Smart Industry Report: Emerging Industries - Westpac

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Smart Industry Report:EmergingIndustriesTowards 2030: A special report from Westpac.Emerging industriesHow emerging industries are reshapingour future economy.1Image: Getty

ForewordA transformationallandscape.I’m excited to bring youthe first of Westpac’sSmart Industry 2030reports, a series witha future focus createdto highlight howdifferent industries areadapting in the fastmoving business environment and tohighlight next trends, opportunities andchallenges.As a leading Australian bank,Westpac has a long-standing focus onsupporting Australia’s many industrysectors and, with the cracking pace ofchange today, we’re intent on workingeven more closely with our commercialcustomers to understand their needsand the nuances of their specificindustries.Emerging industriesOur Smart Industry 2030 report seriesoffers compelling insights from industryleaders, trailblazers and changemakerson what lies ahead.2It’s particularly apt that EmergingIndustries are the focus for the firstreport in the series. This vibrant sectoris paving the way to tomorrow andbeyond, led by entrepreneurs who areseizing opportunities to deliver uniqueand intriguing products and services.The startups and scale-ups they arebuilding are both transforming thebusiness landscape, as well as drivingbig shifts in the way Australians live.Westpac has been working closely withemerging industries in recent years, andin this report we share some of the keylearnings we’ve gleaned.In our commitment to help thesenew enterprises thrive, we’ve alsoconsidered what needs to change tohelp Australia’s emerging industriesmove ahead even faster. Like alldynamic future-facing organisations,the bank is adapting to supportentrepreneurial ventures and bringon the new.Westpac’s goal is to be your partner inchange. Providing the benefit of foresight is just another way we’re workingto empower our customers.I look forward to your feedback onthe report.“Our SmartIndustry 2030Report series offerscompelling insightsfrom industry leaders,trailblazers andchangemakers onwhat lies ahead.”Jo Mullins, National Head of IndustrySpecialisation, Westpac Commercial Bank

WelcomeInventingthe future.Emerging industriesThis report, ‘Towards2030: How emergingindustries are reshapingour future economy’,paints a vision for a‘clean and connected’Australia. It wasinspired by the growingband of innovators I’ve been fortunateenough to meet since taking on the roleof National Head of Emerging Industriesat Westpac two years ago. In the reportwe have tapped into some of theirinsights, whilst drawing on Westpac’slearnings as we’ve grown closer to andcollaborated with many founders andinspiring individuals who are workinghard to develop the ecosystem.3By their nature, emerging industriesare constantly exploring new horizons,inventing the future and incessantlyexpecting the unexpected. What’srequired to support them along theway and speed their progress? It’s theburning question behind this reportas, with the help of the participants,we highlight three big challenges andsome potential solutions. One of thesechallenges is funding, and that’s a coretopic for Westpac – which is why wehave devoted much of the past twoyears working closely with founders,funders and advisors to ‘test and learn’how we can responsibly apply debt tosupport the growth of businesses inemerging industries. Debt, however,is not always the answer, and anotherarea of focus has been improvingaccess to specialist banking servicese.g. in payments, financial marketsand international trade, to help thesebusinesses get the most out of theircapital.The Emerging Industries story itselfhas become less about supporting thehandful of brand new industries, andmore about supporting the new breedof businesses that are transformingall our traditional industries. It’s thepurpose, vision and ambition with whichthese businesses operate that sets themapart from the traditional SME, and itis those businesses that the EmergingIndustries team has been set up to help.We are excited by the prospect ofAustralia’s clean and connected future.We’re actively promoting the transitionto a low-carbon economy and we’reworking to provide support for a newgeneration of technologically-enabledbusinesses. Read the report to learnmore about our approach and discoverwhat some of Australia’s most forwardthinking individuals believewill happen next.“It’s an optimistic takeon the future. But, thenagain, the future will bewhat we make of it.”Reeta Dhar, National Head of Emerging Industries,Westpac Commercial Bank

