Australian economy faces imminent<br />
and substantial disruption by digital technologies and<br />
business models – what we call a ‘short fuse, big bang’<br />
scenario. This presents significant threats, as well as<br />
opportunities, for both business and government.” 10<br />
Applied to Queensland, 33% represents $132b of<br />
economic disruption from 2017 to 2025. That’s $46b<br />
higher than projections based on McKinsey’s <strong>report</strong> on<br />
the most disruptive digital technologies.<br />
In summary, this <strong>report</strong> estimates the economic impact<br />
of digital technology on Queensland’s economy in 2025<br />
will be in the order of $96b per year, and this impact will<br />
be created largely by Mobile Internet, the Automation<br />
of Knowledge work, The Internet of Things, Advanced<br />
Robotics, Cloud technology, Autonomous Vehicles<br />
technology, and 3D Printing.<br />
While this economic disruption should not be equated<br />
with market sizes for these technologies (some will be<br />
captured as consumer surplus, and others as productivity<br />
growth), it does represent an enormous innovation<br />
goldrush.<br />
Up to two-thirds of this value will be captured by<br />
consumer surplus, with the remainder coming from<br />
productivity gains and revenue streams from new<br />
technologies.<br />
34.9<br />
25.9<br />
22.2<br />
17.7<br />
8.4<br />
5.9<br />
1.7<br />
Given the challenges involved with adopting disruptive<br />
technologies it is often <strong>startup</strong> companies that are<br />
best suited to seize new market opportunities. Makers<br />
of horse-drawn carts didn’t catch on to the car, IBM<br />
couldn’t see the opportunity in personal computers, and<br />
the music industry has been pulled into digital streaming<br />
music only reluctantly, worn down by years of music<br />
piracy.<br />
Assuming one third of the $96b in economic value<br />
in 2025 is direct value created by these disruptive<br />
technologies (the other two thirds being retained as<br />
consumer savings as McKinsey has found is the norm<br />
with Internet-based technologies), this <strong>report</strong> estimates<br />
that in 2025 $32b annually will be addressed by either<br />
foreign or local digital technology companies.<br />
Enrico Moretti, Professor of Economics at the University<br />
of California has found that technology companies have a<br />
five-fold impact on the economy. He states:<br />
“Innovative industries bring good jobs and high salaries<br />
to communities where they cluster and their impact on<br />
the local economy is much deeper than their direct effect.<br />
Attracting a scientist or software engineer triggers a<br />
multiplier effect, increasing employment and salaries for<br />
those that provide local services. In essence, a high tech<br />
job is more than a job... research shows for each high<br />
tech job, five additional jobs are created outside the high<br />
tech sector.” 11<br />
Assuming this $32b represents this five-fold impact,<br />
this <strong>report</strong> estimates the direct contribution from digital<br />
technology employees on the Queensland economy to be<br />
over $6b in 2025.<br />
If this value isn’t captured by local digital technology<br />
companies and <strong>startup</strong>s it will certainly be extracted by<br />
companies from interstate and overseas.<br />
HOW MANY STARTUPS<br />
There is a real and substantive opportunity for the <strong>startup</strong><br />
sector within Queensland to grow and play a much larger<br />
role in the local, national and international economy. It<br />
is also reasonable to conclude that the aims outlined by<br />
the Queensland Startup Summit held in 2013 are entirely<br />
achievable if the right infrastructure is put in place to<br />
develop the sector. The Summit’s “Big Hairy Audacious<br />
Goal” (BHAG) states:<br />
‘By 2033, Queensland is recognised for its<br />
entrepreneurial culture, with the <strong>startup</strong> sector<br />
contributing four per cent to Gross State Product,<br />
injecting $20b and 100,000 new jobs into our economy,<br />
through the global impact of home grown <strong>startup</strong>s.’ 12<br />
These estimates also align with PwC’s 2013 <strong>report</strong> The<br />
Startup economy: How to Support Tech Startups and<br />
Accelerate Australian Innovation: “By accelerating<br />
growth the sector could contribute 4% of GDP by 2033<br />
and directly employ 540,000 people.” 13<br />
The Summit’s BHAG equates to ~30,000 employees and<br />
a contribution to Queensland’s Gross State Product of<br />
roughly $5b in 2025.<br />
Compared to the opportunity outlined by McKinsey &<br />
Deloitte there is certainly enough need within the market<br />
to achieve this BHAG given the right environment.<br />
Thus the question: How many technology companies and<br />
<strong>startup</strong>s are needed for Queensland to meet this BHAG<br />
and retain some of the potential economic disruption<br />
within the state? What would Queensland’s <strong>startup</strong><br />
<strong>ecosystem</strong> have to look like in 2025 for this to happen?<br />
One way to answer this is by modelling the distribution<br />
of technology companies using the 80-20 Pareto<br />
distribution – 80% of the value created by 20% of<br />
companies and vice versa. a<br />
Applying this methodology this <strong>report</strong> estimates there<br />
would need to be 3,000 to 4,000 technology companies b<br />
within Queensland by 2025. The vast bulk of these<br />
would be pre-revenue seed stage <strong>startup</strong>s, 300 to 500<br />
with $1m-$10m in revenue, 50+ with $10m-$100m in<br />
revenue, 10+ companies with $100m-$1b in revenue, and<br />
a small number above $1b in revenue.<br />
Assuming a linear increase in productivity for each<br />
increasing tier of company size, from $200k per<br />
employee to $500k per employee, gives an estimate<br />
for the number of employees required across the 5<br />
bands. Resulting in a total number of 25,000 to 30,000<br />
employees working directly within the technology sector<br />
and creating over $5b of value in 2025.<br />
To achieve this target, participation in the sector would<br />
have to grow at approximately 40% each year, with new<br />
company / <strong>startup</strong> formation rates beginning at 10 to 20<br />
new <strong>startup</strong>s per year and reaching a rate of 1,000 per<br />
year by 2025 - a yearly <strong>startup</strong> formation rate of 170 per<br />
million people. c<br />
While these sorts of formation rates may seem large,<br />
they are quite reasonable when you take into account<br />
two things. One, the current yearly <strong>startup</strong> formation<br />
rates per million people within the USA range from an<br />
average of 42 across the USA to between 147 to 387<br />
in technology hubs such as San Francisco and Boulder.<br />
Two: the formation rates for technology companies<br />
will certainly increase over the next ten years - ever<br />
so slightly approaching the average private sector<br />
business formation rate of 1,342 per year per million - as<br />
technology becomes an increasing part of business. 14<br />
Given the network effects of digital technology, the<br />
rapid revenue growth, exponential user acquisition of<br />
successful <strong>startup</strong>s and winner-takes-all structure of these<br />
markets, this <strong>report</strong> estimates that ~20% of these digital<br />
technology companies will create ~80% of the value.<br />
And it is by no means certain that starting a new business<br />
will result in success: the high-risks necessitated by<br />
innovative technology and business models inevitably<br />
leads to a large proportion of <strong>startup</strong>s failing each year<br />
(some estimate the global norm for <strong>startup</strong> failure rates to<br />
be as high as 90%).<br />
Hence this <strong>report</strong> uses a power distribution to estimate<br />
the distribution of digital technology companies (both<br />
mature and <strong>startup</strong>) participating in the sector in 2025<br />
with an increasingly large number of <strong>startup</strong>s being<br />
created each year; of which only a select few will achieve<br />
the high year-on-year growth required to become the new<br />
Australian technology giants by 2025.<br />
a. Startup <strong>ecosystem</strong>s appear to follow this distribution.<br />
b. 4,000 companies employing more than one staff<br />
member. Up to 8,000 including sole-operators.<br />
c. Based on Australian Bureau of Statistics middle<br />
projection for Queensland population numbers in 2025 -<br />
5.9 m.<br />
8
THIS REPORT ESTIMATES THE<br />
POTENTIAL ECONOMIC IMPACT OF<br />
DISRUPTIVE DIGITAL TECHNOLOGIES ON<br />
QUEENSLAND’S ECONOMY IN 2025<br />
IS ~$96 BILLION PER ANNUM,<br />
WITH A DIRECT IMPACT FROM THE<br />
DIGITAL TECHNOLOGY SECTOR OF OVER<br />
$6 BILLION PER YEAR.<br />
TO ENSURE THE MAJORITY OF THIS<br />
VALUE IS CREATED & RETAINED BY<br />
LOCAL COMPANIES, QUEENSLAND WILL<br />
NEED: 3,000+ STARTUPS, HUNDREDS<br />
OF ESTABLISHED TECHNOLOGY<br />
COMPANIES AND A UNICORN OR TWO.<br />
WITHOUT THIS, ECONOMIC GROWTH<br />
WILL BE LOST TO INTERNATIONAL<br />
COMPETITORS.<br />
9
Creating high growth <strong>startup</strong>s.<br />
BREEDING UNICORNS & ECOSYSTEMS<br />
UNICORNS ARE REAL<br />
The term “unicorn” has been adopted worldwide as<br />
a label for high growth technology companies that<br />
achieve significant scale ($US 100m revenue or $US 1b<br />
valuation/market cap). Startups that achieve this scale<br />
are rare but vital to the creation of a vibrant economy.<br />
Unicorns have the ability to spawn hundreds of new<br />
entrepreneurs, many of whom go on to found or invest<br />
in <strong>startup</strong>s. The IPOs of Google, Facebook and Twitter<br />
alone created almost 4,000 new millionaires. Similar<br />
examples can be seen in Sweden (Skype acquired<br />
by Microsoft for $US 8.5b; Spotify has a market cap<br />
of $US 4b), the UK (Betfair IPOd at $US 2.4b and<br />
lastminute.com acquired by Sabre for $US 1.1b), and<br />
Israel (NDS acquired by Cisco for $US 5b). 15<br />
The network effects of the digital economy and ubiquity<br />
of technology mean that they exist in increasingly<br />
winners-take-all markets and grow with astonishing<br />
speed, creating large numbers of jobs both within the<br />
company and as part of the larger <strong>ecosystem</strong>s that<br />
surround them.<br />
According to the UK innovation agency NESTA, the 6<br />
per cent of UK businesses with the highest growth rates<br />
generated half of the new jobs in the UK between 2002<br />
and 2008. 16<br />
“A small number of high-growth businesses are<br />
responsible for the lion’s share of job creation and<br />
prosperity… This has significant implications for the<br />
direction of economic policy. It shows that enabling<br />
innovation is good for growth. Just as importantly, it<br />
shows that focusing attention on growing businesses and<br />
promoting excellence, far from being an elitist policy,<br />
gives rise to widespread job creation and prosperity.”<br />
Jonathan Kestenbaum, CEO NESTA 16<br />
BREEDING UNICORNS<br />
For Queensland to grow a vibrant <strong>startup</strong> <strong>ecosystem</strong> it<br />
is essential to create an environment that is conducive<br />
to creating and retaining unicorns on local soil – and<br />
attracting foreign unicorns.<br />
In a global, highly-connected economy, unicorns can<br />
grow in any geographical region and access global<br />
markets with ease. So far most unicorns have come<br />
from the USA, and it is likely that the upcoming<br />
digital disruption will be created by US firms unless<br />
Queensland and Australia invest in united and focussed<br />
efforts to develop some home-grown unicorns.<br />
Governments are increasingly recognising the<br />
importance of entrepreneurship and high growth<br />
technology <strong>startup</strong>s - implementing programs to create,<br />
attract and retain these unique value creators. Examples<br />
include the UK Government’s Future Fifty 17 program;<br />
Startup America; 18 the Singapore Government’s $14b<br />
commitment to the National Framework for Innovation<br />
and Enterprise; and Sweden’s national network of 43<br />
<strong>startup</strong> incubators, 12 seed investment funds and 33<br />
science parks that have been incubating over 950 highgrowth<br />
technology companies per annum for the last 20<br />
years.<br />
These programs focus on the small number of<br />
companies with the highest growth potential rather than<br />
broad support for traditional new businesses and SMEs.<br />
CREATING CLUSTERS<br />
Vibrant industry clusters and <strong>ecosystem</strong>s are critical<br />
for increasing the productivity of companies, driving<br />
innovation, stimulating new business creation and<br />
breeding scalable high-growth companies. 13<br />
The factors that contribute to a flourishing technology<br />
<strong>ecosystem</strong> have been well defined by researchers, policy<br />
makers and entrepreneurs: An entrepreneurial culture<br />
with a large number of active participants; mentoring<br />
from experienced entrepreneurs; a supportive regulatory<br />
environment; a culture of collaboration and networking;<br />
visible successes and role models; risk tolerance; easy<br />
access to risk capital; government policy with a longterm<br />
focus; and access to good technical skills.<br />
Many of these factors are cultural, rather than structural,<br />
and in many ways a strong culture comes prior to<br />
structural changes (e.g. greater access to capital or<br />
supportive regulation). According to PwC’s The Startup<br />
Economy:<br />
“Culture is the key to accelerating the growth of a tech<br />
community. In the 1970s the tech communities of Silicon<br />
Valley and the area around MIT… were similar in size.<br />
But by the 1990s Silicon Valley was dominant. The<br />
accepted explanation for the difference in growth rates<br />
is the open and collaborative culture of the Valley. This<br />
same culture is what is driving growth in both Boulder<br />
Colorado and Israel.” 13<br />
Richard Florida’s work on the rise of the creative class<br />
also demonstrates how critical the culture and liveability<br />
of a city are for the attraction and creation of innovative<br />
<strong>startup</strong>s:<br />
“Despite all the predictions that technology—from the<br />
telephone and the automobile to the computer and the<br />
Internet—would lead to the death of cities, the creative<br />
economy is taking shape around them. Urban density,<br />
the clustering of people and firms, is a basic engine of<br />
economic life. Place is the factor that organically brings<br />
together the economic opportunity and talent, the jobs<br />
and the people required for creativity, innovation, and<br />
growth.” 19<br />
Richard Florida<br />
FUNDING QUEENSLAND’S STARTUP ECOSYSTEM<br />
So the elements required for a flourishing <strong>ecosystem</strong><br />
are well known, but how much effort is required for<br />
Queensland to realise the next decade’s economic<br />
opportunity?<br />
To answer this, this <strong>report</strong> estimated the growth from<br />
the current state of the <strong>ecosystem</strong> to one that meets<br />
the Queensland Startup Summit’s goal. The diagram<br />
opposite shows the various stages of company size, the<br />
number of each in the <strong>ecosystem</strong> both now and in 2025,<br />
and some current examples.<br />
This model also takes into account <strong>startup</strong> failure rates<br />
and the proportion of technology companies that make<br />
it through each stage of growth - extrapolating from<br />
historic data where available.<br />
The <strong>report</strong>’s assumptions are that <strong>startup</strong>s require:<br />
• $50,000 funding to launch a business,<br />
• $250,000 funding to achieve $1m in revenue,<br />
• $2m to achieve $10m in revenue,<br />
• $20m to achieve $100m, and<br />
• $110m funding to achieve $1b.<br />
Given these assumptions, this <strong>report</strong> estimates that<br />
over $2b to $5b in total funding needs to flow into the<br />
sector over the next ten years to support the <strong>ecosystem</strong>’s<br />
