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Washington DC Autumn 2013
Sessions: 2013-11-19 - 2014-03-04
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Should Aussie Startups Move to Silicon Valley? No, Says Founder Institute CEO, Adeo Ressi
For the past couple of decades, entrepreneurship and technology startups have been largely associated with Silicon Valley. However, in spite of many of the big players calling The Valley home, thousands of entrepreneurs worldwide have begun to establish comparable tech ecosystems in their own hometowns.
One notable ecosystem can be found in Sydney, Australia, where entrepreneurship has been flourishing in recent years. In response to this massive growth, Founder Institute CEO, Adeo Ressi, has a message for Aussie Entrepreneurs: in lieu of packing up and moving to The Valley, appreciate what you have at home.
"Let’s start with the obvious benefit of doing business in Australia. First, you have a largely wired and untapped market back home, with generally favourable regulation, a rapidly expanding technology sector and big opportunities in the growing domestic healthcare, transportation, education and government markets.
Secondly, you have an extremely beneficial geographic advantage, having time zone alignment with, and being a short flight from, the world’s largest population (along with several of the world’s fastest-growing internet populations). Small markets can kill good companies and good, large markets can pull mediocre companies into greatness. Being so close to such a massive market is an absolutely huge competitive advantage.
Third, you would be hard pressed to find a faster-growing start-up ecosystem than Australia’s, and this is very important. A lot of people dismiss the notion of an ecosystem, portraying it as a “fluffy” word that doesn’t contribute to actual economic value. But one of the main reasons why Silicon Valley is a hotbed for innovation is the collaborative ecosystem and culture that exists here. For example, there are at least 20 different events every night here where successful entrepreneurs share knowledge with the next generation and where fledgling entrepreneurs are exchanges tips and tricks. Everyone works together here to push the ecosystem forward, because we understand it leads to faster market growth, local accountability among all the players, and faster and more efficient innovation.”
This article originally appeared Business Review Weekly. Click here to continue reading “Why Aussie start-ups shouldn’t move to Silicon Valley”.