IntroductionThe trends thatwill shape us.Australia’s future economy is being creatednow, as a number of major trends gathermomentum and coalesce.Emerging industriesFast-moving thematic changes areunderway as we head towards a futurewhere less will be owned and more willbe shared, where our homes will bepowered by renewable energy, whileour household devices are connectedvia the Internet of Things (IoT). We willcommute in driverless cars and work insmart buildings, at home, or in sharedspaces anywhere in world. In futurewhen we buy, it will primarily be online.Orders will be fulfilled by artificiallyintelligent warehouse robots andsystems familiar with our preferences,and deliveries facilitated within thehour across our cities as economiesof scale grow.4This is no Jetsons’ fantasy. Most of thistechnology is being used or developednow. It may be the way of the future,but it raises big questions. Will thishyper-connected world, which offersconsumers increasingly personalisedexperiences, also allow them enoughprivacy and choice? Companies areraising their game on data protectionbecause they know that compromiseddata equals customer distrust – andtrust and ‘customer stickiness’ canbe the difference between businesssuccess and oblivion. A reaction toliving with algorithmic oversight isalready happening. Consumers areseeking authentic offline experiencesfor themselves, whether it be realworld shopping, or searching formeaning beyond the maelstrom ofsocial media. It’s no coincidence that asdigital technology has emerged in theWest, so too have mindfulness, yoga,meditation and other quests for deeperspiritual connection. Now, it seems, thebest of both worlds is coming togetherto create potential for a brighter future.Driving all of this exponential changeare innovation and entrepreneurialism,but how to facilitate that? This WestpacSmart Industry Report on EmergingIndustries features the opinions andinsights of leaders in the innovationspace and outstanding entrepreneurs.It explores some of the key issuesunfolding and the looming challengesas we approach 2030 and movethrough a decade of unprecedentedchange.“By 2030, 99 per cent ofmetropolitan based deliveryvehicles and buses will be100 per cent electric.”Tony Fairweather, SEA Electric“The Internet of Things (IoT) will continueto deliver new opportunities for digitalbusiness innovation for a decade; manyof these opportunities will be enabled bynew or improved technologies.”1Nick Jones, Gartner“We are gradually moving from anownership economy to more of arental economy and I think thattransformation will only continue.”Simon Cant, Reinventure“Why does anyonestill feel safe beingdriven by a humanbeing, who can onlylook in one direction[at any one time]?I cannot wait untilsoftware takes that over.”Nick Crocker,Blackbird Ventures14.2 billion connected thingswill be in use in 2019, andthat total will reach 25 billionby 2021, producing immensevolume of data.2SOURCES: 1. Gartner, Top Strategic IoT Trends and Technologies Through 2023, Nick Jones, 21 September 20182. Gartner Press Release Nov 7, 2018 “Gartner Identifies Top 10 Strategic IoT Technologies and Trends”

Towards 2030A clean andconnected future?Significant change is required for Australiansto live and thrive in a smarter, cleaner,more connected world.Abundant natural resources willcontinue to drive the future Australianeconomy, but they will be delivered in avery different way.Emerging industries“By 2030 the business models andservices that underline our naturalendowments – resources, tourism andagriculture – will be radically different,”predicts Dr Pradeep Philip, partner atDeloitte Access Economics, referring tothe widespread digital transformationalready impacting all three sectors.5If Australia is to look forward to aclean, connected and diverse economyby 2030, it’s not government but thecurrent wave of technology innovatorsin finance, agriculture, educationand construction who providetransformative potential.Companies like four-year-oldCIM Enviro, which has developed asoftware platform that monitors thehealth of buildings, are capitalising onthese trends. Its portfolio of clientsincludes major museums, office blocksand shopping centres. The softwaretracks energy-draining faults and hasreported energy savings for someclients of up to 40 per cent, saysfounder David Walsh. It’s a step changein the way buildings are managed andhow the products that power them aresourced.There is a compelling demand for thesetypes of products, Walsh says. “Energyprices are increasing, governments aresetting emission targets, and tenantsare demanding green leases.“When we came to the market sayingthere’s a way not just to reduce energyand save on costs, but you can alsochange your operating model, propertyowners listened.”Image: GettyAustralia is a vast country with amature economy, with all industries inthe process of being transformed bytechnology.