growth.With the rate of investment increasing from their<br />
current average of ~$23m per year to between $500m to<br />
$1b per year by 2025.<br />
Approximately 20-30% of these funds would go to seed<br />
stage <strong>startup</strong> activity (generally pre-revenue), and the<br />
majority of these <strong>startup</strong>s will fail, close, or be acquired.<br />
~30% of funding would go to early stage <strong>startup</strong>s in<br />
the $1m-$10m revenue band, ~20% to expansion/<br />
growth stage technology companies in the $10m-$100m<br />
revenue band, and the remaining ~10% to the handful of<br />
mature later stage companies with revenue at $100m+ -<br />
the unicorns of the pack. 23<br />
TOTAL ECOSYSTEM FUNDING REQUIRED 2014-25<br />
Seed Stage:
1 in 1,000<br />
COMPANY STAGES<br />
This diagram separates the <strong>startup</strong> stages by revenue.<br />
From people ‘interested’ in entrepreneurship, to those<br />
that actually found a New Startup, and through to<br />
growing and mature technology companies.<br />
Yellow information represents the current size and<br />
distribution of <strong>startup</strong>s within the <strong>ecosystem</strong>, and<br />
black represents the size and distribution of the<br />
<strong>ecosystem</strong> in 2025.<br />
Developing high growth technology <strong>startup</strong>s is a high<br />
risk endeavour with a small proportion of companies<br />
achieving the growth required to move to the next stage.<br />
Approximately 90% of bootstrapped or angel-funded<br />
<strong>startup</strong>s fail, and between 30% to 40% of venture<br />
backed <strong>startup</strong>s fail. Even fewer digital technology<br />
companies grow beyond $1b in revenue, or reach a $1b<br />
valuation - less than 0.1% for either. 24,25<br />
300+<br />
20-40<br />
50+<br />
10-20<br />
10+<br />
1<br />
1+<br />
0<br />
3,000+<br />
220+<br />
20,000+<br />
1,000<br />
POTENTIAL<br />
FOUNDERS<br />
SEED STAGE<br />
STARTUP<br />
EARLY STAGE<br />
STARTUP<br />
GROWTH STAGE<br />
TECH CO.<br />
LATER STAGE<br />
TECH CO.<br />
UNICORN<br />
TECH CO.<br />
20%<br />
Portion<br />
of people<br />
interested in<br />
entrepreneurship<br />
who start a<br />
company.<br />
Startup formation rates<br />
FORMATION<br />
YEARLY STARTUP FORMATION RATES PER MILLION OF POPULATION - TOP EIGHT US DIGITAL TECHNOLOGY HUBS VS QUEENSLAND<br />
LOCATION YEAR ESTIMATED<br />
#STARTUPS<br />
FORMED<br />
PER YEAR<br />
POPULATION<br />
RATE PER<br />
MILLION<br />
PEOPLE<br />
USA 2010 415,000 309m 1342<br />
Boulder 2010 25 98,815 256<br />
Queensland 2025 1,000 5.9m 170<br />
San Jose 2010 116 955,225 122<br />
Seattle 2010 69 610,409 113<br />
Fort Collins 2010 16 144,348 109<br />
Washington 2010 66 604,453 109<br />
Denver 2010 63 603,497 105<br />
San Francisco 2010 85 805,607 105<br />
Cambridge 2010 10 104,944 97<br />
USA - the year of<br />
the dot-com boom<br />
1999 21,000 279m 75<br />
USA 2010 13,000 309m 42<br />
Queensland 2013 55 4.7m 12<br />
Startup formation rates are based on the Kauffman Foundation’s 2013<br />
<strong>report</strong> “Tech Starts: High-Technology Business Formation and Job<br />
Creation in the United States.” While the numbers are some of the best<br />
available, it is this <strong>report</strong>s opinion that <strong>startup</strong> formation rates are in<br />
fact higher in US technology hubs than shown above.<br />
50 100 150<br />
200<br />
250 1,300<br />
0<br />
ENTIRE PRIVATE SECTOR COMPANY TYPE3<br />
50 100 150 200 250 300<br />
DIGITAL TECHNOLOGY STARTUPS<br />
12
Startup formation rates<br />
FORMATION<br />
US TECHNOLOGY HUBS SUCH AS<br />
BOULDER AND SAN FRANCISCO<br />
HAVE YEARLY STARTUP FORMATION<br />
RATES PER MILLION PEOPLE RANGING<br />
BETWEEN 97 TO 256. QUEENSLAND’S<br />
CURRENT RATE IS 12.<br />
FOR THE LOCAL STARTUP ECOSYSTEM<br />
TO REACH 4% OF GSP AND 30K JOBS,<br />
PARTICIPATION IN THE SECTOR WOULD<br />
HAVE TO GROW AT APPROXIMATELY 40%<br />
EACH YEAR, WITH YEARLY STARTUP<br />
FORMATION INCREASING FROM ~12 NEW<br />
STARTUPS PER YEAR TO ~1,000 BY 2025.<br />
A STARTUP FORMATION RATE PER<br />
MILLION PEOPLE OF 170.<br />
13
Startup<br />
ORGANISATIONS<br />
COMPANIES<br />
Startup companies founded after 2009,<br />
along with key support organisations<br />
based in Queensland. (UA) indicates that<br />
the product type has not been identified.<br />
STARTUPS<br />
13 Text (mobile app)<br />
2 Dudez Studios (game)<br />
247 Systems (marketplace)<br />
2CRisk (other)<br />
3 Blokes Studios (game)<br />
6YS (other)<br />
7bithero (game)<br />
Aberrant Entertainment (game)<br />
Adepto (other)<br />
Aerapay (other)<br />
AgDNA (mobile app)<br />
Akro (analytics)<br />
Allotz.com (other)<br />
Always Interactive/Schoolzine (comms)<br />
Ample Entertainment (game)<br />
App-O-Matic (mobile app)<br />
Appenate (mobile app)<br />
AppFactory (mobile app)<br />
Appointuit (mobile health)<br />
Aquiba (electronics)<br />
Athletable (other)<br />
Attract Mode Games (game)<br />
Auditflow (desktop app)<br />
Auditor Training Online (education)<br />
Auran (game)<br />
Bane Games (game)<br />
Barefoot Entrepreneurs (financial)<br />
BDS.com.au (e-commerce)<br />
BidHere.com (e-commerce)<br />
Bill Hero (communication)<br />
Binary Mill, The (game)<br />
Birthday Gorilla (advertising)<br />
Bitcoin Brisbane (desktop app)<br />
Biz Forms (desktop app)<br />
BlackBird Solutions (desktop app)<br />
Bliip (communication)<br />
Blue Quoll Publishing (mobile app)<br />
Blue Tropical (mobile app)<br />
BonzaDat (desktop app)<br />
Booty.com.au (marketplace)<br />
Brandscope (customer relationship)<br />
Brisbane Art (Vegas Spray) (advertising)<br />
Brus Media (advertising)<br />
Business Ready Tool (communication)<br />
Cartesian Co (electronics)<br />
CartHopper (marketplace)<br />
CatchLog Trading (analytics)<br />
CB Aerospace (transportation)<br />
CBO Telecommunications (comms)<br />
Cerebro (mobile app)<br />
Churn.tv (media & news)<br />
Clinicea (other)<br />
Cloubum (other)<br />
Cloud DC (storage)<br />
Cloudsafe365 (other)<br />
Cloudswirl (UA)<br />
Code Heroes (game)<br />
Cohortpay (education)<br />
Commission Factory (advertising)<br />
Composeright Software (other)<br />
CoSituate (advertising)<br />
CouponIce (ecommerce)<br />
Court Record Solutions Group (UA)<br />
Creative Hearts Group (transportation)<br />
Credosity (productivity)<br />
Cribhut.com (other)<br />
CrowdSource Hire (marketplace)<br />
CryptoPhoto (security)<br />
Cupid Media (other)<br />
Curvy Market (marketplace)<br />
Dark Ice Interactive (mobile app)<br />
Daycare Decisions (education)<br />
BDS.com.au (daily deals)<br />
Defiant Development (game)<br />
Dev-Audio (hardware + web)<br />
Devnet (hardware + web)<br />
Dextr (mobile app)<br />
Dialogix (other)<br />
Dimsdale & Kreozot United Games<br />
Distractless (safety)<br />
DivingTheGoldCoast.com.au (other)<br />
Documaps.io (other)<br />
DoseMe (other)<br />
dp dialogue (other)<br />
Drone Hire (marketplace)<br />
Dugong Software (game)<br />
Eat More Pixels (game)<br />
Eclat (UA)<br />
eContent Management (UA)<br />
EcoWise LED (<strong>startup</strong>)<br />
Edgevertise (advertising)<br />
EFTlab (analytics)<br />
ekidnaworld (game)<br />
Elastice (ecommerce)<br />
Ellume (mobile health)<br />
EM Solutions (other)<br />
Ennova (other)<br />
Enthuse (sport)<br />
Euclideon (graphics)<br />
Expat Digital Media (media & news)<br />
Eyecon (game)<br />
Factorial Products (mobile app)<br />
Faraday Media (communication)<br />
Fastabook (advertising)<br />
FathomHQ (analytics)<br />
Fitgenes (education)<br />
Five Faces (communication)<br />
Fizzio Fit (mobile health)<br />
Floor Five (ecommerce)<br />
Food Matters (other)<br />
Footballr (game)<br />
Fortune Innovation Brisbane (app)<br />
Freewill (UA)<br />
Frelk Industries (electronics)<br />
FreshTone Games (mobile app)<br />
Fun Mob Games (game)<br />
Fuzzyeyes Studio (game)<br />
Geek Brain Games (game)<br />
Gen3 Media (advertising)<br />
Geoptima (other)<br />
Geospike (other)<br />
Ghostbox (game)<br />
Gideon Shalwick (video)<br />
Glanton (infrastructure)<br />
goACT (other)<br />
goCatch Taxi App (transportation)<br />
Gold Coast IT Forum (communication)<br />
goStandby (marketplace)<br />
Grapple (productivity)<br />
GrassAds (advertising)<br />
Grid Media (other)<br />
Guiix (mobile app)<br />
Guvera (established music tech)<br />
HandleMyComplaint (other)<br />
Health Industy.com.au (other)<br />
Health Risk Management Systems (other)<br />
Hire Hive (other)<br />
Hitbox Team (game)<br />
HollaNote (mobile app)<br />
Hooked Up (education)<br />
Hotel App (UA)<br />
Human Interactive (advertising)<br />
Hydric Media (mobile app)<br />
Hypermancer (media & news)<br />
iEscape (transportation)<br />
ImagePro Studios (advertising)<br />
ImmersaView (hardware + web)<br />
Infinite Wardrobe (marketplace)<br />
inKind (UA)<br />
Inkive (photography)<br />
Intaserve Group (UA)<br />
Integrated Monitoring Systems (analytics)<br />
Intelligent Automation (electronics)<br />
iOnline (mobile app)<br />
iPledg (financial or payment)<br />
JADES Management Solutions (UA)<br />
JobFit Systems Intnl (marketplace)<br />
JoggaDogg (UA)<br />
JW Shannon Engineers (Argus Acoustic)<br />
(infrastructure)<br />
KaWoW! (game)<br />
KindyHub (mobile app)<br />
Kondoot (UA)<br />
Krome Studios (game)<br />
Krunk (UA)<br />
Language and Learning Steps (education)<br />
LEAPIN Digital Keys (mobile app)<br />
Lightmare Studios (game)<br />
Liquid State (mobile app)<br />
Little Dukkies Enterprises (UA)<br />
Live Nourish Play (UA)<br />
Living Room of Satoshi (UA)<br />
Locatrix Communications (location)<br />
Locatrix International (UA)<br />
Lost n Found (UA)<br />
M2Media (hardware + web)<br />
Machinam (education)<br />
Machine IQ (analytics)<br />
Machinery Safety Systems (hardware)<br />
Mammoth Media (hardware + web)<br />
mandraIT (communication)<br />
Mapely (UA)<br />
MassPay (UA)<br />
MechTech Creations (hardware + web)<br />
memeBig.com (communication)<br />
Mesaplexx (communication)<br />
MetaMunch (other)<br />
Metaset (mobile app)<br />
Miiingle Technologies (UA)<br />
Milaana (other)<br />
Mobile Communications (Qld) (other)<br />
Murry Lancashire (game)<br />
My Import Label (other)<br />
My Sunshine Coast (other)<br />
mypresences (other)<br />
Mystrata (other)<br />
N3V Games (game)<br />
Nano Silicon (Australia) (mobile app)<br />
NeCTAR (communication)<br />
New NRG (3D printing)<br />
Nimble (established fin-tech)<br />
NRG (other)<br />
Oar Inspired (sport)<br />
Ollo Mobile (wearable)<br />
Open Gear (infrastructure)<br />
Opmantek (communication)<br />
Optii Solutions (productivity)<br />
OrderXYZ (marketplace)<br />
OtherLevels (UA)<br />
Outfound (to pay) (Software (offline))<br />
Oz Sonotek (financial or payment)<br />
PayRespect (UA)<br />
PeeP Digital (education)<br />
Pelofy (social)<br />
Pineapple Corp (UA)<br />
Pipe Games (game)<br />
PLF Agritech (UA)<br />
Presentation Sells (advertising)<br />
Preveu (mobile app)<br />
Prevue (other)<br />
Qrate.tv (UA)<br />
Quantum Property (UA)<br />
R Fifteen (UA)<br />
Rabotica BVBA (UA)<br />
Red Sprite Studios (game)<br />
RedEye Apps (productivity)<br />
RemarksPDF (mobile app)<br />
Retail Express (ecommerce)<br />
Riff Axelerator (video)<br />
Rinstrum (electronics)<br />
RMSS (electronics)<br />
Rockabilly Kitchen (UA)<br />
RocketBunny Games (game)<br />
RPS/Attract Mode Games (game)<br />
SafetyCulture (mobile app)<br />
Screwtape Studios (game)<br />
Sea Safe (mobile app)<br />
See Out (other)<br />
SellaWhere (UA)<br />
Senath (other)<br />
Sensaware (wearable)<br />
Shovsoft (game)<br />
Siltek (UA)<br />
simPROVAL (infrastructure)<br />
Smooth Operator (financial or payment)<br />
Social Development Company (comms)<br />
Softgineering (other)<br />
SoftPerfect (UA)<br />
Spare Metres (infrastructure)<br />
Splasheo (mobile app)<br />
Splitpack (hardware + web)<br />
Sports Performance Accelerator (game)<br />
Squirrelr (financial or payment)<br />
StartHere (customer relationship)<br />
Startups Australia (infrastructure)<br />
Stats App (UA)<br />
Studio Blimp (game)<br />
Stylegrab (other)<br />
Subarashi (other)<br />
Swipeads (advertising)<br />
T 2 Green (game)<br />
Tagly (communication)<br />
Tappr (financial or payment)<br />
TechHatch (other)<br />
The Allergy Menu (other)<br />
The Core (social)<br />
The Creative Assembly (UA)<br />
The Travel App (UA)<br />
TheyerGFX (3D printing)<br />
Tiger Temple (UA)<br />
Total Range Design (communication)<br />
Tracknology (analytics)<br />
14
TrekTraka (advertising)<br />
Trinity Software Australia (sport)<br />
Tripcover (financial or payment)<br />
Txt4Coffee (financial or payment)<br />
Typefi (other)<br />
Ubegin (other)<br />
UniMap (UA)<br />
V2i (health)<br />
Veilability (marketplace)<br />
Vendle (mobile app)<br />
Victus Health (other)<br />
Volt4 (UA)<br />
Walk Thru Walls Studios (game)<br />
Well Placed Cactus (game)<br />
We Are Hunted (music)<br />
Where2Tonight (UA)<br />
WiFi Ads (UA)<br />
Wikifashion (media & news)<br />
Wildfire Studios (game)<br />
Wishing Well Web Hosting (UA)<br />
Witch Beam (game)<br />
WunderWalk (UA)<br />
XY Gaming (game)<br />
Y2 Investments (UA)<br />
Yackstar (UA)<br />
ZipID (other)<br />
Zippy.com.au (marketplace/deals)<br />
ZOVA (other)<br />
INCUBATION<br />
QUT Creative Enterprise Australia<br />
(seed accelerator / incubator)<br />
iLab (seed accelerator)<br />
Innovation Centre Sunshine Coast (Inc)<br />
Right Pedal Studios (seed accelerator)<br />
Silicon Lakes (incubator)<br />
FUNDING<br />
Accelerate Ideas (Gov grant)<br />
AMMA Private Equity (private equity)<br />
Artesian Capital (vc)<br />
Australian Association of Angel Investors<br />
Australian Small Scale Offerings Board<br />
Blue Sky Alternative Investments (vc)<br />
Brisbane Angels (angel group)<br />
Budding Entrpnrs Grant (Gov grant)<br />
Commercialisation Australia (Gov grant)<br />
Founders Forum (angel group)<br />
Gold Coast Angels (angel group)<br />
One Ventures (venture capital)<br />
Screen Australia (Gov grant)<br />
teQstart (Gov grant)<br />
Transition Level Investments (angel group)<br />
Uniseed (university fund)<br />
CO-WORKING & HACKER SPACES<br />
Co-Spaces (coworking - Gold Coast)<br />
Cojimbo Coworking (coworking - SC)<br />
Gold Coast Tech Space (coworking)<br />
Hackerspace Brisbane (hackerspace)<br />
Mowbraytown Co-Working Space (SC)<br />
Noosa Boardroom (coworking - SC)<br />
River City Labs (coworking - Brisbane)<br />
Thoughtfort (coworking - Brisbane)<br />
Salt House (coworking - Brisbane)<br />
Light Space (coworking - Brisbane)<br />
Rabbit Hole Ideation Cafe (coworking)<br />
Work Club (coworking - Gold Coast)<br />
MEET GROUPS BY NO. MEMBERS*<br />
The Bris. Web Design Group (1661)<br />
Silicon Beach Bris. (1069)<br />
Agile Bris. (858)<br />
Bris. Web Tech (823)<br />
Bris. Internet Business Meetup (705)<br />
BrisJS - Bris. JavaScript (613)<br />
Bris. .Net User Group (587)<br />
Bris. Functional Programming (560)<br />
Barcamp Queensland (541)<br />
The Bris. Ruby and Rails (500)<br />
AWS - Bris. User Group (500)<br />
WordPress Bris. (496)<br />
Silicon Beach Gold Coast (467)<br />
Queensland JVM Group (446)<br />
Bris. SEO (425)<br />
UX Bris. (402)<br />
Gold Coast Techspace (349)<br />
Bris. Joomla Users Group (329)<br />
Bris. Content Strategy Group (298)<br />
Hackerspace Bris. (257)<br />
Bris. Unity Developers (251)<br />
CocoaHeads (244)<br />
Game Technology Bris. (243)<br />
Bris. Python User Group (241)<br />
Bris. Azure User Group (239)<br />
Devops Bris. (233)<br />
The Bris. NoSQL Group (198)<br />
Queensland Bloggers (197)<br />
IT Forum Gold Coast (171)<br />
Bitcoin Bris. (157)<br />
Bris. iOS and Android Group (133)<br />
Project & Program Managers (127)<br />
Gold Coast WordPress Network (126)<br />
Lean Business Strategies (126)<br />
Coding from Beach (125)<br />
Bris. Hacks for Humanity (123)<br />
Drupal Bris. (120)<br />
Young Bris. IT Social (119)<br />
Hack the Evening (116)<br />
Byron Web (53)<br />
Docker Bris., Australia (108)<br />
Queensland C# Mobile Developers (103)<br />
QLD ALM Users Group (95)<br />
Bris. Dynamics CRM User Group (94)<br />
StartUp Mastermind Groups (85)<br />
Bris. Software Testers Meetup (84)<br />
WordPress Gold Coast (82)<br />
Open Knowledge Bris. Group (81)<br />
SAGE Queensland (80)<br />
Bris. Inbound Marketing (78)<br />
Hacks/Hackers Bris. (72)<br />
Rhok Bris. (71)<br />
Web Accessblty & Inclusv Design (69)<br />
