Australia Is Poised to Become the World’s Best Country for Tech Entrepreneurs
More and more energy is currently being invested in the tech world. It seems that, if you are enthusiastic, energetic and have a business plan, IT and tech are the fields in which you should be trying out your luck. This may not be true of all countries in the world, but two recent news stories prove that it is certainly the case in Australia. Judging by them, it looks like the land Down Under is poised to become home to the world’s next Silicon Valley.
How much is your company worth?
The above question is rhetorical, of course, and only serves as an introduction to a potential acquisition, worth no less than US$430 million. The company in question is the world-renowned and highly popular online outsourcing platform freelancer.com. Its owner, Sydney-based entrepreneur Matt Barrie is the author of what has been referred to as perhaps the most successful startup story in Australia’s recent history. He founded the wildly profitable platform in June 2008. He first ran it off a different domain name, from his very own house, then slowly started purchasing other international domain names, in his process of expansion. Barrie is a multiple information technology award winner, who now runs a company with hundreds of employees.
He is also a somewhat controversial figure in political circles, since he is very vocal about what it takes to run an economy soundly. The entrepreneur has repeatedly spoken out against the succession of Australian governments, as well as against the country’s educational system. His main criticism was that neither faction had done enough to the advancement of Australia’s tech segment. In what concerns the sale of his business, Barrie has stated that he has received over 100 offers over the past four years, with one Japanese recruitment company listed as the highest bidder thus far. Yet Barrie is unlikely to sell, as his avowed goal is to take the company public on the stock market. Of course, one must wonder if this is the best course of action, given the state of the markets at the moment.
Australia’s upcoming entrepreneurs are not doing too badly
Australia’s political rulers and its schools may not have done much to promote tech innovation and entrepreneurship, but the latest set of figures regarding the total worth of the country’s young entrepreneurs certainly seems they are doing all right. A popular business magazine has recently published its yearly Young Rich List, according to which tech business owners are the best represented category in the roster of rich Aussies aged 40 and under. A tech gadget reseller, Ruslan Kogan, has ranked highest, with an estimated worth of $315 million. This is certainly not his first stint on the list: he was initially featured in 2009, when he was worth a mere $15 million. Since then, he has gone on to double his wealth with each passing year. At the top of the list, one can also find two IT and tech entrepreneurs: the recurring fixtures, founders of Atlassian, Mike Cannon-Brookes and Scott Farquhar. Together, they are worth $550 million.
It is also worth noting that, on the whole, Australia’s young and rich are doing quite well, with a combined net worth of $2.7 billion. This can be chalked up to a wide range of factors, including the global trend toward promoting the tech segment of the world economy. Add to this the fact that Australia is still one of the world’s most tech literate countries – after all, it boasts having invented Wi-Fi. To boot, young entrepreneurs can also benefit from innovative rental solutions from a virtual office nowadays, which allows them to substantially cut overheads in those delicate first years on the business scene, when each penny counts.
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Category: Business