Towards 2030EntrepreneurshipThe innovationecosystem.Australia ranked 5th in the2018 Global EntrepreneurshipDevelopment Institute rankings.15New wave technology businesses may justmake up a tiny fraction of the Australianeconomy, but the mood in the five-year-oldecosystem is optimistic.New entrepreneurs are inspired by thesuccess of the last wave of founders.A host of web services is now availableto make starting up a business easier,and access to capital is getting better.The consensus of those we spoke tofor this report is that it’s never been abetter time to be an entrepreneur.Emerging industriesNick Crocker, general partner atBlackbird Ventures, a venturecapital fund focused on the start-upecosystem, says he’s staggered by theamount of Australian entrepreneurialtalent that lands in his email inboxweekly. “We feel like we’ve turned overevery stone, then we find we are justscratching the surface. There’s waymore out there than we realise.”6The future of innovation in Australiadepends to a large extent on thecurrent crop of founders. If theysucceed, we can look forward to 10 to20 great new companies emerging inthe next five years, Crocker predicts, “Inthe decade after that we might then see20 to 40 companies emerge becausethere will be increased infrastructureand capital.”“We feel like we’ve turnedover every stone, thenwe find we are justscratching the surface.There’s way more outthere than we realise.”Nick Crocker, general partner,Blackbird VenturesthAustralia’s performance in each of the 14 pillars:Competition 0.57Product innovation 0.59Internationalisation 0.63High growth 0.66Networking 0.70Risk acceptance 0.72Cultural support 0.78Technology absorption 0.78Process innovation 0.79Opportunity start up 0.87Human capital 0.95Opportunity perception 0.95Risk capital 1.00Startup skills 1.00Improving the conditions forentrepreneurship by 10% could addA 170 billion to the economy.2SOURCES: 1. Global Entrepreneurship Development Institute Rankings andGlobal Entrepreneurship Monitor GEM, StartupAUS Crossroads V Report (2018)2. StartupAUS Crossroads (2017)

Towards 2030Startup fundraisingFacing up tothe challenges.Challenge #1:Maturity ofcapital marketsAustralia’s capital markets arehindered by short-term thinking,which makes them risk averse.Emerging industriesDeloitte’s Pradeep Philip believesinvestor attraction programs need tohave a better focus on the problemsthat need solving, not just the ‘shinyobject’ of a specific transaction.7A different mindset and metric isrequired to focus on the ecosystemwhen we think about investmentsin innovation, argues Philip: “It’s allabout the process of innovation – ofexperimenting and learning, of failingfast – and how we maximise theprobability of success. It’s not a simple,linear process of putting a dollar in andwanting two dollars back; investing inthe ecosystem of innovation is whatmatters.”AngelsAngels are a key source of capital andwe are starting to see increasing privateVenture capital raised in FY20171:A 1.32bLeading VC investment areas, FY20171:involvement and investments by highnet worth individuals in Australia. Theremay be more money at play than ourofficial figures suggest, especially inplaces like Victoria and Queenslandwhere a large intergenerational transferof family wealth is taking place.A 180m A 143m A 50mInformation andcommunicationtechnology“I suspect in Victoria and in Queenslandthere is a lot of family wealth that isentering the system and is not pickedup clearly in official reports,” says Philip.AustraliaGreen shoots are sprouting followingthe great venture capital drought thatfollowed the global financial crisis of2008. In FY2017, VC raisings accountedfor a record A 1.32 billion, more thandoubling 2016’s A 568 million.Australian GDP investment in VC is stilljust 0.023 per cent, half that of itsOECD counterparts. “The reality is thatAustralia’s VC sector is still far too smallfor a country with bold ambitions to bean innovation leader,” notes AVCALChief Executive Yassar El-Ansary.FinancialservicesVenture capital in Australia vs USA in FY20172:Venture capitalHowever, compared to the US, whichraised US 84.2 billion last year,Australia represents a tiny tadpolein the global VC pond.Healthcare andlife sciencesUSA687981255,08324%12%A 1.3b US 84bVC firms:Deals made:YoY deal growth:Funding:SOURCES: 1. AVCAL 2017 Yearbook Highlights produced in collaboration with EY2. Reinventure, Venture Capital 101 / AVCAL / CBinsights