GDG - Bris. (69)<br />
Startup Grind Bris. (67)<br />
Cloud Solutions for Modrn Business (65)<br />
Humbug (64)<br />
Data Vault & DWH modeling Group (64)<br />
Bris. Online Marketing Workshops (62)<br />
Big Data Analytics Group Bris. (61)<br />
Queensland Legion of Tech (59)<br />
Bris. OpenShift Group (58)<br />
Bluemix-Developers-in-Bris. (58)<br />
DevExpress User Group Bris. (57)<br />
Sunshine Coast Digital Association (55)<br />
HackerNest Bris. Tech Socials (53)<br />
Bris. Data Scientists Group (51)<br />
Bris. Big Data Analytics (47)<br />
clj-bne (46)<br />
Bris. 3D Printing Meetup (46)<br />
Gold Coast JavaScript Developers (41)<br />
Bris. Coder Club (39)<br />
Queensland SilverStripe Meetup (37)<br />
Drupal Gold Coast (37)<br />
The Data Warehousing Community (36)<br />
Software Architctr & Project Design (36)<br />
Sunshine Coast WordPress Meetup (35)<br />
Northern Rivers Bitcoin enthusiasts (5)<br />
Bris. Tableau User Group (33)<br />
Bitcoin and Beyond (Gold Coast) (33)<br />
Ruxmon Bris. (33)<br />
Bris. R User Group (BrisRUG) (32)<br />
Bris. Game Design & CG Artists (30)<br />
Bris. Adobe User Group (29)<br />
ShopTalk eCommerce Meetup - Bris. (29)<br />
Bris. Evernote Users Group (28)<br />
Sitecore Bris. User Group (28)<br />
dotMaleny (26)<br />
Bris. Spark Group (26)<br />
Queensland Puppet Meetup (26)<br />
Ruby on Rails Gold Coast (22)<br />
Dream. Design. Develop. Deliver. (21)<br />
Bris. ColdFusion (20)<br />
Digital Dialog (17)<br />
Gold Coast WordPress Designers &<br />
Developers (16)<br />
Work@Jelly Noosa (16)<br />
gsummitx - Gamification in Bris. (15)<br />
3D Printing Bris. (15)<br />
THATCamp Bris. (13)<br />
Bris. Business Catalyst User (Partners)<br />
Group Meetup (12)<br />
Bris. Salesforce Dev. Group (12)<br />
Creating an online presence for over 50s (10)<br />
Bris. Salesforce Group (9)<br />
Bris. AppDynamics with RP Data (9)<br />
Startup Mastermind - Gold Coast (8)<br />
Information Server User Group Bris. (3)<br />
Godl Coast Salesforce User Group (3)<br />
Search Factory Content Writers (1)<br />
Ubuntu Bris. Information Group (0)<br />
EDUCATION, SUPPPORT & EVENTS*<br />
Aust Centr for Entrprnrshp Resrch (edu)<br />
Binary Options (education and training)<br />
BizSpark Expressway (event)<br />
Boardroom Briefings - IC (event)<br />
Bond University (education)<br />
Brisbane Intnl Game Developers Assoc.<br />
Brisbane Startup Pitch Group (event)<br />
Brisbane Writers Festival (event)<br />
Build my Robot (event)<br />
Business Expo (event)<br />
Cleantech Expo (event)<br />
Coder Dojo (education program)<br />
Creative Conference (event)<br />
Culture Hack Gold Coast (hackathon)<br />
Enterprise Connect (events)<br />
Game On Program (event)<br />
Gemini Program (event)<br />
GO423 Symposium (event)<br />
Gov Hack (hackathon)<br />
Gov Open Data (hackathon)<br />
Griffith University (education)<br />
Griffith Enterprise (commercialisation arm)<br />
Insights (education and training)<br />
Institute for Future of the Book (edu)<br />
Investment Incentives (event)<br />
Kids Biz Conference (event)<br />
Lean Launchpad (education)<br />
Lean Startup Machine (education)<br />
Literacy Planet (education program)<br />
Maroochydore Chamber of Commerce<br />
(education and training)<br />
Mentor Blaze (event)<br />
Mentoring 4 Growth (event)<br />
Mobile Mondays (event)<br />
MoboDev (advisor)<br />
NASA Space Apps Challenging (event)<br />
National Angels Conference (event)<br />
Qld Intractv Design Delegation (event)<br />
Queensland University of Technology (edu)<br />
Questions on Capital (event)<br />
QUT Bluebox (commercialisation arm)<br />
RiverPitch (event)<br />
South by Southwest Delegation (event)<br />
Startup Club Meeting (event)<br />
Startup QLD (community enablement)<br />
Startup Weekend - Brisbane (education)<br />
Startup Weekend - Gold Coast (edu)<br />
Startup Weekend - SC (edu)<br />
State Library QLD (community)<br />
Sunday Coder Club (event)<br />
Sunshine Coast Entrepreneurs (commu)<br />
Sunshine Coast TAFE (education)<br />
Sunshine Coast Technorati (community)<br />
Ted x Noosa (event)<br />
The Startup Club (community)<br />
Uniquest (commercialisation arm)<br />
University of Southern Queensland (edu)<br />
University of Sunshine Coast (edu)<br />
UQ - Ideas Network (community)<br />
Wavebreak (advisor)<br />
*Note many of these groups and events<br />
are not directly focused on <strong>startup</strong>s,<br />
but rather support activities around<br />
digital technology. They are included as<br />
an indication of the level of interest in<br />
digital technology, and are often feeders<br />
to people taking the leap into joining or<br />
launching their own <strong>startup</strong>.<br />
15
Investors and Investments<br />
FUNDING RAISED<br />
TOP 35 RAISES AMOUNT YEAR #RNDS REGION EST FUNDING SOURCE<br />
Guvera $45,000,000 09, 10, 12 4 Gold Coast 2008 AMMA Private Equity<br />
Nimble $18,300,000 12,13,14 ~3 Gold Coast 2005 Acorn, Monash Inv, Angels<br />
Euclideon $3,969,304 2010 1 Brisbane 2010 CA, Unknown<br />
SafetyCulture $3,600,000 2013 1 Regional 2004 CA, Blackbird, Angels<br />
Halfbrick Studios $3,000,000 2011 1 Brisbane 2001 NSW Interactive Media Fund<br />
Other Levels $2,528,853 2012 2 Brisbane 2012 Confidential<br />
ImmersaView $2,449,805 2013 2 Brisbane 2006 DIISRTE, CA, Unknown<br />
Tappr $2,420,000 2013 2 Brisbane 2012 Unknown<br />
EM Solutions $2,397,984 1 Brisbane 1997 CA<br />
Mesaplexx $1,849,804 2012 1 Brisbane 2007 CA, Unknown<br />
Rinstrum $1,824,370 1 Brisbane 2005 CA, Unknown<br />
V2i $1,716,126 2011 1 Gold Coast 2000 CA, Unknown<br />
Cloud DC $1,600,000 13 & 14 2 Sunshine 2012 Angels, CA, Unknown<br />
Out of Credit Solutions $1,500,000 2012 1 Brisbane 2012 AMMA<br />
Opmantek $1,500,000 2013 1 Gold Coast 2010 ASSOB, Confidential<br />
From Concept To Completion $1,004,800 1 Brisbane 2010 CA, Unknown<br />
Right Pedal Studios (accelratr) $1,000,000 2012 1 Brisbane 2012 Steven Baxter<br />
Fitgenes $934,888 2012 1 Brisbane 2007 CA, Unknown<br />
Qs Semiconductor Australia $924,000 2009 1 Brisbane 2009 CA, Unknown<br />
JobFit Systems Intnl $900,000 2012 1 Brisbane 2013 CA, Unknown<br />
Court Record Solutions $839,280 2011 1 Brisbane 2010 CA, Unknown<br />
5 Lives Studios $830,400 2013 1 Brisbane 2013 Kickstarter<br />
mandraIT $830,080 2013 1 Sunshine 2012 CA, Unknown<br />
Liquid State $805,000 2013 2 Brisbane 2011 Confidential, CA<br />
Kondoot $800,000 2012 1 Brisbane 2010 ASSOB<br />
Health Risk Management Sys. $767,402 1 Brisbane 2009 CA, Unknown<br />
CatchLog Trading $745,198 2011 1 Regional 2005 CA, Unknown<br />
Art $71,791<br />
Event<br />
$44,184<br />
Photography<br />
$40,532<br />
Social Enterprise<br />
$37,160<br />
Comics<br />
$30,360<br />
Video<br />
$30,046<br />
Fashion<br />
$24,849<br />
Food & Drink<br />
$24,045<br />
Other<br />
$12,226<br />
Journalism<br />
$11,640<br />
TOTAL Technology FUNDING RAISED - ALL TECH $5,737<br />
Research<br />
$<br />
126M<br />
$3,480<br />
Craft<br />
$160<br />
Total venture capital, private equity, government grants,<br />
crowdfunding and angel funding raised by <strong>startup</strong>s<br />
and established digital technology companies located<br />
in Queensland, from 2009 to July 2014. Based on data<br />
from COMPUTER Crunchbase, GAME Angel SALES List, research and interviews.<br />
$3B<br />
TOTAL FUNDING RAISED - STARTUPS<br />
$2B<br />
$<br />
$1.5B<br />
37M<br />
$1.61B<br />
2011 2012 2013 2017<br />
Total funding raised in Queensland from 2009 to July<br />
2014 by Startups established after 2009.<br />
No. STARTUPS THAT RAISED FUNDING<br />
99/136<br />
TOP COMMUNITY ISSUES: RANKED BY WEIGHTED VOTES<br />
Raise Awareness<br />
1<br />
Number Education of Queensland <strong>startup</strong>s (99) out of all digital 2<br />
technology Culture companies (136) that raised funding. 3<br />
Funding<br />
4<br />
No. Government ROUNDSPolicy<br />
5<br />
116/165<br />
Collaboration & Networking<br />
6<br />
Procurement<br />
7<br />
Infrastructure<br />
8<br />
Number Talent & of Skills funding rounds for <strong>startup</strong>s (116) out of the 9<br />
total Leadership number for all digital technology companies (165). 10<br />
MEDIAN FUNDING - STARTUPS<br />
$<br />
100,000<br />
TOP COMMUNITY ACTIONS: RANKED BY WEIGHTED VOTES<br />
Education Program<br />
1<br />
Form Leadership Group<br />
2<br />
Median amount of total funding raised in Queensland<br />
for<br />
Startup<br />
<strong>startup</strong>s.<br />
Apprentice<br />
Median for all digital technology<br />
3<br />
companies Highlight Success was $200,000. Stories<br />
4<br />
Collaboration & Networking<br />
5<br />
Attract Talent<br />
6<br />
AVERAGE FUNDING - STARTUPS<br />
Communication Hub<br />
7<br />
$<br />
371,000<br />
Govt Incentive - Investment<br />
8<br />
Hub<br />
9<br />
NBN Advocacy Group<br />
10<br />
Average amount of total funding raised in Queensland<br />
for <strong>startup</strong>s. Average raised for all digital technology<br />
companies was $928,000.<br />
Sea Safe $742,400 2013 2 Gold Coast 2004 CA, Unknown<br />
TOTAL RAISED BY YEAR - ALL DIGITAL CO. ($)<br />
Defiant Development $704,095 2013 x2 2 Brisbane 2010 Screen Australia, Kickstarter<br />
35000000<br />
34M<br />
Yackstar $667,836 1 Brisbane 2009 CA, Unknown 30000000<br />
27M<br />
27M<br />
TrekTraka $650,000 12 & 13 2 Brisbane 2011 Confidential<br />
Trinity Software Australia $601,600 1 Regional 2010 CA, Unknown<br />
Txt4Coffee $600,000 11 & 12 2 Brisbane 2010 Confidential<br />
13M<br />
10M<br />
15M<br />
goACT $600,000 1 Gold Coast 2010 CA, Unknown<br />
Appointuit $503,911 12 & 13 2 Brisbane 2010 Brisbane Angels<br />
2009<br />
2010<br />
2011<br />
2012<br />
2013<br />
2014<br />
16
1500000<br />
35000000<br />
30000000<br />
Investors and Investments<br />
TOP COMMUNITY ISSUES: RANKED BY WEIGHTED VOTES<br />
FUNDING<br />
Raise Awareness<br />
1<br />
Education<br />
2<br />
Culture<br />
3<br />
Funding CURRENT FUNDING LEVELS<br />
Government The <strong>report</strong>’s Policy funding data covers the January 2009 to 5<br />
Collaboration July 2014 period & Networking and includes all digital technology 6<br />
companies in Queensland with publicly available<br />
Procurement<br />
7<br />
information. It includes both investments and<br />
Infrastructure<br />
government grants (where no equity was exchanged). 8<br />
Talent & Skills<br />
9<br />
This <strong>report</strong> identified 136 digital technology companies<br />
Leadership<br />
10<br />
that ran 165 separate funding rounds, 99 of which are<br />
<strong>startup</strong>s by this <strong>report</strong>’s definition. $126m was raised<br />
TOTAL RAISED BY LEAD FUND TYPE<br />
in total, which gives an average $23m per year, or<br />
Private Equity<br />
$46.5m<br />
$4.90 per capita per year invested in digital technology<br />
companies for Queensland. The median total funding Government Fund (CA)*<br />
$36.5m<br />
TOP COMMUNITY ACTIONS: RANKED BY WEIGHTED VOTES<br />
raised for all digital technology companies was $200k, Individual Angel/s<br />
$18.4m<br />
Education but the average Program total raised was much higher at $928k, 1<br />
and the average size of a funding round was $765k. The Venture Capital<br />
$12.0m<br />
Form Leadership Group<br />
2<br />
averages are high due to a small number of large raises, Angel Group<br />
$5.5m<br />
Startup particularly Apprentice one very large raise ($45m) for Guvera - 3a<br />
Highlight music streaming Success service. Stories<br />
4 Government Fund (other)<br />
$4.1m<br />
Collaboration & Networking<br />
5 Crowdfunding<br />
$1.4m<br />
Funding levels within Queensland are on par with norms<br />
Attract across Australia Talent for <strong>startup</strong> investment - between $4 6 Accelerator<br />
$1.0m<br />
Communication to $6 per capita per Hubyear. However, local and national 7 Other<br />
$0.4m<br />
Govt<br />
norms<br />
Incentive<br />
are well<br />
-<br />
below<br />
Investment<br />
global <strong>startup</strong> investment norms<br />
8<br />
and best practice which ranges between $30 to over Corporate<br />
$0.2m<br />
Hub $3,000 per capita per year.<br />
9<br />
Friends & Family<br />
$0.2m<br />
NBN Advocacy Group<br />
10<br />
When examining the source of funding, private equity<br />
0 10000000 20000000 30000000 40000000 50000000<br />
comes out as the leader $47m or 37% of all funding,<br />
driven primarily by AMMA’s $45m investment in<br />
Guvera. Government funding comes out as the second<br />
largest source of funding, both in total amount of<br />
funding ($24m or 19% of all funding by type) and<br />
TOTAL FUNDING BY FUND INVESTOR TYPE TYPE<br />
Private Equity<br />
Government Fund (CA)<br />
$46.9m<br />
$19.6m<br />
total raised by lead investor ($41m or 32% of funding).<br />
Individual Angel/s<br />
$18.0m<br />
Government funding is almost entirely made up of<br />
funding from the Commercialisation Australia program, Unknown (Matched Funding)<br />
$15.6m<br />
~$20m or 16% of total funding, which attracted<br />
Venture Capital<br />
$13.4m<br />
matched funding of $18m (14% of all funding) from<br />
Angel Group<br />
$5.1m<br />
angels and VCs. It is noteworthy how effective CA was<br />
in attracting risk capital into the sector. The third largest Government Fund (other)<br />
$4.3m<br />
funding source is individual angels - $18m or 14% of Crowdfunding<br />
$1.4m<br />
all funding.<br />
In Brisbane the project identified 115 raises totalling<br />
$45m by 101 companies across the five and half year<br />
period. An average of ~$8m per year, and $4.03 per<br />
capita. 2009 For 2010 <strong>startup</strong>s only, 2011 the <strong>report</strong> 2012 identified 2013 792014<br />
<strong>startup</strong>s<br />
that raised, with a median <strong>startup</strong> raise of $100,000 and<br />
an average round size of $317,000.<br />
On the Gold Coast 21 raises totalling $69m by 14 digital<br />
technology companies were identified. An average<br />
fund pool of $13m per year, and $24.60 per capita. The<br />
<strong>report</strong> identified 5 <strong>startup</strong>s with a median <strong>startup</strong> raise<br />
of $62,500 and an average round size of $453,000. Total<br />
digital numbers on the Gold Coast are higher due to<br />
TOTAL AMMA’s INVESTED investment BY in INVESTOR Guvera (a TYPE music ($M) service) and<br />
Acorn Capital’s $10m investment in Nimble (a financial<br />
Private service). Equity Excluding these two outliers brings the $46.9M total<br />
Venture investment Capital to $5.7m, ~$1m invested per year, and $20.2M $2.03<br />
Government<br />
per capita across<br />
Grant<br />
all<br />
- Matched<br />
tech.<br />
(CA) $19.6M<br />
Matched On the Sunshine Funding Coast (CA) 18 raises totalling $5m+ $15.6M by 13<br />
Individual technology Angel/s companies were identified. An average $10.9M fund<br />
Angel<br />
pool of<br />
Group<br />
~$1m per year and $2.91 per capita. 9 <strong>startup</strong>s<br />
$5.1M<br />
with a median <strong>startup</strong> raise of $200,000 and an average<br />
Government round size of Grant $294,000 were identified. $4.3M<br />
Crowdfunding<br />
$1.4M<br />
Accelerator<br />
$0.9M<br />
Unknown<br />
$0.8M<br />
Corporate<br />
$0.2M<br />
4<br />
AVG FUND POOL PER YEAR - ALL TECH<br />
$<br />
22.9M<br />
Based on total funding raised over five and a half years.<br />
Average total fund pool for <strong>startup</strong>s was $6.7m.<br />
Accelerator<br />
Unknown<br />
Corporate<br />
TOP TWELVE FUNDING SOURCES<br />
$0.9m<br />
$0.8m<br />
$0.2m<br />
AMMA<br />
$46.5m<br />
Commercialisation Australia<br />
$19.6m<br />
Acorn Capital<br />
$10.0m<br />
Transition Level Investments<br />
$3.5m<br />
NSW Government Interactive Media Fund $3.0m<br />
Brisbane Angels Syndicate<br />
$2.8m<br />
ASSOB<br />
$2.3m<br />
Blackbird Ventures<br />
$1.2m<br />
Founders Forum<br />
$1.2m<br />
5 Lives Studios' Kickstarter Backers $0.8m<br />
Screen Australia<br />
$0.6m<br />
iLab<br />
$0.6m<br />
*Note this number includes both the government grant<br />
and the Matched Funding provided by participants.<br />
FUNDING PER CAPITA - ALL TECH<br />
$<br />
4.90<br />
Average fund pool per year divided by Queensland<br />
population. Startup per capita funding was $1.43.<br />
VENTURE CAPITAL PER CAPITA<br />
Silicon Valley<br />
Israel<br />
USA<br />
1000000<br />
500000<br />
Switzerland<br />
Norway<br />
Melbourne Cup Bets<br />
