It’s the end of the week, this is what you need to know in tech.
1. Optus will now let you upgrade your phone halfway through your contract. But I probably wouldn’t recommend it. Telstra offers the option too, and the carriers are essentially just playing on your FOMO around the latest technology and keeping you locked into their networks for much longer than that 24 months you initially signed on for.
2. This is who’s behind that Aussie startup that thinks it can beat Snapchat. We wrote about Bomb’d yesterday, but one thing we noted was the secrecy behind who is actually involved with the company. But today, we can tell you – the duo behind Bomb’d is Jayson Hornibrook and Markie Bryant, while their main backer is Jamie Olsen of CMB Capital, who is also a director. Hornibook and Bryant had previously started Peazie, an online marketing agency together.
3. There’s a big Australian startup problem no one is talking about. Currently, the venture capital investment landscape is focusing on what’s called the “valley of death”, or that period between an idea’s conception and a first major investment. This is the time in the startup’s life where it bleeds money before real customers begin buying the product or using the service. And with that comes a 90% failure rate, hence the name.
But local VC firm OneVentures, which launched a $100 million fund for later stage companies at the end of last year, believes that in Australia a second valley of death has emerged in the later stage of the company.
Later stage startups are those that have already got a product on the market and are perhaps even making money, but need significant capital to build their business further.
4. Scott Morrison has written about how fintech will change the economy. His piece over at StartupSmart talks about how the ability of new technology to capture and process data, in real time, is changing how business is done, how products and services are conceived in the new economy and the way consumers participate in this process.