Startups added 1.6 million new jobs to the Australian economy between 2003 and 2014.
This exponential growth in the industry can be attributed to a number of technological advances, including the rise of the internet economy, and cloud tool development.
But what are the technologies, and how are they helping?
Joint research by Stripe, a US payments platform, and leading VCs, accelerators and startup hubs, set out to map the Australian “startup stack”: the suite of cloud tools entrepreneurs are enlisting automate running their business.
“Startups today are no longer reinventing the wheel,” said Mac Wang, the head of Australian growth for Stripe.
“Given that they’re often nimble innovators themselves, startups are trusting other startups with handling some of the most fundamental parts of their business.”
With the average Australian startup using between 6 and 10 technology tools to power their business, Wang says “automating some of the most resource-intensive parts of building a business, the startup stack is emerging as the secret sauce of Australia’s entrepreneurs”.
So what are they?
Here’s a look at just some of the hundreds of tools used by the 208 startups involved in the research.
Here’s more on what they found.
These tools make it 75% easier and 67% cheaper to launch a technology company in Australia compared to just five years ago.
Startups are taking on new markets. Two in three (68%) say that entering new markets is one of their greatest challenges, but almost all respondents (97%) agreed technology tools make it easier to scale a tech startup globally from Australia.
APIs are helping CIOs and IT depts work smarter. By building on a system where the technologies work together, startups say the biggest benefits include the ability to quicken their entry into new markets, reduce operating costs, increase productivity and accelerate product development.
But there is still a gap in the tools available. Local startups identified cybersecurity (16%), CRM (14%) and analytics (12%) as the top three areas in need of better tooling.
The study took place in December 2016.