Australian Bio-tech<br />
Sweden<br />
Finland<br />
Denmark<br />
France<br />
Britain<br />
2012 Aus Olympic Team<br />
Ireland<br />
Netherlands<br />
FUNDING BY REGION<br />
Belgium<br />
New Zealand<br />
Austria<br />
Perth (incl govt)<br />
Queensland<br />
Australia<br />
Queensland (excl govt)<br />
Perth (excl govt)<br />
26, 27, 28<br />
$4241<br />
$183<br />
$81<br />
$74<br />
$54<br />
$52<br />
$44<br />
$40<br />
$28<br />
$16<br />
Non-Digital Rest of Australia<br />
$15<br />
$15<br />
$14<br />
$14<br />
$14<br />
$12<br />
$11<br />
0 50 100 150 200<br />
FUNDING SOURCES<br />
TOTAL FUNDING FUNDING BY TECHNOLOGY<br />
BY TECHNOLOGY TYPE<br />
Software (web and mobile)<br />
Software and Hardware<br />
Software (offline)<br />
Silicon Chips & Semiconductors<br />
Software (monil only)<br />
3D Printing<br />
Advanced Robotics<br />
Digital Queensland<br />
Non-Digital Queensland<br />
Digital Rest of Australia<br />
$8<br />
$5.66<br />
$4.90<br />
$4.09<br />
$4.02<br />
$2.96<br />
The top 12 funding sources, from AMMA to iLab<br />
provided 73% of all funding - approximately $92m<br />
dollars in total. It is interesting to note that these 12<br />
only made up 16% of all the funding enties the <strong>report</strong><br />
identified, ~70 in total. Within these top 12, the top 8<br />
organisations provided 70% of all funding: AMMA,<br />
Commercialisation Australia, Acorn Capital, Transition<br />
Level Investments, NSW Government Interactive<br />
Media Fund, Brisbane Angels Syndicate, ASSOB, and<br />
Blackbird Ventures - just 12% of all funding entities<br />
identified.<br />
$108m<br />
$14.2m<br />
$1.5m<br />
$1.0m<br />
$1.0m<br />
$0.1m<br />
$0.1m<br />
17
$12,226<br />
Art and Recreational Art and Recreational Services Services<br />
Kickstarter and Pozible<br />
CROWD FUNDING<br />
Craft<br />
$3,480<br />
Research<br />
$5,737<br />
Technology<br />
$160<br />
Other<br />
$11,640<br />
Food & Drink $24,045<br />
Journalism<br />
AMOUNT RAISED BY YEAR ON KICKSTARTER All Categories - Australia All Categories - Queensland Digital - Australia Digital - Queensland<br />
No. CO & GROUPS: FOUNDED<br />
3000000<br />
KICKSTARTER QLD<br />
Video Games<br />
$1,076,266<br />
2500000<br />
Product Design<br />
$160,230<br />
2000000<br />
Technology<br />
$137,829<br />
3D Printing<br />
$137,356<br />
1500000<br />
Documentary<br />
$61,825<br />
Animation<br />
$38,089<br />
1000000<br />
Tabletop Games<br />
$37,859<br />
500000<br />
Design<br />
$23,746<br />
Pop<br />
$20,660<br />
Accessories<br />
$14,043<br />
2009 2010 Illustration 2011 $10,246 2012 2013 2014<br />
Music<br />
$9,368<br />
CROWDFUNDING IN AUSTRALIA 2009 - 2014: QLD VS AUSTRALIA. Live Games DIGITAL VS OTHER<br />
$7,528<br />
CROWDFUNDING DIGITAL - QLD<br />
Fiction<br />
$7,090<br />
$1,358,172<br />
Painting<br />
$6,225<br />
Digital Queensland<br />
Webseries<br />
$5,517 $1,358,172<br />
Food<br />
$5,325<br />
$1,900,915<br />
People<br />
$3,934<br />
Total Amount Raised for Digital Technology projects<br />
Non-Digital Queensland<br />
on both Kickstarter and Pozible by Queensland <strong>startup</strong>s<br />
Rock<br />
$3,115 2009 - 2014<br />
Comics<br />
$2,796<br />
$4,393,417<br />
Young Adult<br />
$2,506<br />
GAME PROJECTS QLD 2013<br />
Digital Publishing Rest of Australia<br />
$2,226<br />
$1,022,171<br />
Architecture<br />
$2,040<br />
Digital Queensland $18,976,424<br />
Non-Digital Rest of Australia<br />
Non-Digital Queensland<br />
2013 was a big year for Queensland games on<br />
crowdfunding platforms with 31% ($1m) of all<br />
KICKSTARTER: AMOUNT Digital RAISED<br />
Rest of of Australia<br />
POZIBLE: AMOUNT RAISED<br />
Crowdfunding in Queensland from 2009 to 2014<br />
TOP<br />
KICKSTARTER<br />
CATEGORIES<br />
QLD<br />
2009 - 2014<br />
ALL POZIBLE CATEGORIES 2009 - 2014<br />
($3.3m) raised by three local studios 5 Lives Studios,<br />
N3V Games and Defiant Development.<br />
Video Games<br />
Non-Digital Rest Rest of of<br />
$1,076,266<br />
Australia Film<br />
$316,574<br />
Product Design<br />
$160,230 Music<br />
$312,822<br />
SATELLITE REIGN<br />
Technology<br />
$137,829 Performance<br />
$180,488<br />
3D Printing<br />
$137,356 Community<br />
$135,195<br />
$830,400<br />
Documentary<br />
$61,825<br />
Writing<br />
$107,652<br />
FUNDING BY REGION<br />
Design<br />
Animation<br />
$38,089<br />
$84,045<br />
Art<br />
$71,791 Satelite Reign is a real-time, class-based strategy game,<br />
Tabletop Games<br />
$37,859<br />
Event<br />
$44,184 set in an open world cyberpunk city. Produced by 5<br />
Design<br />
$23,746<br />
Lives Studios - the creator of Syndicate Wars - this<br />
Photography<br />
$40,532<br />
Pop<br />
$20,660<br />
project raised 25% of all Crowdfunding in Queensland<br />
Social Enterprise<br />
$37,160 over the last 5 years. 5 Lives was founded in 2013 by<br />
Accessories<br />
$14,043<br />
Comics<br />
$30,360 Dean Ferguson, Chris Conte, Mitch Clifford, Brent<br />
Illustration<br />
$10,246<br />
Video<br />
$30,046<br />
Waller and Mike Diskett.<br />
Music<br />
$9,368<br />
Fashion<br />
$24,849<br />
Live Games<br />
$7,528<br />
Food & Drink<br />
$24,045 TRAINZ SIMULATOR<br />
Fiction<br />
Painting<br />
Webseries<br />
$7,090<br />
$6,225<br />
$5,517<br />
Other<br />
Journalism<br />
Technology<br />
$12,226<br />
$11,640<br />
$5,737 $191,771<br />
Food<br />
$5,325 Research<br />
$3,480<br />
Already with a large following N3V Games (formerly<br />
People<br />
$3,934 Craft<br />
$160 Auran - founded in 1991) raised near $200k to fund the<br />
Rock<br />
Comics<br />
Young Adult<br />
Publishing<br />
$3,115<br />
$2,796<br />
$2,506<br />
$2,226<br />
rebuild and relaunch one of the world’s favourite rail<br />
simulators.<br />
Architecture<br />
$2,040<br />
Blue bars indicate projects that involve digital technology.<br />
COMPUTER GAME SALES<br />
18<br />
FUNDING BY TECHNOLOGY<br />
Software (web and mobile)<br />
3000000<br />
& GROUPS: FOUNDED<br />
CO No.<br />
$108m $108m<br />
$2B<br />
$3B<br />
40 50 60 70 80<br />
COMPUTER GAME SALES<br />
30<br />
$3B<br />
$2B<br />
$1.5B $1.61B<br />
2500000<br />
2000000<br />
2017<br />
2013<br />
2012<br />
2011<br />
1500000<br />
1000000<br />
500000<br />
TOP COMMUNITY ISSUES: RANKED BY WEIGHTED VOTES<br />
1<br />
Raise Awareness<br />
2<br />
Education<br />
3<br />
Culture<br />
4<br />
Funding<br />
5<br />
Government Policy<br />
6<br />
Collaboration & Networking<br />
7<br />
Procurement<br />
8<br />
10<br />
9<br />
Advocacy Group<br />
NBN<br />
Hub<br />
Infrastructure<br />
Talent & Skills<br />
Leadership<br />
TOP COMMUNITY ACTIONS: RANKED BY WEIGHTED VOTES<br />
1<br />
Education Program<br />
Digital Queensland<br />
2<br />
Form Leadership Group<br />
10 20 30 40 50 60 70 80<br />
3<br />
0<br />
Startup Apprentice<br />
Non-Digital Queensland<br />
4<br />
Highlight Success Stories<br />
5<br />
Collaboration & Networking<br />
Digital Rest of Australia<br />
6<br />
Attract Talent<br />
7<br />
Communication Hub<br />
Non-Digital Rest of Australia<br />
8<br />
10<br />
9<br />
Govt Incentive - Investment<br />
FUNDING BY REGION<br />
35000000<br />
30000000<br />
2014<br />
2013<br />
2012<br />
2011<br />
2010<br />
2009<br />
No. CO &<br />
30000
Investors and Investments<br />
FUND FLOW<br />
Startup and Established Digital Technology Companies<br />
that received funding and the associated investors,<br />
directors and founders.<br />
teQstart<br />
Zippy<br />
CloudMGR<br />
RemarksPDF<br />
Brisbane<br />
Angels<br />
Liquid State<br />
Budding Entrepreneurs<br />
Grant Program<br />
Appointuit<br />
StartUp<br />
BootCamp<br />
Berlin<br />
Gold Coast<br />
Angels<br />
CoSituate<br />
Commercialisation<br />
Australia<br />
Bliip<br />
Brandscope<br />
Yackstar<br />
SafetyCulture<br />
Grass Ads<br />
OSHC<br />
Australia<br />
iLab<br />
Euclideon<br />
Blackbird<br />
Ventures<br />
Acorn<br />
Capital<br />
Nimble<br />
Hirehive<br />
Qualcomm<br />
See Out<br />
Transition<br />
Level<br />
Investments<br />
Ollo Mobile<br />
Y Combinator<br />
Out of Credit<br />
Solutions<br />
AMMA<br />
Guvera<br />
NSW Government<br />
Interactive Media<br />
Fund<br />
Creative<br />
Enterprise<br />
Australia<br />
River City Labs<br />
Halfbrick Studios<br />
Steven Baxter<br />
Right<br />
Pedal<br />
Studios<br />
ASSOB<br />
19
Meetup.com<br />
GROUPS<br />
Groups from meetup.com related to <strong>startup</strong>s, technology<br />
and entrepreneurship, with their organisers and venues.<br />
Brisbane<br />
Web Tech<br />
BrisJS -<br />
Brisbane<br />
JavaScript<br />
Brisbane<br />
Square Library<br />
The Brisbane<br />
Web Design<br />
Meetup Group<br />
Barcamp<br />
Queensland<br />
UX Brisbane<br />
Brisbane Internet<br />
Business Meetup<br />
River<br />
CityLabs<br />
Silicon<br />
Beach Brisbane<br />
Brisbane Web Accessibility<br />
& Inclusive Design<br />
Brisbane Hacks for Humanity<br />
Rhok Brisbane<br />
In a Day<br />
Training<br />
Brisbane SEO<br />
Data Vault and<br />
DWH modeling<br />
interest group<br />
Microsoft<br />
Innovation Centre<br />
Brisbane<br />
.Net User Group<br />
Brisbane Functional<br />
Programming Group<br />
Agile Brisbane<br />
State Library of Queensland - The Edge<br />
Robina Community Centre - Room 2.1<br />
Amazon Web<br />
Services -<br />
Brisbane User Group<br />
MEETUP GROUP STATS<br />
9313 Members<br />
3150 Events<br />
260 Venues<br />
109Groups<br />
RIVER CITY LABS - BRISBANE<br />
3,500+<br />
Number of attendees over two and half years.<br />
Founded in 2012 by Steve Baxter, River City Labs is<br />
Brisbane’s main co-working space for <strong>startup</strong>s, with<br />
over 100 members ranging from early to established<br />
<strong>startup</strong>s. It has a network of 38+ mentors led by mentorin-residence<br />
Peter Laurie, and has been instrumental in<br />
getting Startup Weekend, Rails Girls Weekend and Lean<br />
Startup Machine to Brisbane. Over the past 2.5 years it<br />
has run 150+ events, had 3,500+ pass through its doors,<br />
been the venue for over 13 meetup groups, run the<br />
quarterly RiverPitch event, and been the home to Right<br />
Pedal Studios.<br />
RIGHT PEDAL STUDIOS – BRISBANE<br />
THREE<br />
Number of Game Studios in the first program.<br />
Founded in 2012 with $250,000 investment by Steve<br />
Baxter and managed by games veteran John Passfield,<br />
Right Pedal Studios is a seed accelerator for games<br />
studios based in River City Labs - Fortitude Valley,<br />
Brisbane. Its alumni include Ghostbox (founded in 2012<br />
by Troy Duguid, Dominic Drysdale, Cameron Pyke and<br />
Chris Webb) , GeekBrain Games (founded in 2012 by<br />
Don Kirkland) and Screwtape Studios (founded in 2011<br />
by Anthony Wood and Megan Summers).<br />
20
Growth accelerators<br />
INCUBATION<br />
Organisations associated to the main incubators,<br />
accelerators and co-working spaces in SEQ.<br />
INNOVATION CENTRE<br />
Food Matters<br />
Victus Health<br />
RIVER CITY LABS<br />
Splasheo<br />
Cavitus<br />
Typefi<br />
Future Oceans<br />
Cloud DC<br />
Schoolzine<br />
RIGHT PEDAL<br />
STUDIOS<br />
Code Heroes<br />
Perfect Day<br />
Miji<br />
YOLO<br />
Mobodev<br />
OrderXYZ<br />
Machine IQ<br />
Stylegrab<br />
Commision Factory<br />
newNRG<br />
Geek Brain Games<br />
Ghostbox<br />
Swipeads<br />
Screwtape Studios<br />
ZipID<br />
Tech Tidal<br />
Bane Games<br />
Cloudsafe365<br />
Ollo Mobile<br />
Bitcoin Brisbane<br />
Eat More Pixels<br />
Y2 Investments<br />
Factorial Products<br />
HollaNote<br />
PayRespect<br />
Cartesian Co<br />
Veilability<br />
CB Aerospace<br />
Bliip<br />
Grapple<br />
Credosity<br />
Hire Hive<br />
WiFi Ads<br />
Subarashi<br />
Kindyhub<br />
Lost n Found<br />
Hypermancer<br />
Elastice<br />
Krunk<br />
Sensaware<br />
Spare Metres Tiger Temple<br />
Footballr<br />
ILAB<br />
iEscape<br />
SILICON LAKES<br />
Miggy<br />
Pokajot<br />
ILAB - BRISBANE<br />
$70M+<br />
Total funding raised by <strong>startup</strong> alumni.<br />
Established by the Queensland Government in 2000<br />
as a <strong>startup</strong> incubator it was acquired in 2009 by<br />
UQ Holdings (later UniQuest), a subsidiary of The<br />
University of Queensland. It currently runs two<br />
seed-accelerator style programs alongside incubator<br />
services for established <strong>startup</strong>s. Over the past 14<br />
years, with funding from the Queensland Government,<br />
it has incubated 100+ <strong>startup</strong>s companies and helped<br />
them raise $70m+ in grants and investment & directly<br />
generated nearly 400 technology jobs.<br />
INNOVATION CENTRE - SUNSHINE COAST<br />
400+<br />
Total jobs created by <strong>startup</strong> alumni.<br />
Sitting on the edge of the University of the Sunshine<br />
Coast campus, the Innovation Centre has provided<br />
incubator services to 100+ <strong>startup</strong>s in tech, clean<br />
technology and health tech, since inception in 2002 by<br />
USC. It has a network of 19+ mentors led by the Board<br />
of Directors, CEO Mark Paddenburg and entrepreneurin-residence<br />
Dean Alle. Over the past 12 years, with<br />
funding from the Queensland Government, it has run<br />
148 events with 6,000+ attendees, helped member<br />
<strong>startup</strong>s create 400+ jobs, and raise $26m+.<br />
SILICON LAKES – GOLD COAST<br />
TWO<br />
Trade missions to Silicon Valley for <strong>startup</strong> founders.<br />
Founded in 2012 by Aaron Birkby, Bill Bass and Greg<br />
Burnett, Silicon Lakes is a non-profit incubator and<br />
co-working space in Robina. It has 12 <strong>startup</strong>s in the<br />
co-working space, has run over 20 events with 1,000+<br />
attendees, held 3 Startup Weekends, one GovHack<br />
event, a NASA Space Apps Challenge event, organised<br />
2 trade missions to Silicon Valley and helped launch<br />
54 <strong>startup</strong>s. It recently won a tender to establish an<br />
accelerator program for which they are also raising an<br />
investment fund. Moving to larger premises shortly!<br />
21
Startup<br />
KEY NODES<br />
Startups, their employees, and key community<br />
builders such as incubators and funds, along with their<br />
employees. Links are professional relationships via<br />
Linkedin.<br />
Amma<br />
RedEye Apps<br />
Ghostbox<br />
Ellume<br />
Mesaplexx<br />
River<br />
City<br />
Labs<br />
Right<br />
Pedal<br />
Studios<br />
TrekTraka<br />
Stephen Baxter<br />
Txt4Coffee<br />
ZOVA<br />
Brisbane<br />
Angels<br />
Transition<br />
Level<br />
Investments<br />
Auditflow<br />
Food<br />
Matters<br />
SwipeAds<br />
cohortpay<br />
Appointuit<br />
Liquid<br />
State<br />
Gold<br />
Coast<br />
Angels<br />
Inkive<br />
Milaana<br />
Innovation<br />
Centre<br />
Five Faces<br />
Zippy<br />
Cloud<br />
DC<br />
Euclideon<br />
Commercialisation<br />
Australia<br />
Silicon Lakes<br />
Distractless<br />
Budding<br />
Entrepreneurs<br />
Grant<br />
CoSituate<br />
Cartesian Co<br />
iLab<br />
Adepto<br />
Commission<br />
Factory<br />
Halfbrick<br />
Tappr<br />
22
Network<br />
CENTRALITY<br />
PEOPLE<br />
30 Most Central People Ranked by ><br />
ORGANISATIONS & EVENTS<br />
30 Most Central Organisations & Events Ranked by ><br />
Rank Votes Betweenness Votes Between<br />
1 Colin Kinner Colin Kinner iLab Commercialisation Australia<br />
2 Peter Laurie Paul Jones River City Labs iLab<br />
3 John Mactaggart Stephen Baxter Brisbane Angels River City Labs<br />
4 Anna Rooke John Scott Startup Weekend - Brisbane Appointuit<br />
5 Ruth Drinkwater Chris Macaulay Association of Angel Investors Bliip<br />
6 Peta Ellis Ian Dutka Centre for Entrepreneurship Research Budding Entrepreneurs Grant<br />
7 Ian Connor Michelle Kazukaitis Arts Queensland CoSituate<br />
8 Aaron Birkby Rick Anstey Queensland University of Technology Silicon Lakes<br />
9 Richard Moore Tony Winters Silicon Beach - Brisbane Innovation Centre<br />
10 Sue Swinburne Greg Searle Startup QLD Distractless<br />
11 Christy Dena Andrey Shirben Founders Forum PeeP Digital<br />
12 Greg Burnett Daniel Harman Gold Coast Angels Future Oceans<br />
13 Jock Blair Danielle Bennett QUT Creative Enterprise Australia cohortpay<br />
14 Dean Alle Alhusayn Hamidaddin Halfbrick Studios Credosity<br />
15 Mark Paddenburg Drew Leishman River Pitch OtherLevels<br />
16 Steve Dalton John Lambie Innovation Centre - SC Brisbane Angels<br />