Towards 2030Facing up to the challengesOpportunities for Australiansuperannuation fundsPool of superannuation in 20171:A 2.7 trillionThe Super opportunityWhile Australia’s VCs may lack theheft of their US counterparts, they areincreasingly gaining access to a verymeaningful source of capital: Australia’smassive superannuation pool of A 2.7trillion, projected to grow to A 9 trillionby 2035.Emerging industries 2030Industry superfund HostPlus alonehas placed A 900 million withemerging companies. Blackbird’sCrocker paints interest by superfundsas a transformative moment for theinnovation ecosystem.8“I think too much of that super poolis being invested in last generationAustralian companies, many ofwhich will be disrupted. Our supercompanies should be looking for thebest opportunities globally – and Idon’t think they’re going to come outof where most of the pool is currentlyinvested.”“We need to see our VCs as,potentially, a global industry.”At its current size the Australian VCsector doesn’t have the depth of capitalto fund networked companies such asthe likes of global rideshare giant Uber,but if more of the super pool is directedto the ecosystem, Australian VCs havethe opportunity to be global players.This success is likely to have theknock-on effect of piquing the interestof foreign funds to increase theirinvestment in Australian ventures.“We need to see our VCs as, potentially,a global industry. If our massive superpool is well invested, then two thingswill happen,” believes Cant. “Australianinvestors will be well-placedstrategically to be architects of thisnext generation economy. AndAustralian superannuants will benefitby having their super grow in value,as different parts of the globaleconomy emerge.”64.4%Leading sources of funds for startups, 20182:Simon Cant, co-founder, Reinventure“If multiples of that capital getsreturned to the likes of HostPlus, theywill have a really clear argument tocontinue investing in venture capital.As for the superfunds that didn’t haveexposure to Australian ventures, theirboards might start asking ‘why not?’.”Superannuation funds have more of apart to play in building an innovationeconomy, not only in Australia butoverseas, argues Simon Cant, cofounder and Managing Partner ofWestpac-backed VC Reinventure.A 9 trillionProjected pool of superannuation in 20351:Personal cashcontributionsPrivate equity (Australia)29.0%Family and friendsR&D tax offset27.6%27.6%Accelerator/incubator investment15.9%State government grant15.3%Credit card14.5%Private equity (overseas) 9.2%SOURCES: 1. Deloitte, Dynamics of the Australian Superannuation System2. Startup Muster, Annual Report 2018

