{"id":44530,"date":"2023-10-20T15:36:40","date_gmt":"2023-10-20T15:36:40","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/the-tremendous-opportunity-australian-startups-are-missing-out-on-startupsmart\/"},"modified":"2023-10-20T15:36:40","modified_gmt":"2023-10-20T15:36:40","slug":"the-tremendous-opportunity-australian-startups-are-missing-out-on-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/the-tremendous-opportunity-australian-startups-are-missing-out-on-startupsmart\/","title":{"rendered":"The \u201ctremendous opportunity\u201d Australian startups are missing out on – StartupSmart"},"content":{"rendered":"
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When Right Click Capital partner Benjamin Chong attended a VC conference in Bali last month he was dismayed to discover he was the only Australian there.<\/p>\n

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It wasn\u2019t a big surprise \u2013 he had been the only Aussie at the Asia Leader\u2019s Summit for the last three years \u2013 but he was still sorely disappointed at the lack of Australian participation at the conference that included esteemed guests like Andreessen Horowitz and Sequoia Capital.<\/p>\n

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\u201cIt was an opportunity to get together, share information and experiences and really help each other,\u201d Chong tells StartupSmart.<\/em><\/p>\n

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\u201cI lamented the fact that more Australians weren\u2019t there. It\u2019s not like there\u2019s a bar on Australians \u2013 there\u2019s a real desire to engage. I\u2019m disappointed more of my colleagues didn\u2019t take the time out to go over and enjoy the company of other VCs and thinkers.\u201d<\/p>\n

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Missing a huge opportunity<\/strong><\/h3>\n

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According to Chong, this speaks to a general unwillingness for Australian investors and entrepreneurs to engage with the Asian market and fully take advantage of the wealth of opportunities on offer.<\/p>\n

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\u201cWe need to think of Asia not just as a holiday destination but as a real business opportunity,\u201d he says.<\/p>\n

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\u201cThere are consumers who are coming online every day that are highly educated and on mobile devices. If you\u2019ve got a service or product that can actually benefit the lives of people then I think it presents a tremendous market opportunity for Australian startups.\u201d<\/p>\n

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He says that while Singtel Optus and muru-D are beginning to try to push startups towards Asia, most are forgoing the closer region in favour of the US or Europe.<\/p>\n

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\u201cOther incubators and investors are failing to see the size of the opportunity to our north,\u201d Chong says.<\/p>\n

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\u201cThere\u2019s something like 60% of the world\u2019s internet population and they\u2019re growing numerically and in GDP.\u201d<\/p>\n

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Although acknowledging certain cultural and market differences, Chong says Australia\u2019s proximity and close ties to Asia give local startups an unrivalled advantage.<\/p>\n

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\u201cAs a startup you want to access a market that is extremely mobile savvy and experienced,\u201d he says.<\/p>\n

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\u201cWhat a market to come in and use some of these lessons, and we\u2019re so close.\u201d<\/p>\n

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Getting in on the ground floor<\/strong><\/h3>\n

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With the rise of the \u201cAsian century\u201d, he says now is the time that Australian startups and investors need to look to expand to the region or miss out on the booming market.<\/p>\n

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\u201cWhat better an opportunity for us to leverage that friendship, let alone the geographical proximity, and get in now,\u201d Chong says.<\/p>\n

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\u201cRelationships take a long time to develop \u2013 it takes years and years of cultivation. There\u2019s a need for us to continue our engagement, to invest, learn and make mistakes to set us up for future success.<\/p>\n

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\u201cIs it not better to get involved in something at the ground level and build our relationships from there?<\/p>\n

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\u201cIn five, 10 or 20 years as the Asian century takes hold, we\u2019ll actually be there having been a good friend for however many years instead of a \u2018Johnny-come-lately\u2019 that goes, \u2018hey, where\u2019s my seat at the table?\u2019\u201d<\/p>\n

Follow StartupSmart on Facebook, Twitter, LinkedIn and SoundCloud.<\/em><\/p>\n

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 <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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