5 things you need to know in Australian tech today

Atlassian co-CEOs Scott Farquhar and Mike Cannon-Brookes

It’s Monday. Here’s what you need to know in Australian tech today.

1. Australia’s startup sector doesn’t necessarily have a capital problem. Atlassian co-founder Mike Cannon-Brookes said: “Capital is not the problem. Some people can’t get that capital, but I think maybe it’s ­because they’re ­running shitty businesses.” He said there were two things Australia needed to do to promote innovation. In an interview with The Australian, Cannon-Brookes said: “Long-term we’ve got to grow it and short-term we have to import it. We import about a third of our hires from overseas. We have a pretty good record of keeping them here. That’s a 70-year taxpayer.”

2. Cannon-Brookes also said the obsession with Atlassian’s IPO is “weird”. He said: “It will be a speed bump for the business. It will happen when we’re ready — when the business is culturally ready to do it.” The tech company is expected to list in the US later this year. One of the biggest changes since the tech wreck 15 years ago has been the loss of a once-vibrant IPO market in the US. Business Insider’s Henry Blodget explains regulatory changes in the US have meant tech companies are listing much later, which means investors aren’t getting the multiples of returns they once did and they’re throwing a bunch of attention at private companies like Snapchat, Uber and Pinterest instead. Using Amazon as an example, when the company went public back in 1997 it had a market valuation of about $500 million. Almost 20 years on and Amazon’s IPO investors have made 200 times their money. Compare that to Facebook, which by the time it listed, much of its aggressive growth was behind it. At IPO, Facebook had a valuation of $US100 billion: 20 times Amazon’s. There’s more here.

3. Vodafone and streaming service Stan are partnering up. There hasn’t been a lot of info released about the partnership except that it will be similar to Vodafone’s Spotify deal which bundles music streaming in with some plans. There’s more here.

4. Big data needs a backup plan. One of the fathers of the internet, Vint Cerf, is concerned all the content created today isn’t future-proofed. “If we don’t move now, we risk losing all the data we’ve created in the 21st century,” he said. More here.

5. Oh internet. A card game called “Exploding Kittens” just broke a Kickstarter record as the most backed project ever with 219,382 supporters. It also raised an incredible $8 million dollars.

BONUS ITEM: The perfect elevator pitch practice zone. Elite tech accelerator StartX transformed its elevator so entrepreneurs could perfect their elevator pitches. You have 10 seconds, go.

Have an awesome day! I’m on Twitter.

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