Towards 2030Facing up to the challengesDebtIt’s time for founders who haveenough runs on the board to thinkabout alternative funding. NakedWines founder Lucas Jecks, whomore recently co-founded the CoolHand Factory to help innovators scalebusinesses “without burning funds andresources”, believes there is potentialfor banks to play a bigger role in theinnovative world. “Banks can work to alonger cycle, provided that cycle is derisked,” he says.Emerging industriesInnovative startups are very differentfrom traditional small businesses.They don’t fit into the usual debtlending metrics. They are focused ongrowth, there is less attention paidto profit and more to revenue andbuilding the customer base. Unlike theircounterparts in the US, who offer ahost of financial lending instruments tostartups, Australian banks have beenwary of providing debt funding toentrepreneurs.9Westpac’s Emerging Industriesdivision has spent the last 12 monthstesting the waters. “In some ways weare catching up to some US banks thatspecialise in banking tech companies,but we are doing it differently,” notesReeta Dhar, National Head of EmergingIndustries at Westpac.How financiallysavvy are startups?“We can then apply debt in ameasured way to complementthe business’s equity and therebyextend their operating runway,while also ensuring that thebusiness has the capacity toservice that debt.”Reeta Dhar, National Head of EmergingIndustries, Westpac“We have taken the time to understandthe business models and strategies,and test where it makes sense to applytraditional debt instruments to helpfund growth. We now do this earlierthan we have traditionally (i.e. oncethey had established a profitable trackrecord).”Only 20.5% of Australianstartup founders considerthemselves to be strong infinancial management.Skills presentin Australianstartup teams:Skills founders wishthey had in thefounding Financialmanagement25%14%33% of Australian startupsThe bank concluded that it was notfiscally responsible to lend to very earlystage companies, but it has developeda bespoke risk appetite for later-stagebusinesses with strong revenue streamsand, ideally, equity backing.have benefited from bankingservices since their founding.“We can then apply debt in a measuredway to complement the business’sequity and thereby extend its operatingrunway, while also ensuring that thebusiness has the capacity to service thedebt,” says Dhar.have benefited from accountingassistance since their founding.38% of Australian startupsSOURCE: Startup Muster, Annual Report 2018

Towards 2030Facing up to the challengesFunding estimate foryoung technology companiesand startups by source, FY18AcceleratorPlacementWhen assessing these business loans,Westpac takes a forward positionon a company’s cashflow, whichrequires strong financial forecasts,and many fast-growing companies lackthis information, notes Dhar. “Oftenwe find a good business and founderswe want to back, but they don’t have agood set of financials that we can use.”Public investment – IPOs, backdoor listings and placementsEmerging industries 2030Many securities exchanges across theworld prefer start-ups to marinate andmature a little before listing. Facebookis a case in point. The companylaunched in February 2004, but its USIPO took place eight years later in 2012.Not so the Australian share market,which is viewed as a viable fundingoption for young tech companies.10Some of these companies are choosingto list on the Australian SecuritiesExchange (ASX), either throughinitial public offerings (IPOs), or lesscommonly backdoor listings (alsoknown as reverse takeovers, where anunsuccessful listed company acquiresan unlisted company, allowing the latterto become listed without an IPO).According to the young tech companydirectory Techboard, IPOs combinedwith share market placements totalledA 1.07 billion in FY2017/18, givingA 906mAustralia is an attractive listingfor foreign tech companies.A 8m0.2%ICOA 299m25.6%8.4%public a slight edge over venture capitalas a funding source.Australia is also an attractive listingoption for foreign tech companies.As former Israeli Ambassador DaveSharma points out in StartupAus’sCrossroads 2017 report, 16 Israelitech companies, which together havea market capitalisation of more thanA 1.6 billion, have opted to list on theASX, lured by the attraction of mainboard listing, possible entry to the ASX300 index and close links into the Asia–Pacific market.It’s not only Israeli companies: Berlinmay be the home base for MarleySpoon, but the food kit deliverycompany, with operations on theEuropean continent and in the US,chose the ASX for its initial public listinglast year – and not just because theAustralian business makes up 37 percent of the company’s total revenue.“The ASX is a good market for our sizeand Australia is pretty much the testcase for us, with regards to our marginsand our growth potential,” notes MarleySpoon Australia Managing Director RolfWeber. “We look at Australia [just as ifit is] the home market, even though it’sfar from Berlin,” he says.A 3.54bTotal funding forstart-up and techbusinesses, FY18DebtA 919m25.9%VCAcquisitionA 151m4.3%Reward crowdfundingA 22m0.6%Equity crowdfundingA 6m0.2%A 910m25.7%IPO/RTOA 170m4.8%Angel/seedA 86m2.4%GrantA 67m1.9%SOURCE: Techboard, Australian Startup and Young Technology Company Funding Report FY2017/18

