Australia has the talent, money and resources to create a vibrant startup ecosystem. However, a lack of risk in potential innovative startups with a focus in more conservative investments has prevented the startup ecosystem to grow. Adeo Ressi, Founder and CEO of The Founder Institute, was recently interviewed by Reporter Paul Kadak on 7 News in Sydney, Australia discussing the state of the Australia startup ecosystem.
Ressi who attended Sydney’s Vivid Ideas festival, met with Australian investors at the invitation of Unstoppables founder Julio De Laffitte, to help them understand the opportunity that startups present to investors. The report was originally delivered by Kye White in a StartupSmart article titled “Appetite for disruption: Founders Institute founder Adeo Ressi on why Australia needs to embrace risk to grow.”
Currently, there has been a slow growth rate due to Australia’s conservative investments, and as a result many Australian entrepreneurs have been scouting for investment opportunities overseas.
I know more innovative Australians in Silicon Valley than I do in Australia. That to me is very concerning for the future of the country.” - Adeo Ressi
Ressi, who recently founded Expansive Ventures, a venture capital firm that will leverage off the Founder Institute network, strongly feels there’s no doubt there’s a lack of funding in Australia.
That’s part of the reason I’m coming to Australia: To bring together as many investors as possible and really explain the process and opportunity. Because, as I mentioned, Australia has the talent and it has the money, but right now there isn’t the willingness to take the risk that comes with investing in startups." - Adeo Ressi
Although Australia's startup ecosystem faces some challenges, Ressi believes the problems are all fixable. Australians as entrepreneurs rank well against the rest of the world. Some of the most important companies of our time have been founded or managed by Australians. Solutions presented by Ressi include offering more tax breaks for startups in Australia, and ultimately the country should embrace the “it’s ok to fail” startup culture that Silicon Valley has implemented in order to achieve success.
