Hello all. Here’s what you need to know.
1. TechSydney wants a whopping $2 million from the city’s startups. The lobby group, aimed at highlighting the credentials of Australia’s biggest city as a hub for high-growth companies, and lifting it into the top 10 global cities for startups, wants to raise the cash from founders and investors to fund things like a CEO, government relations, community manager/ PR, and more to put Sydney one the map.
Like many in the Sydney technology industry McEvoy believes the city – and Australia with it – is in danger of being left behind as competing locations steam ahead.
“Our thriving industries that we have at the moment – in banking particularly – are about to be disrupted, and we can either be the people in 10 years’ time that are whingeing on the sidelines and going, God, we’ve got no jobs, or we can be the team that’s on the victory side, saying look at what we’ve achieved.”
Paul Colgan has more.
2. Australian Spotify rival Guvera is looking for $80 million, having lodged its IPO yesterday.
The business certainly needs the cash, having posted a loss of $81 million last year on revenue of $1.2 million, with a further $55 million in red ink on similar income predicted for 2016 in the prospectus. The Queensland-based music streaming business sees great potential in brand-funded content and is also pinning its hopes on the Indian market and its love of Bollywood music. Read up on the float here.
3. NBN Co wants to stop quarterly updates on its network rollout, arguing they are redundant.
The business has applied to the ACCC to vary the Special Access Undertaking (SAU) it signed up to in December 2013, which is the overarching framework for the regulation of access to the NBN. The company argues a bunch of details are commercial-in-confidence and wants to limit who it has to disclose them to.
The changes also pave the way for NBN Co to shift to fibre-to-the-distribution point (FTTdp), the technology preferred by industry experts over the Coalition government’s copper-based fibre-to-the-node (FTTN) strategy.
You’ve got until August 26 to let the ACCC know what you think about the changes. The details are here.
4. Here comes Kogan’s IPO. There are rumours floating around today that the online electronics retailer will float on the ASX this month. The Australian has reported it will be for $50 million. We’re still waiting to hear back from the company, but until you can read more here.
5. Technology giant Samsung has called it quits in the camera market in Australia. The company says it will “reduce its focus” on imaging technology due to falling digital camera sales. Which most likely means it’s smartphones are so good now, no one needs a separate camera.
Australia is the third major market the company has withdrawn from recently in this space. See the others here.
BONUS: You can now create a “home base” for your business on Instagram. The photo sharing platform spent a year listening to small businesses to find out what tools they need to improve the way they used the app. The result? Instagram Business Tools. The new functionalities of the platform launched in Australia today, offering SMEs the option to not only have a profile on the social media site but also gain insights and promote their content.