Towards 2030Facing up to the challengesCase study #1:The future of food.Marley SpoonInterviewee: Rolf Weber, ManagingDirector, Marley Spoon AustraliaFor many of us, actually deciding whatwe want to eat causes far more stressthan the actual trek to supermarket,notes Rolf Weber, co-founder andManaging Director of meal kit deliveryservice Marley Spoon Australia. “Mostcustomers rate the convenience ofactually knowing what they will becooking next week.”Since it entered the Sydney marketin 2015, the German-based and ASXlisted Marley Spoon has expanded intoQueensland, Victoria and the ACT andhas experienced consistent growth inthis period.Emerging industries“We are continuing to capitalise onthe growing appetite for meal kitsin Australia,” says Weber who plansfurther regional expansion as thecompany’s supply chain develops.11Marley Spoon Australia currentlyrepresents 35 per cent of thecompany’s total revenues. There areoutposts in four European countries, aswell as in the US, where the companyoperates as Martha and Marley Spoon.Dinnerly, a more affordable option,was launched in the US in 2017 and inAustralia in March 2018.Convenience is not the service’s onlyselling point. As a just-in-time foodonline retailer, Marley Spoon carriesvery little inventory and has a demanddriven supply chain, only ordering asmuch food as it needs to fulfil customerorders.While fresh food wastagein the grocery sector canbe as high 40 per cent,Marley Spoon targetsinternal food waste ofless than 1 per cent.The result: little or no food wastage forthe business or its customers. Whilefresh food wastage in the grocerysector can be as high as 40 per cent,Marley Spoon targets internal foodwaste of less than one per cent.

Towards 2030Facing up to the challengesFavourable public policy has the effectof accelerating the growth ofan industry and this holds true forboth the digital economy and thelow-carbon economy.Emerging industriesWhile there are a variety of grants andtax incentives that are viewed veryfavourably by emerging companies andprove effective, such as the R&D taxincentive, and other tax incentives toinvest in early-stage companies, thereis potential for more. There is also aneed to improve visibility and accessto the wide array of existing grantand loan programs, most of which areseen to have onerous requirementsand application processes. Grants, inparticular, will go a long way to helpfund companies in the early stages.12Talent and skills shortages are majorissues where there’s sharp focus onimmigration policies. In 2017, theFederal Government abolished thetemporary skilled 457 visa, replacingit in April 2018 with a new temporaryskilled shortage visa (TSS) – thisconsiderably tightened requirementsand conditions, much to the loudconsternation of tech entrepreneurssuch as Atlassian co-founder andco-CEO Scott Farquhar.In StartupAus’ 2017 Crossroads reportFarquhar advocated a rethink on theskilled migration visa, as well as thecreation of a digital skills visa to addresscurrent shortages. Australia, he arguesin the report, has the chance to leadthe world in attracting tech talent. It’sa perfect time for a rethink on skilledimmigration when other countries aretightening their entry requirementsand “while the current political andeconomic climate is causing manySilicon Valley residents to reconsiderwhere they live and work”.“The current political andeconomic climate is causingmany Silicon Valley residentsto reconsider where theylive and work.”Scott Farquhar, co-founderand co-CEO, AtlassianLooking ahead to an economy that isnot only technologically transformedbut also cleaner, Australiangovernments can do more to supportand showcase start-up businesses inthe low-carbon space.Image: GettyChallenge #2:Impact of regulationand government