17 Clarence Tan Karen Bracher iPledge Transition Level Investments<br />
18 Rick McElhinney Matthew Clarkson Startup Weekend - SC TrekTraka<br />
19 Tanya Lipus Jackie Stapleton Silicon Lakes Euclideon<br />
21 Bryan Vadas Kellie Rainbow Cartesian Co Liquid State<br />
21 Bernie Woodcroft Marie Ewings Coder Dojo Right Pedal Studios<br />
22 Cieron Cody Matthew Evans Creative Conference Sea Safe<br />
23 Cole Wilkinson Nick Drewe Idea Network Cartesian Co<br />
24 Elaine Stead Stephen Colbran Microsoft Innovation Centre Ample Entertainment<br />
25 Guy Jones Stephen Walsh Ollo Mobile Five Faces<br />
26 Hans Van Vilet Sean Edwards QUT Bluebox Milaana<br />
27 Josh Tanner Tony Lee State Library of Queensland Swipeads<br />
28 Kieran O’Hea Adam M ASSOB Cloud DC<br />
29 Kristen Souvils Andy Tompkins City of Gold Coast Optii Solutions<br />
30 Tim Kastelle Ashley Pearson-Adams Wavebreak Ghostbox<br />
METHODOLOGY<br />
“There’s a temptation in our networked age to think<br />
that ideas can be developed by email and iChat. That’s<br />
crazy. Creativity comes from spontaneous meetings,<br />
from random discussions. You run into someone, you<br />
ask what they’re doing, you say ‘wow,’ and soon you’re<br />
cooking up all sorts of ideas.” Steve Jobs<br />
Network centrality is a measure of the density of a<br />
person or organisation’s interconnectedness with a<br />
network and density of relationships. It is a strong factor<br />
in entrepreneurial success, and is a great indicator of<br />
how likely you are to have spontaneous meetings and<br />
random discussions. Also if you want to be introduced<br />
to a particular person, someone more central in a<br />
network will be more likely to know them.<br />
As part of the project three workshops, one in each<br />
region, with 66 key members of the <strong>ecosystem</strong> were<br />
held. Participants were asked to map the community<br />
and vote on the key people, organisations and events in<br />
the <strong>ecosystem</strong>. The two columns above, labelled Votes,<br />
display the community votes weighted proportionately<br />
to the relative sizes of each region’s population and<br />
ranked accordingly.<br />
In addition the relationships between people within the<br />
<strong>startup</strong> <strong>ecosystem</strong> on Linkedin, Angel List, Crunchbase<br />
and Meetup, were aggregated and analysed using an<br />
algorithm to calculate a network centrality score for all<br />
the nodes in the network. There are several measures<br />
of centrality. This <strong>report</strong> uses a common measure of<br />
network centrality - Betweenness - to identify the top 30<br />
people and organisations.<br />
23
South East Queensland<br />
LOCATION<br />
24
Location, Place and<br />
ENTREPRENEURIAL DENSITY<br />
“PLACE IS SUPPLANTING THE INDUSTRIAL<br />
CORPORATION AS THE KEY ECONOMIC<br />
AND SOCIAL ORGANIZING UNIT OF<br />
CAPITALISM. DENSITY, THE CLUSTERING<br />
OF CREATIVE PEOPLE – IN CITIES,<br />
REGIONS, AND NEIGHBOURHOODS -<br />
PROVIDES A KEY SPUR TO INNOVATION<br />
AND COMPETITIVENESS.”<br />
RICHARD FLORIDA 19<br />
No. GROUPS BY SUBURB<br />
Brisbane<br />
Brisbane CBD<br />
South Bank<br />
Robina<br />
Fortitude Valley<br />
Toowong<br />
Parklands Drive<br />
Southport<br />
Bundall, East Brisbane, (#each)<br />
Helensvale, Maleny, Spring Hill, (#each)<br />
55<br />
35<br />
22<br />
20<br />
12<br />
8<br />
6<br />
5<br />
4<br />
3<br />
0 10 20 30 40 50 60<br />
No. GROUPS: VENUE<br />
State Library of Queensland / The Edge<br />
Silicon Lakes / Robina Comnty Cntr / Tech Space<br />
Microsoft Innovation Center<br />
River City Labs<br />
Brisbane Square Library<br />
Grand Central Hotel<br />
QUT<br />
Red Hat Brisbane, Innovation Centre - SC<br />
Griffith University<br />
Toowong Library, Suncorp & Bond Uni (#each)<br />
31<br />
23<br />
15<br />
13<br />
12<br />
11<br />
10<br />
8<br />
7<br />
6<br />
0 5 10 15 20 25 30 35<br />
While formal office locations are useful indicators<br />
of where creative people are based, they spend an<br />
increasing amount of the time outside their registered<br />
office addresses (assuming they have one at all) in<br />
what Richard Florida calls the “4th space”: central,<br />
easily accessible places where people can network in a<br />
leisurely but intensively productive manner. Co-working<br />
spaces, incubators and web cafés are examples of this<br />
trend.<br />
To identify these alternate spaces and map<br />
entrepreneurial density across SEQ all the public geotagged<br />
posts in SEQ from Meetup, Twitter, Instagram<br />
and Linkedin were collected and filtered by people<br />
within the <strong>ecosystem</strong>, to identify specific locations<br />
beyond the office that participants in this <strong>ecosystem</strong><br />
frequent.<br />
Brisbane Central Business District, Brisbane’s<br />
Southbank, Robina, Fortitude Valley and Toowong come<br />
out with the most entrepreneurial density.<br />
25
3000000<br />
3000000<br />
15<br />
FUNDING BY TECHNOLOGY<br />
2500000<br />
2500000<br />
Software (web and mobile)<br />
$108m<br />
Software and Hardware<br />
$14.2m<br />
Location 2000000<br />
2000000<br />
Software (offline)<br />
$1.5m<br />
No.<br />
Silicon<br />
GROUPS<br />
Chips<br />
FOUDNED<br />
& Semiconductors<br />
PER YEAR BY REGION$1.0m<br />
1500000<br />
1500000<br />
Software (monil only)<br />
$1.0m<br />
3D Printing<br />
$0.1m<br />
REGIONAL 1000000<br />
1000000 DATA<br />
Advanced Robotics<br />
$0.1m<br />
500000<br />
500000<br />
12<br />
15<br />
NO. GROUPS FOUNDED PER YEAR BY REGION Brisbane Gold Coast Sunshine Coast<br />
No. GROUPS FOUDNED PER YEAR BY REGION<br />
15<br />
9<br />
12<br />
12<br />
9<br />
6<br />
9<br />
6<br />
6<br />
3<br />
3<br />
3<br />
Digital Queensland Digital Queensland<br />
Non-Digital Non-Digital Queensland Queensland<br />
Digit<br />
Non-<br />
0<br />
0<br />
Digital Rest Digital of Australia Rest of Australia<br />
Digit<br />
2002 Q4 Q32006 Non-Digital Q4 Q3 Non-Digital Rest 2008 Q4 of Australia Rest Q2 of Australia 2009 Q3 Q4 Q1 Q2010Q3<br />
Q4 Q2 2011 Q3 Q4 Q1 Q2012Q3<br />
Q4 Q1 Q2013Q3<br />
Q4Non-<br />
Q1 2014Q2<br />
Q4 Q3 Q4 Q3 Q4 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2<br />
1500000<br />
TOTAL FUNDING RAISED BY YEAR BY REGION ($M) Unknown Region Brisbane Gold Coast Sunshine Coast<br />
FUNDING BY REGIONBY REGION BY REGION<br />
ALL PROJECT FUNDING ON KICKSTARTER BY YEAR AND REGION<br />
$25M<br />
1200000<br />
1500000<br />
ALL PROJECT FUNDING ON KICKSTARTER BY YEAR AND REGION<br />
$20M<br />
900000<br />
$15M<br />
1200000<br />
600000<br />
$10M<br />
300000<br />
900000<br />
$5M<br />
0<br />
600000<br />
2009 2010 2011 2012 2013 2014<br />
FUNDING BY TECHNOLOGY BY TECHNOLOGY BY TECHNOLOG<br />
Software (web and mobile) (web and mobile) $108m $108m (web and mobile)<br />
REGIONAL COMPARISONS<br />
Software and Hardware and Hardware $14.2m $14.2m and Hardware<br />
Software TYPE > (offline)<br />
(offline)<br />
ALL TECH $1.5m $1.5m (offline)<br />
STARTUPS AVG YEARLY<br />
300000<br />
Silicon Chips & Semiconductors<br />
Chips & Semiconductors $1.0mChips & Semicondu<br />
STARTUP<br />
Software REGION<br />
(monil only) (monil POPULATION only) TOTAL $1.0m $1.0m AVG (monil PER #CO TOTAL AVG only)<br />
PER #CO #CO FORMATION<br />
3D Printing<br />
Printing Printing<br />
FUNDING $0.1m $0.1m FUNDING CAPITA FUNDED FUNDING FUNDING CAPITA<br />
FUNDED RATE PER<br />
Advanced Robotics<br />
Robotics<br />
$0.1m $0.1m PER YEAR FUNDING Robotics<br />
PER YEAR FUNDING<br />
MILLION<br />
0<br />
Queensland 4,680,000 $126,207,129 $22,946,751 $4.90 136 $36,706,240 $6,673,862 $1.43 245+ 99 10<br />
South East Queensland 2,880,000 $120,701,737 $21,945,770 $7.62 129+ $35,546,046 $6,462,918 $2.24 238+ 94+ 15<br />
No. GROUPS FOUDNED GROUPS PER FOUDNED GROUPS YEAR PER BY REGION YEAR BY REGION FOUDNED PE<br />
Brisbane 2,040,000 $45,226,995 $8223,090 $4.03 101 $28,546,252 $5,190,228 $2.54 150+ 79 13<br />
15 15<br />
Gold Coast 510,000 $68,990,338 $12,543,698 $24.60 14 $2,265,214 $411,857 $0.81 60+ 5 21<br />
Sunshine Coast 330,000 $5,284,404 $5,284,404 $2.91 13 $3,534,580 $642,651 $1.95 20+ 9 11<br />
12<br />
12<br />
Other Regions 1,800,000 $5,505,392 $5,505,392 $0.56 7 $1,160,194 $210,944 $0.12 7+ 5 1<br />
9<br />
26<br />
9
BRISBANE GOLD COAST SUNSHINE COAST<br />
NO. STARTUPS<br />
150+<br />
Number currently based in Brisbane.<br />
NO. STARTUPS<br />
60+<br />
Number currently based on the Gold Coast.<br />
NO. STARTUPS<br />
20+<br />
Number currently based on the Sunshine Coast.<br />
TOTAL DIGITAL FUNDING<br />
$45M+<br />
Total funding for digital technology since 2009.<br />
TOTAL DIGITAL FUNDING<br />
$69M<br />
Total funding for digital technology since 2009.<br />
TOTAL DIGITAL FUNDING<br />
$5.3M<br />
Total funding for digital technology since 2009.<br />
NO. GROUPS<br />
89<br />
Total number of Groups in Brisbane.<br />
NO. GROUPS<br />
12<br />
Total number of Groups on the Gold Coast.<br />
NO. GROUPS<br />
6Total number of Groups on the Sunshine Coast.<br />
NOTABLE STARTUP: CARTESIAN CO<br />
$130K+<br />
ESTABLISHED STARTUP: NIMBLE<br />
$20M<br />
NOTABLE STARTUP: THE COMMISSION FACTORY<br />
55%<br />
Raised on Kickstarter.<br />
Founded in 2009 by Ariel Briner, John Scott, Isabella<br />
Stephens and Nick, Cartesian Co. is developing a 3D<br />
printer for circuit boards. The team participated in<br />
iLab’s accelerator program Germinate in 2013 and<br />
recently successfully raised $137,356 from over 300<br />
backers on Kickstarter for the production of their first<br />
printer – the Argentum.<br />
Estimated Revenue.<br />
Founded by Greg Ellis (38) and Sean Teahan (39) in<br />
2005, Nimble is an online micro loans service providing<br />
over 550,000 small, fast loans of between $100 and<br />
$1200 to clients using advanced credit risk assessment<br />
technology. With access to more than 4,500 data<br />
points Nimble’s risk assessment engine responds to<br />
loan applications within hours. Previously called Cash<br />
Doctors, Nimble is growing at nearly 50%, and recently<br />
raised $10m in Series A funding from Acorn Capital and<br />
Monash Investors. In 2012 they raised their first external<br />
investment for $1.5m from super angels, and prior to<br />
this latest round of VC funding raised ~$9 million from<br />
angels including iSelect founder Damien Waller, iSelect<br />
director Les Webb and Wotif executive Sam Friend.<br />
Nimble is located in Southport on the Gold Coast and<br />
has 84 employees.<br />
Market Share in Southern Hemisphere.<br />
Founded in 2011 by Zane McIntyre, Mario Johnston<br />
and David Hayman the Commission Factory is one<br />
of the largest Affiliate marketing platforms in the<br />
southern hemisphere. The Commission Factory helps<br />
attract customers to over 300 small to large sized online<br />
retailers from across the world including David Jones,<br />
SurfStitch, The Iconic and HSBC. The Commission<br />
Factory experienced rapid growth shortly after<br />
launching in mid 2011 and was profitable within one<br />
year. The Commission Factory has around 10 staff and<br />
was located in the Sunshine Coast Innovation Centre<br />
before relocating to their current office in Maroochydore<br />
in 2013 to allow for further expansion. They are<br />
currently seeking their first external investment and<br />
raising funds both in Australia and the US.<br />
PEOPLE<br />
ORGANISATIONS<br />
Centrality rank by community votes ><br />
Colin Kinner<br />
iLab<br />
Peter Laurie<br />
River City Labs<br />
John Mactaggart Brisbane Angels<br />
Anna Rooke<br />
Startup Weekend - Bris<br />
Ruth Drinkwater Assoc. Angel Investors<br />
Peta Ellis<br />
Aust Centre Entreprnrshp<br />
Ian Connor<br />
Arts QLD<br />
Richard Moore<br />
QUT<br />
Sue Swinburne<br />
Silicon Beach - Brisbane<br />
Christy Dena<br />
Startup QLD<br />
PEOPLE<br />
ORGANISATIONS<br />
Centrality rank by community votes ><br />
Aaron Birkby<br />
Founders Forum<br />
Steve Dalton<br />
Gold Coast Angels<br />
Clarence Tan<br />
Silicon Lakes<br />
Rick McElhinney ASSOB<br />
Tanya Lipus<br />
City of Gold Coast<br />
Bryan Vadas<br />
Wavebreak<br />
Rick Anstey<br />
Chamber of Comrce - GC<br />
Sharon Hunneybell Silicon Beach - GC<br />
Ruth Drinkwater Startup Weekend - GC<br />
David Novakovic TechConnect<br />
PEOPLE<br />
ORGANISATIONS<br />
Centrality rank by community votes ><br />
Dean Alle<br />
Innovation Centre - SC<br />
Mark Paddenburg Startup Weekend - SC<br />
Russel Mason<br />
Ted x Noosa<br />
Ben Duncan<br />
MRDA SC<br />
Michael Whereat SC Local Council<br />
Matt Forman<br />
Chamber of Comrce - SC<br />
Nigel Hall<br />
Noosa Boardroom<br />
Anne Lawrence Cloud Biz<br />
Craig Josic<br />
Uni of Sunshine Coast<br />
David Novakovic TechConnect<br />
27
Target market of <strong>startup</strong>s<br />
MARKETS<br />
TARGET MARKET OF STARTUPS COMPARED TO TOP 20 QUEENSLAND INDUSTRIES<br />
Construction<br />
Mining, Energy & Resources<br />
Ownership of Dwellings<br />
Health Care & Social Assistance<br />
Manufacturing<br />
Transport, Postal & Warehousing<br />
Public Admin, Defence & Safety<br />
Finance & Insurance Services<br />
Professional, Scientific & Technical Services<br />
Wholesale Trade<br />
Retail Trade<br />
Education & Training<br />
Agriculture, Forestry & Fishing<br />
Electricity Gas, Water & Waste Services<br />
Rental, Hiring & Real Estate Services<br />
Accommodation & Food Services<br />
Administrative & Support Services<br />
Information Media & Telecommunications<br />
Other & Unknown Services<br />
Arts & Recreation Services<br />
20% 10%<br />
5% 0<br />
5%<br />
10%<br />
PERCENTAGE OF STARTUPS<br />
TARGETING INDUSTRY<br />
APPROX. PERCENTAGE OF QLD GSP<br />
FROM INDUSTRY<br />
2012-2013 29<br />
28
Target market and product type of <strong>startup</strong>s<br />
PRODUCT<br />
NUMBER OF<br />
STARTUPS<br />
BY TARGET<br />
MARKET &<br />
PRODUCT TYPE<br />
ARTS & RECREATION SERVICES<br />
INFO MEDIA & TELECOMMUNICATIONS<br />
HEALTH CARE & SOCIAL ASSISTANCE<br />
PROFESSIONAL & TECHNICAL SERVICES<br />
FINANCE & INSURANCE SERVICES<br />
RETAIL TRADE<br />
ADVERTISING SERVICES*<br />
ADMINISTRATIVE & SUPPORT SERVICES<br />
EDUCATION & TRAINING<br />
ELECTRICITY GAS & WATER SERVICES<br />
CLOTHING & FOOTWARE RETAILING*<br />
Game 26 26 12<br />
Marketplace 2 2 1 2 1 4 3 2 2 1 1 1 22 10<br />
Communication 9 1 1 2 2 15 7<br />
Health 14 14 6<br />
Productivity 1 6 2 1 1 1 12 5<br />
Financial or payment 8 1 1 1 11 5<br />
Advertising 1 2 1 5 1 10 4<br />
Analytics 2 3 3 1 1 10 4<br />
Education 1 1 1 5 8 4<br />
Sport 7 7 3<br />
Developer tool 3 1 1 5 2<br />
Ecommerce 1 4 5 2<br />
Electronics 3 1 1 5 2<br />
Media & news 4 1 5 2<br />
Social 4 1 5 2<br />
Photo, video & audio 3 1 4 2<br />
Transportation 3 1 4 2<br />
Daily deals 2 1 3 1<br />
Publishing 3 3 1<br />
Tourism 1 2 3 1<br />
3D printing 1 1 2 1<br />
Infrastructure 1 1 2 1<br />
Music 2 2 1<br />
Safety 1 1 2 1<br />
Security 2 2 1<br />
Storage 2 2 1<br />
Wearable 1 1 2 1<br />
Graphics Engine 1 1 0<br />
Other or Unknown 1 33 34 15%<br />
TOTAL (COUNT) 43 42 17 12 11 11 8 7 6 5 4 4 3 3 3 3 3 2 2 2 1 34 226 100<br />
Total (%) 19 19 8 5 5 5 4 3 3 2 2 2 1 1 1 1 1 1 1 1 0 15 100<br />
TRANSPORT, POSTAL & WAREHOUSING<br />
CONSTRUCTION<br />
FOOD & BEVERAGE SERVICES*<br />
PUBLIC ADMIN, DEFENCE & SAFETY<br />
RENTAL & REAL ESTATE SERVICES<br />
TRAVEL & TOURISM SERVICES*<br />
ACCOMMODATION & FOOD SERVICES<br />
AGRICULTURE, FORESTRY & FISHING<br />
MANUFACTURING<br />
MINING, ENERGY & RESOURCES<br />
OTHER & UNKNOWN SERVICES<br />
TOTAL (COUNT)<br />
TOTAL (%)<br />
*Sub-sector of “Professional & Technical Services.” **Sub-sector of “Retail Trade.” ***Sub-sector of “Arts & Recreation Services.”<br />
29
Disruptive technologies vs #<strong>startup</strong>s<br />
TECHNOLOGY<br />
DISRUPTIVE DIGITAL TECHNOLOGIES - POTENTIAL ECONOMIC IMPACT WITHIN QUEENSLAND VS No. STARTUPS<br />
0 20 40 60 80 100<br />
Automation of Knowledge Work<br />
Construction<br />
Mobile Internet<br />
Mining<br />
The Internet of Things<br />
Ownership of Dwellings<br />
Advanced Robotics<br />
are and Social Assistance<br />
Cloud Technology<br />
Manufacturing<br />
Autonomous and Near-Autonomous Vehicles<br />
rt, Postal and Warehousing<br />
3D Printing<br />
Adminstration and Safety<br />
ce and Insurance Services<br />
50% 40% 30% 20% 10% 0 $10 $20 $30 $40 $50<br />
