Digital companies have come a long way in a short amount of time.
He has divided the developments into three periods.
The first wave, Ta’eed said were companies like Seek, Carsales and realestate.com.au that are now all grown up.
“They became the local tech titans,” he said.
“They went from ‘we sell stuff, now let’s sell stuff on the internet’.
“They’re sort of traditional businesses online, they’re all coming out of the classified space.”
The second wave, which Ta’eed said is currently crashing on Australian shores, includes more native internet companies.
“Then it went into a slightly more pure tech model, so Facebook is a good example, it’s something you can only do with the internet, there was no before the internet version of Facebook,” he said. “There was no pre-internet Facebook.”
The third wave, which he said is the most recent development and is yet to hit Australia in a big way, is marrying the online and offline worlds.
“We’re getting it a little bit sort of – the AirBnB’s and Ubers are starting to move in, we haven’t had that many local equivalents, and if they’re out there they’re quite small still,” he said.
“So I’d say for the next few years in Australia I’d imagine you’re going to see those kinds of businesses.”
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