Towards 2030Facing up to the challengesTake electric vehicle technology, forexample. Apart from a few high-endpassenger vehicles on the road, thereis little communication about theimportant role electric vehicles will playin a future low-carbon economy.13Bill Ferris AC, Chair, Innovationand Science AustraliaGovernments could also do more topromote and encourage innovativebusinesses by reassessing theirprocurement policies. Innovation andScience Australia’s (ISA) Australia2030 report argues that a slice of theAustralian Government’s A 57 billionprocurement budget could be used“strategically to promote innovationthrough procurement, and to triggermore economic spill-over benefitsfrom existing major projects throughstrategic policy and project designchoice”.Image: GettyEmerging industriesTony Fairweather, founder of SEAElectric, a start-up that deploysground-breaking technology thatelectrifies distribution and deliveryvehicles says: “It’s a major challengegetting Australia to even acknowledgeand support that this electric vehicle(EV) revolution is happening, and thatit doesn’t take a lot of financial andnon-financial support to assist thistransition.”“Australia is in a 1.6 trillionglobal innovation race, wherethe prize at stake is a biggershare of global wealth, betterjobs, and the best access tothe products of innovationfor addressing societalchallenges.”

Towards 2030Facing up to the challengesCase study #2:The future of transport.SEA ElectricInterviewee: Tony Fairweather,founder, SEA ElectricTiming is everything when it comesto launching a new venture, especiallywhen it involves game-changingtechnology such as electrifyingdistribution and delivery vehicles.Emerging industriesTony Fairweather’s decision to press thelaunch button on SEA Electric in 2017came when the cost of lithium batteriesdropped below US 300 per kilowatthour. Fairweather anticipated that whenthat price drop happened, the electricvehicle revolution would commence.14“Early on companies were attemptingto play in this space when batterieswere US 1000 – US 1200 per kilowatthour. We waited for prices to drop 60–70 per cent before we came to market,”says Fairweather. “Now it’s a four-yearpayback for customers purchasing oneof our electric commercial drivelines ina new commercial vehicle comparedwith the diesel equivalent.” Priceson batteries should continue to dropallowing customers, in the future, tobreak even on their investment.The company’s growth strategy isaround licensing the technology tothe original equipment manufacturers.“That will allow us to scale up veryquickly over the next two years,”forecasts Fairweather.Fairweather anticipatedthat when that price drophappened, the electricvehicle revolutionwould commence.The company focuses its pitch on ROIand cost rather than green energy,enticing a strong business responseto SEA Electric. Its customers alreadyinclude supermarket chain Woolworthsand logistics giant DHL.“The word is out there that it will saveon costs and provide a competitiveadvantage, otherwise they might onlybuy one just to fly the green flag, andthe volume potential wouldn’t be there,”says Fairweather.

Towards 2030Facing up to the challengesWho starts startups?Education level ofstartup founders, 2018:High schoolChallenge #3:Nurturing talentand skillsIt’s clear that Australia needs to liftits game when it comes to equippingpeople with skills relevant to the jobmarket in 2030.Emerging industries 2030Australian Government advisory board,Innovation and Science Australia(ISA)’s Australia 2030 report arguesthat investment in a world classeducation system is vital to Australiabeing a fair and innovative country overthe next decade.15At tertiary level universities are raisingthe entrepreneurship bar. In NSW, all11 universities and TAFE NSW havepartnered to create the Sydney Schoolof Entrepreneurship (SSE) – modelledon its Swedish counterpart, theStockholm School of Entrepreneurship– among its alumni are the foundersof commercial tools provider, iZettle,which sold to eBay this year for US 2.2billion. SSE CEO Nick Kaye, whoformerly headed the Stockholm School,says: “We are here to upskill and inspirethe next generation of entrepreneurs.It’s going to be them and the ne

Emerging industries Inventing the future. This report, 'Towards 2030: How emerging industries are reshaping our future economy', paints a vision for a 'clean and connected' Australia. It was inspired by the growing band of innovators I've been fortunate enough to meet since taking on the role of National Head of Emerging Industries

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Smart City Smart Nation. 5 . Smart Environment . For a Smart City to live up to its name, using technology to foster sustainable growth is essential. This means leveraging technology to maximize the efficient use of precious resources and encourage sound choices by all players. This includes not only city-owned

Biographies A biography gives facts about a person’s life. It is not written by the subject of the book but by an author who has done their research and knows a great deal about that person. Biographies are written in the third person and can be written about someone who is no longer alive. A biography is a life story written in chronological order. It can include information about when and .