ific and Technical Services<br />
Wholesale Trade<br />
Retail Trade<br />
Education and Training<br />
Agriculture<br />
PERCENTAGE OF<br />
STARTUPS DEVELOPING<br />
DISRUPTIVE TECHNOLOGY<br />
ESTIMATED POTENTIAL ECONOMIC<br />
IMPACT IN MILLIONS *<br />
*Estimated potential economic impact of technologies<br />
within Queensland in 2025 based on the McKinsey<br />
Institute’s 2013 <strong>report</strong> Disruptive Technologies:<br />
Advances That Will Transform Life, Business, And<br />
The Global Economy. Note these estimates do not<br />
represent GDP or market size (revenue), but rather<br />
economic potential, including consumer surplus. They<br />
are not directly additive due to partially overlapping<br />
applications and/or value drivers across technologies. 9<br />
Water and Waste Services<br />
l and Real Estate Services<br />
Administrative Services<br />
Communication<br />
odation and Food Services<br />
Other Services<br />
and Recreational Services<br />
30
The role of the arts in Queensland <strong>startup</strong>s<br />
THE ARTS<br />
#ARTS STARTUPS<br />
43<br />
Number of <strong>startup</strong>s focussed on the Arts & Recreation<br />
Services market or developing tools that fall under the<br />
creative arts, including music, photography, video,<br />
publishing, tourism and computer games.<br />
#STARTUPS IN THE ARTS BY PRODUCT TYPE<br />
Digital Games<br />
Sport<br />
Publishing<br />
Music<br />
Marketplace<br />
Graphics<br />
Advertising<br />
Productivity<br />
Queensland has a high proportion of <strong>startup</strong>s focussed<br />
on serving the Arts & Recreation Services market - 43<br />
<strong>startup</strong>s out of the total 226 <strong>startup</strong>s identified within<br />
Queensland, or 19% of all <strong>startup</strong>s.<br />
The vast majority of these are Digital Game studios a<br />
developing their own content. Twenty six games studios<br />
in total or 12% of all <strong>startup</strong>s, and over half of arts<br />
focussed <strong>startup</strong>s. As it’s the largest product category<br />
the <strong>report</strong> goes into games studios in greater detail on<br />
the following pages.<br />
If Digital Games are excluded from the Arts, the number<br />
of arts related <strong>startup</strong>s falls to 17 or 8% of all <strong>startup</strong>s.<br />
Under the Australian and New Zealand Standard<br />
Industrial Classification (ANZSIC), Sports (7 <strong>startup</strong>s<br />
or 3% of all <strong>startup</strong>s) are included within the Arts &<br />
Recreation Services industry, if these are then excluded<br />
from the arts just 10 <strong>startup</strong>s remain that target the<br />
creative arts - 4% of all <strong>startup</strong>s.<br />
Within these 10 <strong>startup</strong>s the most notable is We Are<br />
Hunted, a music discovery and recommendation<br />
platform that was acquired by Twitter in late 2012 for an<br />
undisclosed sum. The We Are Hunted team then led the<br />
development of Twitter’s #Music service, before it was<br />
closed down in early 2014.<br />
a. “Digital Games” studios or developers do not have<br />
a seperate classification within the ANZSIC industry<br />
classification. The ABS states “there is no specific<br />
ANZSIC class for digital game development... [they]<br />
have been found to be predominantly coded to ANZSIC<br />
class 7000 (Computer system design and related<br />
services).” - a subset of “Professional, Scientific and<br />
Technical Services.” However the ABS analyses them<br />
alongside Film & television broadcasters in their recent<br />
publication “Film, Television and Digital Games,<br />
Australia, 2011-12”, 30 a subset of “Information Media<br />
& Telecommunications.” Within this <strong>report</strong> the market<br />
focus of Digital Games Studios are categorised as “Arts<br />
& Recreation Services”.<br />
26<br />
7<br />
3<br />
2<br />
2<br />
1<br />
1<br />
1<br />
FUNDING BY TARGET MARKET - ALL TECH ($M)<br />
Arts & Recreation Services $51.8<br />
Finance & Insurance Services $22.3<br />
Information Media & Telecommunications $21.9<br />
Public Admin, Defence & Safety $5.6<br />
Advertising Services $4.6<br />
Agriculture, Forestry & Fishing $4.4<br />
Health Care & Social Assistance $3.2<br />
Education & Training $2.9<br />
Professional, Scientific & Technical Services $2.8<br />
Construction $2.0<br />
Unknown $1.7<br />
Retail Trade $1.2<br />
Mining, Energy & Resources $0.4<br />
Clothing & Footware Retailing $0.4<br />
Administrative & Support Services $0.4<br />
Entertainment, Tourism & Sport $0.3<br />
Manufacturing $0.1<br />
Rental, Hiring & Real Estate Services $0.02<br />
Transport, Postal & Warehousing $0.01<br />
While not a <strong>startup</strong>, the music service Guvera is also<br />
a notable digital technology company within the arts<br />
sector, given its $45m in funding over the past 5 years.<br />
The company has stated it recently secured a deal with<br />
Lenovo to be pre-installed in all Lenovo smartphones.<br />
Liquid State is also notable having secured a place<br />
in Berlin accelerator, Startup Bootcamp, and raised<br />
~$800K from CA, Angel and the accelerator.<br />
Another <strong>startup</strong> of interest is Hirehive, a peer to peer<br />
marketplace for filmmakers to share equipment - this<br />
is perhaps one of the few <strong>startup</strong>s focussed solely on<br />
directly serving creatives within the Arts & Recreation<br />
Services industry.<br />
Funding<br />
In terms of funding the Arts & Recreation Services<br />
market attracted the greatest funding across all digital<br />
technology companies and <strong>startup</strong>s, with 41% of all<br />
funding - primarily driven by Guvera’s funding. Exclude<br />
this and it falls to fifth or sixth on the ranking for all<br />
digital technology companies. Funding for arts <strong>startup</strong>s<br />
was $3.8m - a little over 10% of all <strong>startup</strong> funding.<br />
In terms of funding sources, three Arts organisations;<br />
the NSW Government Interactive Media Fund, Screen<br />
Australia, and Creative Enterprise Australia; provided<br />
3% of all digital technology funding, or $3.7m in total.<br />
This funding was primarily made up of a $3m grant<br />
from the NSW Government Interactive Media Fund to<br />
Defiant Development - a game studio.<br />
FUNDING BY TARGET MARKET - STARTUPS ($M)<br />
Information Media & Telecommunications $12.2<br />
Finance & Insurance Services $4.0<br />
Advertising Services $4.0<br />
Arts & Recreation Services $3.8<br />
Health Care & Social Assistance $2.3<br />
Construction $1.8<br />
Professional, Scientific & Technical Services $1.7<br />
Agriculture, Forestry & Fishing $1.4<br />
Unknown $1.3<br />
Public Admin, Defence & Safety $1.2<br />
Retail Trade $1.1<br />
Education & Training $0.9<br />
Mining, Energy & Resources $0.4<br />
Clothing & Footware Retailing $0.4<br />
Administrative & Support Services $0.4<br />
Rental, Hiring & Real Estate Services $0.02<br />
Transport, Postal & Warehousing $0.01<br />
Support<br />
In terms of arts organisations that support the <strong>startup</strong><br />
sector the key organisation identified was the State<br />
Library of Queensland and specifically the Edge, a<br />
creative / hacker type space within the library. Thirty<br />
one out of 109 digital technology related groups happen<br />
within the library - 28% of all meetup groups identified<br />
within the state.<br />
31
Pandemic Stud<br />
Games, Games, and<br />
MORE GAMES<br />
Below is a summarised network map of the most central<br />
people and organisations within Queensland’s Games<br />
sector. It includes active, closed and acquired Game<br />
Studios. Both those developing their own IP (Startups)<br />
and those making games for clients. Connecting lines<br />
represent professional relationships (past and present)<br />
such as employee, founder or director. The whole<br />
network can be seen in the top right of the following<br />
page.<br />
In analysing the full network of people employed by<br />
gaming companies Krome Studios comes out most<br />
central, with 50% of the entire network connected to<br />
Krome by 3 steps: 1st step is to an employee of Krome,<br />
2nd step to ‘other’ companies the same employee has<br />
worked for and a 3rd to the employees of the ‘other’<br />
companies. In this way half of the entire sector is<br />
connected to Krome. The graph gives a small taste of the<br />
long-term impact of a large pioneer on an <strong>ecosystem</strong>.<br />
The summarised graph shows the interconnection<br />
between core game studios in the middle dominated by<br />
Krome, Pandemic and Arun, and the relationship of these<br />
studios with movie-related studios on the far left, 3D<br />
animation studios second from left and to the right the<br />
commercialisation of gaming technology within services<br />
such as advertising and gambling platforms that employ<br />
gaming approaches.<br />
Griffith University<br />
Guy Blomberg<br />
Simon Dye<br />
QLD University<br />
of Technology<br />
Ratbag Games<br />
Cutting Edge<br />
Sega<br />
THQ<br />
Randy Vellacott<br />
Photon VFX<br />
Rising Sun Pictures<br />
Alex Drummond<br />
Animal Logic<br />
MOVIE INDUSTRY<br />
3D ANIMATION<br />
KROME STUDIOS - ESTABLISHED<br />
Founded in 1999 by Robert Walsh, Steve Stamatiadis<br />
and John Passfield, Krome has created over 19 titles -<br />
both their own IP and for clients. They are best known<br />
for Ty the Tasmanian Tiger and in 2010 ranked 52 in the<br />
Develop 100 list, placing them alongside studios such<br />
as LucasArts, Blizzard and EA. From 2010 to 2012 they<br />
experienced difficulties - closing their Adelaide studio<br />
and cutting staff in Melbourne and Brisbane. In 2012<br />
they reopened after being dormant since 2010.<br />
PANDEMIC STUDIOS - CLOSED<br />
Founded in 1998 with an equity investment by<br />
Activision this US-Australian game studio had offices in<br />
Los Angeles, California and Brisbane. In 2000 Andrew<br />
Payne and Adam Iarossi left the LA studio to start the<br />
satellite studio in Fortitude Valley, Brisbane. In 2007<br />
Electronic Arts acquired Pandemic’s parent company<br />
VG Holdings for $860m USD, and shortly afterwards<br />
closed Pandemic in 2009.<br />
HALFBRICK STUDIOS - ESTABLISHED<br />
Founded in 2001 by Shainiel Deo, Halfbrick is one of<br />
the most recognised independent studios worldwide<br />
with games such as Fruit Ninja, Jetpack Joyride,<br />
Monster Dash and Age of Zombies. Since being<br />
released in 2010, their blockbuster title Fruit Ninja,<br />
has been downloaded by over 500 million users, was<br />
number two on the list of the top all-time paid iPhone<br />
apps, and grosses more than $1m a month.<br />
32
TOP COMMUNITY ISSUES: RANKED BY WEIGHTED VOTES<br />
KICKSTARTER QLD<br />
Video Games<br />
Product Design<br />
Technology<br />
3D Printing<br />
Documentary<br />
Animation<br />
Tabletop Games<br />
Design<br />
Pop<br />
Accessories<br />
Illustration<br />
Music<br />
Live Games<br />
Fiction<br />
Painting<br />
Webseries<br />
Food<br />
People<br />
Rock<br />
Comics<br />
Young Adult<br />
Publishing<br />
Architecture<br />
$1,076,266<br />
$160,230<br />
$137,829<br />
$137,356<br />
$61,825<br />
$38,089<br />
$37,859<br />
$23,746<br />
$20,660<br />
$14,043<br />
$10,246<br />
$9,368<br />
$7,528<br />
$7,090<br />
$6,225<br />
$5,517<br />
$5,325<br />
$3,934<br />
$3,115<br />
$2,796<br />
$2,506<br />
$2,226<br />
$2,040<br />
70 80<br />
Krome Studios<br />
POZIBLE<br />
ios<br />
Auran Games<br />
Halfbrick Studios<br />
Film<br />
Eyecon<br />
Music<br />
Performance<br />
Community<br />
Writing<br />
Design<br />
Art<br />
Event<br />
Photography<br />
Social Enterprise<br />
Comics<br />
Video<br />
Fashion<br />
Food & Drink<br />
Other<br />
Journalism<br />
Technology<br />
Research<br />
Craft<br />
$316,574<br />
$312,822<br />
$180,488<br />
$135,195<br />
$107,652<br />
$84,045<br />
$71,791<br />
$44,184<br />
$40,532<br />
$37,160<br />
$30,360<br />
$30,046<br />
$24,849<br />
$24,045<br />
$12,226<br />
$11,640<br />
$5,737<br />
$3,480<br />
$160<br />
GAMES CGI SERVICES GAMBLING<br />
DEFIANT DEVELOPMENT - STARTUP<br />
Defiant is a Brisbane-based game development studio<br />
founded in 2010 by Dan Treble and Morgan Jaffit.<br />
Defiant has released a number of best selling games<br />
for iOS and Android including Ski Safari, Heroes Call<br />
and Rocket Bunnies. Their games have secured Apple’s<br />
lucrative Game of the Week spot, and Ski Safari has<br />
been the Number 1 Game in over 65 countries.<br />
GAMING STARTUPS<br />
26+<br />
Queensland has a vibrant community of indie game<br />
studios and developers, with a games studio seed<br />
accelerator and over 38 studios building their own<br />
games for distribution on mobile and web platforms,<br />
26 of which this <strong>report</strong> classified as “<strong>startup</strong>s”.<br />
COMPUTER GAME SALES<br />
AUSTRALIA<br />
31,32,33<br />
$3B<br />
$2B<br />
$1.5B $1.61B<br />
2011 2012 2013 2017<br />
33
Startup<br />
PEOPLE<br />
Founders of Startup companies,<br />
people within key support<br />
organisations and others<br />
that have made a tangible<br />
contribution to the <strong>ecosystem</strong>.*<br />
Aaron Birkby<br />
Aaron Gillet<br />
Abdul Alabri<br />
Adam McGill<br />
Adam Gallagher<br />
Adam Humphrey<br />
Adam Samuel<br />
Adam Williams<br />
Adrian Di Marco<br />
Adrian Seeto<br />
Adrian Stein<br />
Adrian Turner<br />
Adum Blunn<br />
Aisha Bradshaw<br />
Alan Johnson<br />
Alan Noble<br />
Alex Adsett<br />
Alex Naghavi<br />
Alex Norton<br />
Alex Sharp<br />
Alex Streit<br />
Alexander Lotersztain<br />
Alexandra Higgins<br />
Allan Murnane<br />
Amanda Shadforth<br />
Amandeep Kang<br />
Andrea Martins<br />
Andrew Brown<br />
Andrew Duval<br />
Andrew Lang<br />
Andrew Boud<br />
Andrew Brett<br />
Andrew Buckle<br />
Andrew Duval<br />
Andrew Fern<br />
Andrew Gibb<br />
Andrew Howarth<br />
Andrew Lane<br />
Andrew Leask<br />
Andrew Liveris<br />
Andrew Loch<br />
Andrew Longhorn<br />
Andrew Ryan<br />
Andy Garman<br />
Andy Harvey<br />
Andy Jane<br />
Andy Nematalla<br />
Angela Lisle<br />
Angie Dunbavan<br />
Anna Rooke<br />
Annabel Candy<br />
Anne Lawrence<br />
Anne Maree Cotterell<br />
Anne-Marie Birkill<br />
Anoushka Schollay<br />
Ant Mckenna<br />
Anthony McClean<br />
Anthony O’Dempsey<br />
Anthony Wood<br />
Antti Sarela<br />
April Forbs<br />
Ariel Briner<br />
Artem Kulakov<br />
Avril Jean<br />
Baden Uren<br />
Barry Eager<br />
Belinda Noakes<br />
Ben Duncan<br />
Ben Amos<br />
Ben Chong<br />
Ben Cooper<br />
Ben Duncan<br />
Ben Grubb<br />
Ben Hamley<br />
Ben Harrison<br />
Ben Hauser<br />
Ben Howe<br />
Ben Johnston<br />
Ben Maggacis<br />
Ben Manderville-Clarke<br />
Ben Vale<br />
Benjamin Forday<br />
Benjamin Harrop<br />
Bernie Woodcroft<br />
Bili Potter<br />
Bill Bartee<br />
Bill Bass<br />
Bill McKeague<br />
Billy Bowyer<br />
Birgit Lohmann<br />
Bjorn Rust<br />
Bob Dunne<br />
Bob Christiansen<br />
Bob Christiens<br />
Bob Eather<br />
Bob Waldie<br />
Brent Watts<br />
Brett Adams<br />
Brett Buckland<br />
Brett Caird<br />
Brett Hales<br />
Brett McCallum<br />
Brian Finn<br />
Brian Keayan<br />
Brian Keayes<br />
Brian Ruddle<br />
Brock Aspalnd<br />
Brock Hamilton<br />
Brook Kitson<br />
Brooke Marsh<br />
Bruce Green<br />
Bryan Vadas<br />
Buzz Usborne<br />
Cameron Cross<br />
Cameron Owen<br />
Carl Jackson<br />
Carolyn Bullen<br />
Casey Lightbody<br />
Cassandra Head<br />
Cat Matson<br />
Catherine MacAdam<br />
Catherine Kitney<br />
Channon Goodwin<br />
Charles Hodgson<br />
Chi-Han Hsu<br />
Chris Nave<br />
Chris Richards<br />
Chris Cameron<br />
Chris Drake<br />
Chris Durrer<br />
Chris Eldridge<br />
Chris Guthrie<br />
Chris Macaulay<br />
Chris McKenzie<br />
Christian Jones<br />
Christian King<br />
Christy Dena<br />
Cieron Cody<br />
Claes Loberg<br />
Claire Rowland<br />
Clarence Tan<br />
Clint Thomson<br />
Cohen Hyde<br />
Cole Wilkinson<br />
Colin Kinner<br />
Colin Graham<br />
Collin Guinness<br />
Cr Glenn Tozer<br />
Craig Aspinall<br />
Craig Deveson<br />
Craig Josic<br />
Craig Mason<br />
Craig Morrison<br />
Cynthia Macnee<br />
Dale Trickett<br />
Daley Pearson<br />
Damien King<br />
Dan Mckinnon<br />
Dan Norris<br />
Dan Treble<br />
Dan Vogt<br />
