Here’s what you need to know in tech today.
1. Australian startups don’t like the proposed equity crowdfunding legislation. Equity crowdfunding had bipartisan support, as it was seen as a way to plug a perceived gap in startup funding. But restrictions within the legislation entered into parliament has drawn criticism from industry leaders.
2. Two Australian startups are among Asia’s fastest growing tech companies. Prospa and Cirrus Networks have ranked third and fourth respectively in the Deloitte Asia 2015 Technology Fast 500 rankings. Overall, 80 Australian companies placed in the top 500.
3. More Australian companies are looking to move overseas. The third edition of the Startup Muster survey shows an increased appetite to relocate and cease operations in Australia. One of the problems recently highlighted is that the Australian market isn’t mature enough.
4. The biggest challenge facing Aussie startups is tech talent. Startup Muster also revealed a concern about the availability of technical talent in Australia. It’s even more important than finding financing, and could be responsible for outsourcing to India and the Philippines.
5. Why Australian companies need to innovate. Lower barriers to entry, near perfect information and lowering transaction costs have brought more than a billion consumers within reach. But they have also forced Australian entrepreneurs to operate in a market of near perfect competition.
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