Daniel Deeney<br />
Daniel Filmer<br />
Danielle Bennett<br />
Danielle Duell<br />
Danielle Neale<br />
Danni Zuvela<br />
Danny Hood<br />
Danny Maher<br />
Darcy Naunton<br />
Darren Herft<br />
Darryl Redding<br />
Dave Metcalf<br />
David Cotton<br />
David Bartlett<br />
David Bycroft<br />
David Foster<br />
David Ives<br />
David Novakovic<br />
David Ryan<br />
David Shaw<br />
David Zwierzchaczewski<br />
Dean Alle<br />
Dean Shannon<br />
Deiter Bohm<br />
Derek Stephens<br />
Des Jaobson<br />
Dion Klein<br />
Donna Moritz<br />
Dr John Kapeleris<br />
Dr Michael Blumstein<br />
Dr. Rowan Gilmore<br />
Drew Wackley<br />
Duncan Curtis<br />
Duncan Schultz<br />
Duncan Thompson<br />
Dylan Street<br />
Elaine Stead<br />
Elliot Smith<br />
Emily Craven<br />
Emma Milikins<br />
Ferdinand Kreozot<br />
Fran Leman<br />
Fraser O’Keefe<br />
Gareth Gower<br />
Gary Christian<br />
Gary Mays<br />
Gavin Tomlins<br />
Gavin Keeley<br />
Gavin Kremor<br />
Geoff Moller<br />
Geoff Schrader<br />
George Fidler<br />
Gidean Shalwick<br />
Glen Bunney<br />
Glen Conventon<br />
Glenn Corbet<br />
Glenn Wilkinson<br />
Gordon Cooper<br />
Gordon Moyes<br />
Graham Berman<br />
Graham Edelsten<br />
Graham Rodgers<br />
Graham Wood<br />
Grant Ferry<br />
Grant Mason<br />
Greg Barnet<br />
Greg Beaver<br />
Greg Burnett<br />
Greg Ellis<br />
Greg Hallam<br />
Greg Laverty<br />
Greg Searle<br />
Greg Tuckwell<br />
Guilio Rovera<br />
Guy Jones<br />
Hans Van Vilet<br />
Hany Pham<br />
Hollie Gordon<br />
Hugh Geiger<br />
Ian Noy<br />
Ian Wright<br />
Ian Connor<br />
Ian Crawley<br />
Ian Mayfield<br />
Ian Sampson<br />
Ingamur Lak<br />
Iqbal Singh<br />
Ivan Kenny-Sumiga<br />
Jack Gillespie<br />
Jai Mitchell<br />
James Banks<br />
James Colquhorn<br />
James Davidson<br />
James Klobasa<br />
James Paulson<br />
James Podesta<br />
James Turner<br />
Janette Wright<br />
Jarrad Laursen<br />
Jason Bird<br />
Jason Cook<br />
Jason Seed<br />
Jason Seeto<br />
Jason Spencer<br />
Javin Wood<br />
Jaz Choi<br />
Jed Carey<br />
Jeff McDermit<br />
Jeff Rogers<br />
Jeff Van Dyck<br />
Jeremy Colless<br />
Jeremy Herbert<br />
Jessica Ainscough<br />
Jessica Huddart<br />
Jillian Kenny<br />
Jim Kalokekinos<br />
Jimmi Bradbury<br />
Jo Procter<br />
Jo Rosier<br />
Jo Ucukalo<br />
Jock Blair<br />
Jodi Cleghorn<br />
Joe Brumm<br />
Joe Hayes<br />
John Bartlett<br />
John Dobson<br />
John Goleby<br />
John Hughes<br />
John Hummelstad<br />
John Jessop<br />
John Mactaggart<br />
John Miles<br />
John Nicholls<br />
John Passfield<br />
John Puttick<br />
John Rivett<br />
John Swete Kelly<br />
Jon Ferrara<br />
Jordan Green<br />
Jörg Strobel<br />
Jose Maria Ravalo<br />
Joseph Glanville<br />
Josh Smith<br />
Josh Tanner<br />
Josh Williams<br />
Joshua Tanchel<br />
Juhani von Hellens<br />
Julian Price<br />
Julien Cahn<br />
Justin Brown<br />
Justin Morrissey<br />
Kane Bradshaw<br />
Karen Bracher<br />
Karen Gawen<br />
Kat McArthur<br />
Kate Tuxford<br />
Kate Edwards<br />
Kate Pryde<br />
Kath Massey<br />
Kaylene Langford<br />
Keith Armstrong<br />
Keith Duncan<br />
Keith Grisman<br />
Kerry Esson<br />
Kerry Finch<br />
Kevin Gosschalk<br />
Kevin Grove<br />
Kevin Wright<br />
Kieran Lord<br />
Kieran O’Hea<br />
Kieran O’tter<br />
Kim Castel<br />
Kirsten Baulch<br />
Kobus Haupt<br />
Kris Trott<br />
Krishna Everson<br />
Kristen Souvils<br />
Kyle Burch<br />
Kyle McGinty<br />
Lara Murray<br />
Laughlin Rigby<br />
Lauren Clemett<br />
Laurie Hammond<br />
34
Lawrence English<br />
Lee Waters<br />
Leigh Angus<br />
Lexie Dostal<br />
Liam Casey<br />
Liam O’Sullivan<br />
Libby Sander<br />
Lindsay Parmenter<br />
Lisa Harrison<br />
Liz Gaskin<br />
Liz O’Rourke<br />
Louis Oswald<br />
Louise O’Donnell<br />
Lubi Thomas<br />
Luke Anear<br />
Luke Brannelly<br />
Luke Humble<br />
Luke MacDonald<br />
Luke Muscat<br />
Luke Swetman<br />
Lynne Banford<br />
Macushla Montell<br />
Madeleine King<br />
Madeline Veenstra<br />
Malcolm McBratney<br />
Malcolm Thompson<br />
Malcom Brough<br />
Manual Papas<br />
Marcus Fielding<br />
Marcus Ford<br />
Marcus Foth<br />
Marcus Holland<br />
Margerietha Scheepers<br />
Mario Johnston<br />
Mario Pennisi<br />
Marion Horsington<br />
Mark Harrison<br />
Mark Bathie<br />
Mark Batten<br />
Mark Cassidy<br />
Mark Coates<br />
Mark Cracknell<br />
Mark David Ryan<br />
Mark Dowling<br />
Mark Ferris<br />
Mark Furler<br />
Mark Gill<br />
Mark Harvey<br />
Mark Leckenby<br />
Mark McCalliog<br />
Mark Paddenburg<br />
Mark Phillips<br />
Mark Rainbird<br />
Mark Richardson<br />
Mark Sowersby<br />
Mark Warnick<br />
Mark White<br />
Marko Grgic<br />
Martin Brady<br />
Martin Mankowski<br />
Matt Bush<br />
Matt Forman<br />
Matt Hall<br />
Matthew Beaumont<br />
Matthew Ford<br />
Matthew Seeto<br />
Matthew Snowden<br />
Max Grant<br />
Meg Summers<br />
Melanie Summer<br />
Melissa Reid<br />
Melody Rodgers<br />
Mentor Panel (IC)<br />
Meyrick Adams<br />
Michael Shadforth<br />
Michael Whereat<br />
Michael Angus<br />
Michael Bloomstein<br />
Michael Finney<br />
Michael Frizell<br />
Michael Griffin<br />
Michael Molloy<br />
Michael Morris<br />
Michael Murtagh<br />
Michael Otway<br />
Michael Puls<br />
Michael Stevens<br />
Michael Whereat<br />
Michelle Kazukaitis<br />
Mik Dobele<br />
Mike Avey<br />
Mike Clements<br />
Mike Cunningham<br />
Mike Hefferan<br />
Mike Hulbert<br />
Min Collie Holmes<br />
Morgan Jaff<br />
Morgan Jaffit<br />
Nadene Townsend<br />
Nadine Bates<br />
Nathan Challen<br />
Nathan Hoad<br />
Nathan Mayfield<br />
Neil McNulty<br />
Neil Rainey<br />
Nic Gomez<br />
Nicholas Mathiou<br />
Nicholas Wood<br />
Nicole Millard<br />
Nigel Hall<br />
Nikki Parkinson<br />
Niranjan Bidargaddi<br />
Nkosana Mafico<br />
Nora Kinnunen<br />
Owen Warhurst<br />
Pamela Wardner<br />
Paul Barrs<br />
Paul Beaver<br />
Paul Cooper<br />
Paul Gillett (Flux)<br />
Paul Graham<br />
Paul Hamilton<br />
Paul Jansz<br />
Paul L’Estrange<br />
Paul Lange<br />
Paul Martins<br />
Paul McNab<br />
Paul Neiderer<br />
Paul StapelBerg<br />
Paul Steer<br />
Paul Turner<br />
Pauline O’Sullivan<br />
Per Davidsson<br />
Persis Anderson<br />
Peta Ellis<br />
Peter Ball<br />
Peter Devine<br />
Peter Riddles<br />
Peter Bradd<br />
Peter Davison<br />
Peter Grant<br />
Peter Kable<br />
Peter Laurie<br />
Peter Lavcio<br />
Peter Lions<br />
Peter Lorre<br />
Peter Stack<br />
Peter Wakim<br />
Peter Woodward<br />
Petrina Buckley<br />
Phil Johnson<br />
Phil Larsen<br />
Phil Reardon<br />
Phillip Andrews<br />
Piero Dametto<br />
Prasant Moorthy<br />
Prof. Andrew Brown Griffith<br />
Prof. Bhesh Bhandari<br />
Rainine Darabiha<br />
Ralph Rogers<br />
Ramine Darabiha<br />
Randal Makin<br />
Ray Turner<br />
Rebecca McIntosh<br />
Rebecca Wilson<br />
Reg Williams<br />
Reinard Van Der Leij<br />
Retha Scheepers<br />
Richard Moore<br />
Richard Neal<br />
Richard Robinson<br />
Rick Anstey<br />
Rick Hoy<br />
Rick McElhinney<br />
Ricky Robinson<br />
Rob Hinds<br />
Rob Littler<br />
Robert Blackman<br />
Robert Collins<br />
Robert Walsh<br />
Robert Wriedt<br />
Robin Nixon<br />
Robin Ormerod<br />
Robyn Littlejohn<br />
Rod Bloom<br />
Rod Richards<br />
Ronnie McKenzie<br />
Ross Balbuziente<br />
Ross Cockburn<br />
Ross Hepworth<br />
Ross Patane<br />
Rowan Schindler<br />
Rowena Ryan<br />
Russel Mason<br />
Russell Bullen<br />
Russell Mason<br />
Ruth Drinkwater<br />
Sacha (Alex) Voevodin<br />
Sally Ernst<br />
Sam Bevis<br />
Sam Friend<br />
Sam Winter<br />
Sami Malia<br />
Samuel Cartwright<br />
Samuel Clifton<br />
Sanatana Mishra<br />
Sandra Mau<br />
Sandy Zubrinich<br />
Sarina Quinlan<br />
Sarina Quintan Fetch<br />
Scott Breust<br />
Scott Duffield<br />
Scott Hamilton<br />
Scott Maidment<br />
Scott McTaggart<br />
Scott Standen<br />
Sean Bannister<br />
Sean Buchanan<br />
Sean Pringle<br />
Sean Bannister<br />
Sean Edwards<br />
Sean Parsons<br />
Shainiel Deo<br />
Shane Davis<br />
Shane Morgan<br />
Sharon Hunneybell<br />
Sharon Schoenborn<br />
Sheng Yeo<br />
Simon Budden<br />
Simon Ambrose<br />
Simon Groth<br />
Simon Jupe<br />
Simon Lydiard<br />
Simon Newstead<br />
Soenke Weiss<br />
Sonja Ceri<br />
Sonya Henderson<br />
Stephen Goodall<br />
Stephen Beirne<br />
Stephen Colbran<br />
Stephen Neate<br />
Stephen O’brien<br />
Stephen Phillips<br />
Stephen Robinson<br />
Stephen Tait<br />
Stephen Wilson<br />
Steve Baxter<br />
Steve Dalton<br />
Steve Dunn<br />
Steve Huff<br />
Steve Stamatiadis<br />
Steve Walsh<br />
Steve Weston<br />
Steve Williams<br />
Stewart Gow<br />
Sue Swinburne<br />
Surya Graf<br />
Susan Oliver<br />
Susanne Bransgrove<br />
Tahnee Lambrechtsen<br />
Tanya Lipus<br />
Tarun Bastiampillai<br />
Terence Lee<br />
The Core Team<br />
The Edge SLQ<br />
The Mentor Group<br />
Thom Saunders<br />
Tim Eldridge<br />
Tim Dawson<br />
Tim Heasley<br />
Tim Kastelle<br />
Tim Marchington<br />
Tim Melvich<br />
Tim Warwick<br />
Timothy Marks<br />
Tina Souvlis<br />
Tjitze Meter<br />
Toby Gifford<br />
Tom Murphy<br />
Tom Adams<br />
Tom McArthur<br />
Tom White<br />
Tony Chadwick<br />
Tony Wheeler<br />
Tony Winters<br />
Tracey Robertson<br />
Traci Castle<br />
Travis Dewan<br />
Trent Lund<br />
Trent Sampson<br />
Troy Bates<br />
Troy Haines<br />
Tsu Shan Chambers<br />
Tyler Crowley<br />
Vera Dean<br />
Veronika Bilkova<br />
Vicki Johnson<br />
Victor Vicario<br />
Vincenzo Pignatelli<br />
Vivienne Anthon<br />
Warren Buffet<br />
Warrick Bidwell<br />
Wayne Gerard<br />
Wayne McFetridge<br />
Will Wilson<br />
Winston Hall<br />
Woodley Nye<br />
Yolanda Vega<br />
Yvette Adams<br />
Zach Johnson<br />
Zane McIntyre<br />
Zoe Wyatt<br />
* Queensland Government<br />
employees have been excluded<br />
from the list.<br />
35
Frequent Founders and<br />
SERIAL ENTREPRENEURS<br />
People or groups of people within the <strong>ecosystem</strong><br />
that have founded multiple companies. This does not<br />
necessarily represent financial value created.<br />
STEVE DALTON<br />
Share Your Love<br />
Gold Coast TechSpace<br />
Refactor<br />
secluded.io<br />
GC Tech Shop<br />
Dalton Technology<br />
Sensaware<br />
AARON BIRKBY<br />
Coded Intelligence<br />
Internet Here<br />
SenseHubly<br />
Arinda Internet<br />
App Start Studios<br />
The Chat Room<br />
Aptek<br />
Beyond The Black Stump Productions<br />
Silicon Lakes<br />
AVRIL JEAN<br />
Smooth Operator<br />
Creature Creative<br />
Neo Media Networks<br />
STEPHEN NEATE<br />
Subtle Difference<br />
My Sunshine Coast<br />
Brolga Real Estate<br />
KRISTY OUWERKERK<br />
Veilability<br />
Wedding Village<br />
Toto Solutions<br />
PETRINA BUCKLEY<br />
PAUL JONES<br />
Credosity<br />
Last Thursday Club<br />
Magneto Communications<br />
MARK WHITE<br />
Greencloud Labs<br />
Mobile Monday Brisbane<br />
Locatrix Communications<br />
STEVE BAXTER<br />
Right Pedal Studios<br />
River City Labs<br />
Transition Level Investments<br />
PIPE Networks<br />
SENet (ISP)<br />
TRISTAN MATTHIAS<br />
PAUL KNITTEL<br />
Documaps.io<br />
Pixler Webdesign<br />
FlowPro<br />
STEVE BAXTER<br />
Stephen is one of Queensland most active investors<br />
through his seed fund Transition Level Investments,<br />
and also one of the most active founders, having<br />
founded both River City Labs (technology co-working<br />
space) and Right Pedal Studios (seed accelerator for<br />
game studios). He is currently a board member and<br />
advisor to several companies including ASX listed<br />
Vocus Communications, and investor in many <strong>startup</strong>s<br />
including txt4coffee, TrekTraka, goCatch, OrionVM and<br />
Atomo Diagnostics.<br />
At age 15 (1986) Steve joined the army serving for nine<br />
years (1995) working on electronics, & whilst still in<br />
the army at age 23 (1994) he convinced his fiancée to<br />
invest their $11,000 savings (which was to be a deposit<br />
on their first home) into building an ISP in their rented<br />
house using six telephone lines and grew it to the 7th<br />
largest ISP in Australia at the time. His company was<br />
acquired by Ozemail just before the dot com bust of<br />
the early 2000s. After taking a year off to fish he cofounded<br />
PIPE Networks in 2001 with Bevan Slattery,<br />
which floated with a $14m market cap. PIPE was later<br />
acquired by TPG Telecom for $373m.<br />
AARON BIRKBY<br />
Aaron is one of the founders at Silicon Lakes<br />
(incubator), founder at App Start Studios (app<br />
development company), and founder of Coded<br />
Intelligence (a remote telemetry monitor system for<br />
amusement rides and vending machines). Aaron was<br />
also a founding Director for 8 years at Arinda Internet,<br />
a business that specialises in internet kiosks, wireless<br />
hotspots and digital wireless advertising systems, prior<br />
to selling it in late 2012. He has been involved in<br />
setting up numerous other IT start-ups, including Web<br />
Site Writers, Softcom Consulting, The Chat Room, and<br />
Perfect World.<br />
Before moving to the Gold Coast in 2004, he was the<br />
A/g Manager of Intelligence Systems for Customs in<br />
Canberra, had various intelligence roles in the National<br />
Crime Authority, NSW Crime Commission, and was<br />
a Consultant at PwC in Sydney. He has a Bachelor of<br />
Science (Physics and Mathematics) from the UNSW,<br />
and a Bachelor of Law from the University of New<br />
England.<br />
STEVE DALTON<br />
Steve founded Secluded.io a sensor platform for remote<br />
areas in 2014. Prior to this he co-founded Sensaware<br />
(formerly Rehydrate), a wearable device that assists<br />
rural fire-fighters to stay hydrated, and one of the<br />
winners at the first Gold Coast Startup Weekend in<br />
2013. Steve founded Gold Coast Tech shop in 2012 a<br />
marketplace for Open Source & hackable hardware such<br />
as Arduino, Electronics kits & Raspberry PIs. Since<br />
2006 he has been an organiser for Barcamp Queensland<br />
(a meetup group), is a Silicon Lakes Ambassador, and<br />
recently started the very popular Lego workshops for<br />
kids, held in the School holidays. He originally studied<br />
at the University of Birmingham from 1992-96.<br />
36
KEVIN GOSSCHALK<br />
CHRIS MACAULAY<br />
MATTHEW FORD<br />
SwipeAds<br />
Secure Skateboards<br />
JOHN PASSFIELD<br />
Right Pedal Studios<br />
3 Blokes Studios<br />
Krome Studios<br />
Red Sprite Studios<br />
LUKE BRANNELLY<br />
V2i Pty Ltd<br />
3Dme Creative Studio<br />
V2i Mining & Resources<br />
AVARDI<br />
CRAIG DEVESON<br />
Cloud Manager<br />
Devnet<br />
DVSGroup<br />
cloudsafe365<br />
GERARD DOYLE<br />
Zippy.com.au<br />
Lead Galaxy<br />
DiscountVouchers.co.uk<br />
BDS.com.au<br />
CHRIS HOOPER<br />
GEOFF KWITKO<br />
Cirillo Hooper& Company<br />
the <strong>startup</strong> club<br />
EcoLivingScene.com.au<br />
CHRIS DRAKE<br />
Elastice<br />
uCrack iFix<br />
Viscous Solutions<br />
Summer Drift Group<br />
GINO DE PASQUALE<br />
dp dialogue<br />
De Pasquale Advertising<br />
The Authentic Executive<br />
Dojo Wellness Experience<br />
NKOSANA HUMPHREY MAFICO<br />
NICHOLAS JENKINS<br />
Academic Technologies<br />
PeeP Digital<br />
B2K Gardening<br />
GERARD DOYLE<br />
In late 2013 Gerard founded BDS.com.au - a mobile<br />
marketing and daily-deals service after his original<br />
company Zippy (founded in 2009) merged with<br />
Qwibble. In 2011 Gerard worked in the UK as<br />
CEO for DiscountVouchers.co.uk (currently 100m+<br />
revenue). Discount Vouchers was founded by Doug<br />
Scott, one of the UK’s leading angel investors and a<br />
serial entrepreneur himself, who provided funding<br />
for BDS through his seed fund Potential. Prior to<br />
working at Discount Vouchers, Gerard had a range of<br />
executive roles at UK daily deals and affiliate marketing<br />
companies. In 2005 he founded Lead Galaxy, a<br />
marketplace for UK property investors.<br />
CHRIS DRAKE<br />
Chris founded Elastice, a service to democratise the<br />
pricing and discount process for e-commerce stores,<br />
Viscous Solutions (an e-commerce consulting firm),<br />
uCrack iFix (a smartphone repair business that has<br />
expanded to include several online stores that drop-ship<br />
products internationally). He is a member of River City<br />
Labs, participated in iLab’s Germinate program, was<br />
a speaker at TEDxUQ, and is an organiser of a student<br />
entrepreneurship conference to be held in July 2014<br />
(Global Innovative Youth Conference).<br />
JOHN PASSFIELD<br />
John is currently the program manager for Right Pedal<br />
Studios and has founded a number of games companies<br />
including Krome Studios, 3 Blokes Studios and Red<br />
Sprite Studios. He was the creative director of Pandemic<br />
Studios, VP of Rockyou, and has led the creative<br />
direction on a number of Facebook titles including<br />
Brainiversity, Hospital Town, Virtual Villagers, Galactic<br />
Trader, Galactic Allies, and Save Our Village.<br />
37
Research $3,480<br />
Craft<br />
$160<br />
Issues & Actions<br />
COMMUNITY IDEAS<br />
COMPUTER GAME SALES<br />
As part of the project, workshops<br />
$2B<br />
and interviews<br />
were<br />
$1.5B<br />
held with $1.61B key members of the SEQ <strong>ecosystem</strong>.<br />
Participants were asked to discuss, identify and<br />
vote on “which issues were critical to the growth of<br />
Queensland’s<br />
2011<br />
<strong>startup</strong><br />
2012<br />
<strong>ecosystem</strong>”,<br />
2013<br />
and the actions<br />
2017<br />
which<br />
would address these challenges. Votes are weighted<br />
proportionately by the relative sizes of each region’s<br />
population. The top ten issues in order of total weighted<br />
votes from all regions were:<br />
TOP COMMUNITY ISSUES:<br />
RANKED TOP COMMUNITY BY WEIGHTED ISSUES: VOTES RANKED BY WEIGHTED VOTES<br />
Raise Awareness<br />
Education<br />
Culture<br />
Funding<br />
Government Policy<br />
Collaboration & Networking<br />
Procurement<br />
Infrastructure<br />
Talent & Skills<br />
Leadership<br />
3. CULTURE<br />
Participants from all regions said a culture of<br />
entrepreneurship and innovation needs to be developed<br />
within Australia if we are to create globally-relevant<br />
technology companies. Specific cultural themes<br />
that inhibited innovative entrepreneurship included:<br />
Australia’s natural modesty; the tall poppy syndrome;<br />
lack of forgiveness of business failure; aversion to<br />
risk taking; male dominance of the technology sector;<br />
little understanding of the impacts of technology on<br />
economies and culture; little understanding of the global<br />
role of technology innovation; default to ‘employeeship’<br />
job rather than entrepreneurship; entrepreneurs thinking<br />
beyond local markets; and entrepreneurs having a<br />
boldness of ambition. While developing the culture of<br />
entrepreneurship and innovation within Australia comes<br />
in third on the ranking, in many ways it underpins the<br />
challenges faced within all the other issues discussed.<br />
4. FUNDING INNOVATION<br />
Across all regions access to early-stage funding ranked<br />
as a critical challenge for <strong>startup</strong>s, the shortage of<br />
funding being particularly pronounced at the angel,<br />
seed and Series A stages - growth funding being more<br />
accessible due to the proven nature of the <strong>startup</strong>s at<br />
this stage. Securing globally-comparable valuations for<br />
<strong>startup</strong>s within SEQ at any stage is difficult and forces<br />
many <strong>startup</strong>s to look for funding in the US or Europe.<br />
TOP 5. GOVERNMENT POLICY<br />
1. RAISE COMMUNITY AWARENESS ACTIONS: RANKED BY WEIGHTED VOTES<br />
For Education the sector Program to grow and play a substantive role in the 1<br />
Australian Form Leadership economy Group there needs to be greater awareness 2<br />
of the <strong>startup</strong> <strong>ecosystem</strong>, the economic impact of high<br />
Startup Apprentice<br />
3<br />
growth <strong>startup</strong>s, and the impact of technology on the<br />
nation. Highlight Raising Success awareness Stories is also a critical factor in 4<br />
most Collaboration of the following & Networking issues - especially attracting 5<br />
investment, facilitating regulatory change, attracting<br />
Attract Talent<br />
6<br />
greater participation in entrepreneurship, developing<br />
a Communication national culture Hub of high-growth entrepreneurship, 7<br />
and Govt drawing Incentive more - Investment students to study the core STEM 8<br />
courses<br />
Hub<br />
required for technology innovation. Participants<br />
9<br />
identified celebrating the success of <strong>startup</strong>s as a key<br />
issue NBN for Advocacy the growth Group of both the <strong>startup</strong> <strong>ecosystem</strong> and 10<br />
national economy.<br />
2. EDUCATION FOR ALL<br />
$3B<br />
1<br />
2<br />
3<br />
4<br />
5<br />
6<br />
7<br />
8<br />
9<br />
10<br />
Across all regions education, in its varied forms<br />
(accelerator, mentoring, courses, etc.), is seen as<br />
critical to creating a vibrant <strong>ecosystem</strong>. On both sides<br />
35000000 of the table, participants in the <strong>ecosystem</strong> highlight<br />
both the dearth of suitably educated and experienced<br />
30000000 entrepreneurs, and on the other side, investors with<br />
very little understanding of the business models, global<br />
valuation norms and technology challenges associated<br />
with <strong>startup</strong>s.<br />
Workshop participants across all regions lamented<br />
the low number of Computer Science graduates<br />
and identified this as a critical long-term challenge.<br />
Entrepreneurs also spoke about the challenge in getting<br />
access to mentors with experience building global<br />
technology 2009 2010 companies. 2011 2012 2013 2014<br />
Startup entrepreneurs in both Brisbane and on the Gold<br />
Coast expressed concern at government policy that<br />
failed to facilitate innovation and entrepreneurship.<br />
While the Sunshine Coast was specifically focused on<br />
the government bringing basic broadband infrastructure<br />
to the region, Brisbane and the Gold Coast criticised<br />
policy at odds with global best practice, specifically<br />
employee share schemes; matched funding for<br />
innovation; and investment and R&D tax incentives. The<br />
lack of a clear, consistent and long term government<br />
agenda was seen as a serious impediment to increasing<br />
foreign VC investment in Australian <strong>startup</strong>s, and a<br />
contributing factor in the flight of talent, companies and<br />
funds to foreign soil.<br />
6. COLLABORATIVE NETWORKS<br />
While many people see the <strong>startup</strong> sector as being<br />
extremely collaborative, participants within the sector<br />
understand the benefits of strong network ties and still<br />
see a great deal of work to be done to achieve a similar<br />
level of collaboration to global hubs such as Tel Aviv,<br />
Boulder and the San Francisco bay area. Increasing<br />
the breadth and depth of collaboration, along with<br />
financial support from government for key nodes<br />
was seen as critical to the continued growth of the<br />
<strong>ecosystem</strong>. Collaboration with international <strong>ecosystem</strong>s,<br />
international markets, local universities, and big<br />
business was also called out as a key issue. Establishing<br />
both physical and digital centralised hubs was seen as<br />
critical in most regions.<br />
River City Labs, Silicon Lakes, Sunshine Coast<br />
Innovation Centre and Startup Weekend events are<br />
superb examples of hubs that bring the community<br />
together.<br />
No. CO & GROUPS: FOUNDED<br />
3000000<br />
7. PROCURING LOCAL STARTUP TECHNOLOGY<br />
2500000<br />
Participants spoke about the challenges involved in<br />
securing contracts from both corporate buyers and<br />
government. 2000000To manage risk most government agencies<br />
and large corporates require substantial track record<br />
from 1500000 their IT suppliers, making it difficult for new<br />
<strong>startup</strong>s to displace incumbent technology providers.<br />
1000000<br />
8. ACCELERATE NBN ROLL-OUT<br />
For participants<br />
500000<br />
within the Sunshine Coast <strong>ecosystem</strong>,<br />
access to fast broadband via the National Broadband<br />
Network (NBN) was seen as the most critical issue for<br />
the growth of the local <strong>startup</strong> community. Fast, easy<br />
access to digital infrastructure is critical to the growth of<br />
<strong>startup</strong>s, and the poor quality of the local network leads<br />
to substantially reduced productivity.<br />
9. TALENT & SKILLS<br />
Building, attracting, and retaining talent was seen as<br />
a critical factor in growing the <strong>ecosystem</strong>. While the<br />
voting methodology only picked this up within the<br />
Brisbane and Sunshine coast regions, the state and<br />
country’s ‘brain drain’ came up within most interviews<br />
and workshops. The Gold Coast in particular suffers<br />
from a lack of talented designers, developers and<br />
technology entrepreneurs. Retaining a critical mass<br />
of developers, designers, data scientists, electronic<br />
engineers, angel investors, venture capitalists, and other<br />
technologists is critical to the sustained growth of any<br />
<strong>startup</strong> <strong>ecosystem</strong>. Participants also spoke about the<br />
need for a cultural shift, so that we come to accept,<br />
Digital Queensland<br />
encourage and support the movement of ‘talent’ to<br />
global innovation hotspots as a good ‘right of passage’<br />
for entrepreneurs, who then Non-Digital bring their Queensland skills, experience<br />
and connections back to the state at a later date.<br />
10. LEADERSHIP<br />
Within the Gold Coast region leadership was seen as a<br />
critical factor in driving engagement Non-Digital and Rest participation.<br />
of Australia<br />
While this wasn’t articulated so clearly within other<br />
regions, communication and physical hubs were<br />
discussed for similar reasons.<br />
FUNDING BY REGION<br />
Digital Rest of Australia<br />
38<br />
TOTAL INVESTED BY INVESTOR TYPE ($M)
TOP TEN COMMUNITY ISSUES BY REGION<br />
Issues<br />
Ranking based on<br />
Weighted Wkshp Votes<br />
Percentage of Total Votes from the Region (unweighted)<br />
Brisbane Sunshine Coast Gold Coast Interviews<br />
Raise Awareness 1 26% 0% 2% 7%<br />
Education 2 16% 10% 16% 24%<br />
Culture 3 18% 11% 0% 2%<br />
Funding 4 11% 10% 19% 24%<br />
Government Policy 5 12% 0% 10% 2%<br />
Collaboration & Networking 6 9% 10% 16% 24%<br />
Procurement 7 7% 0% 0% 0%<br />
Infrastructure 8 0% 39% 0% 3%<br />
Talent & Skills 9 2% 20% 0% 0%<br />
Leadership 10 0% 0% 17% 6%<br />
39
Endnotes<br />
REFERENCES<br />
1. Meeker, M, 2014. Internet Trends 2014 - Code Conference. KPCB (www.kpcb.com/internet-trends), Menlo Park.<br />
2. eMarketer, 2014. Smartphone Users Worldwide Will Total 1.75 Billion in 2014. eMarketer (www.emarketer.com/Article/<br />
Smartphone-Users-Worldwide-Will-Total-175-Billion-2014/1010536#sthash.8v2V3zzE.dpf),<br />
3. Ibid.<br />
4. www.sciencemag.org/content/332/6025/60<br />
5. The Internet of Things: How the Next Evolution of the Internet Is Changing Everything, April 2011, CISCO authored by Dave Evans.<br />
6. Global Top 100 Companies by Market Capitalisation, 31 March 2014, PWC.<br />
7. www.federalreserve.gov/boarddocs/speeches/2000/20000407.htm<br />
8. A Snapshot of Australia’s Digital Future to 2050, IBIS World & IBM, Phil Ruthven,<br />
9. Disruptive Technologies: Advances That Will Transform Life, Business, And The Global Economy, May 2013, McKinsey Institute<br />
10. Building the Lucky Country: Business imperatives for a prosperous Australia - Digital disruption Short fuse, big bang? September 2012, Deloitte Australia. For additional<br />
information on the impact of digital technology on the Australian economy see: Mobile Nation: The Economic and Social Impacts of Mobile Technology, 2013, Deloitte.<br />
11. Enrico Moretti, 2012, The New Geography of Jobs<br />
12. State of Queensland (Department of Science, Information Technology, Innovation and the Arts), Queensland Startup Summit Report, May 2014<br />
13. PWC, 2013, The Startup Economy: How to Support Tech Startups and Accelerate Australian Innovation. PWC Sydney.<br />
14. Based upon the authors calculations using data from: Konczal, J, 2013. The Most Entrepreneurial Metropolitan Area? Kauffman Foundation. (http://<br />
www.kauffman.org/~/media/kauffman_org/research%20<strong>report</strong>s%20and%20covers/2013/11/the%20most%20entrepreneurial%20metropolitan%20<br />
area.pdf) Hathaway, I, 2013. Tech Starts: High-Technology Business Formation and Job Creation in the United States. Kauffman Foundation.<br />
(http://www.kauffman.org/~/media/kauffman_org/research%20<strong>report</strong>s%20and%20covers/2013/08/bdstechstarts<strong>report</strong>.pdf)<br />
15. Kinner, C, 2014, Crossroads: an action plan to develop a vibrant tech <strong>startup</strong> <strong>ecosystem</strong> in Australia. StartupAus, Sydney.<br />
16. Bravo-Biosca, A and Westlake, S, 2009. The vital 6 per cent: How high-growth innovative businesses generate prosperity and jobs. NESTA, London.<br />
17. Future Fifty. www.futurefifty.com, accessed 10 June 2014.<br />
18. The Whitehouse. Startup America Commitments. The Whitehouse, (www.whitehouse.gov/economy/business/<strong>startup</strong>-america/commitments), accessed 2nd June 2014.<br />
19. Florida, R, 2012. The Rise of the Creative Class: Revisited. Basic Books.<br />
20. CB Insights, 2013. It Takes $78 Million in Prior Funding for a Tech Company to IPO, and It’s Getting Bigger Every Year. Capital Efficiency? CBInsights.<br />
21. Tunguz, T, 2014, The Financing Trends Of Billion Dollar SaaS Companies. (www.tomtunguz.com/fundraising-history-saas-publics)<br />
22. Tunguz, T, 2014, How Much Cash Does Your Startup Need To Go Public? (http://tomtunguz.com/burn-rates-before-ipos/)<br />
23. This <strong>report</strong>’s estimates of funding distribution by company stage is based on aggregated data from the National Venture Capital Association’s “2014 Yearbook”<br />
(www.nvca.org/index.php?option=com_content&view=article&id=257&Itemid=103), the Centre for Venture Research’s <strong>report</strong> “The Angel Investor Market in<br />
2013: A Return to Seed Investing” (https://paulcollege.unh.edu/sites/paulcollege.unh.edu/files/2013%20Analysis%20Report%20FINAL.pdf), and EY’s 2013 <strong>report</strong><br />
“Global Venture Capital Insights and Trends 2014” (http://www.ey.com/Publication/vwLUAssets/Global_venture_capital_insights_and_trends_2014/$FILE/<br />
EY_Global_VC_insights_and_trends_<strong>report</strong>_2014.pdf#page=15), Right Side Capital’s “Historical Size of the US Angel Market” (http://www.rightsidecapital.<br />
com/assets/documents/HistoricalAngelSize.pdf), and NESTA’s “Siding with the Angels” (http://www.nesta.org.uk/sites/default/files/siding_with_the_angels.<br />
pdf). Both the NVCA and EY do not include angel funding within their breakdown of funding by company stage. To establish an estimate the <strong>report</strong> uses NVCA’s<br />
breakdown of software investment in 2013 in the USA ($20b across Seed Stage - 3%, Early Stage - 34%, Expansion Stage - 33%, and Later Stage - 30%), and<br />
incorporated CVR’s data on US software sector angel investment in 2013 ($5.7b), to get a breakdown across stages in 2013 of: Seed Stage - 21%, Early Stage -<br />
29%, Expansion Stage - 27%, and Later Stage - 24%. The writers of this <strong>report</strong> note that measuring seed stage funding is particularly difficult and that numbers for<br />
dollar share of technology company funding range between
People<br />
ECOSYSTEM<br />
Paul Jansz<br />
Darren Herft<br />
Claes Loberg<br />
Elaine Stead<br />
Steve Dalton<br />
Gabriel Buckley<br />
Aaron Birkby<br />
Martin Mankowski<br />
Bernie Woodcroft<br />
Matthew Ford<br />
Richard Moore<br />
Steven Baxter<br />
Paul Jones<br />
Greg Searle<br />
Mark Paddenburg<br />
Danny Maher<br />
Paul Niederer<br />
John<br />
Passfield<br />
Colin Kinner<br />
Damien Waller<br />
Sam Friend<br />
Wayne Gerard<br />
Sean Bunton<br />
41
AUTHORS<br />
Mike Kruger and Jonah Cacioppe - founders at<br />
Boundlss. Produced for and in partnership with the<br />
Queensland Department of Science, Information<br />
Technology, Innovation and the Arts; Brisbane<br />
Marketing; the Sunshine Coast Council and City of<br />
Gold Coast.<br />
For a copy of the <strong>report</strong> visit:<br />
DSITIA (www.qld.gov.au/dsitia/<strong>report</strong>s),<br />
www.<strong>startup</strong>qld.org or www.boundlss.com/seq