This blog post was created by Globalization Partners.
Bolstered by 2020’s demand for new technology to facilitate our work and connect us, tech has proven to be a resilient industry around the world.
In Asia-Pacific, Internet and technology entities received the greatest investment over other industries since 2018, according to Bain & Co, and it’s paying off. Cloud technology environments in Australia are ahead of many other major players in 2020, and nothing can stop Australian tech startups, not even a pandemic. What fueled their growth?
What do Australia’s tech success stories have in common?
The unicorns, meaning companies that are valued at least AU$1 billion, have a common trait: They’re building software and tools that enhance connectivity, productivity, or security, helping both companies and individuals continue finding success when virtual infrastructure is more important than ever.
Here are three Australian tech unicorns to learn from:
Australia’s newest unicorn
Back in May 2020, investors identified a new tech unicorn was in the works. Nuix, a little-known forensic software company, was tipped to be the next big thing in Australian tech and, in fact, it recently lodged its prospectus for an initial public offering.
On November 18, Nuix was valued at AU$1.8 billion, and in another valuation, Morgan Stanley listed Nuix at US$2.4-3.4 billion.
The pandemic-born unicorn that grew through lockdown
In April, near the beginning of the global lockdown, SafetyCulture was valued at AU$1.3 billion. This followed a funding round of AU$60.5 million. SafetyCulture built an app to help businesses stay compliant with safety regulations.
Not only did SafetyCulture receive a unicorn valuation in early 2020, its user base grew throughout this difficult year — by 57 percent in four months. This latter fact signals huge engineering efforts, most of which will have taken place on sofas and makeshift desks in Q2 2020.Not only did SafetyCulture receive a unicorn valuation in early 2020, its user base grew throughout this difficult year — by 57 percent in four months.CLICK TO TWEET
An age-old unicorn still going strong
Sydney-founded graphic design company Canva grew during lockdown. Thanks to tools like Canva, many companies could seamlessly shift to remote work, share graphic design capabilities across the team, and collaborate in a virtual environment. Canva for Teams was launched in October 2020, in response to demand for creative technology.
Like SafetyCulture, Canva also increased usage during 2020. Design creation and sharing rose 50 percent since the virtual-first workplaces were enforced. Moreover, a round bringing in AU$87.3 million increased its valuation to AU$87 billion.
What can you learn from Australia’s 2020 unicorns?
When launching a new venture, entrepreneurs can feel isolated. With little time to socialize or network, many founders learn to grow professionally by integrating networking into their office. Finding a workspace and community that provides the best facilities, resources, and connections with like-minded people is the first step.
Entrepreneurs who stand out create opportunity and strengthen their professional resilience every day. Here’s how you can take the next step:
- Start building your professional network. Invest time in meeting new people but choose wisely — surround yourself with other business professionals who share common goals and inspire you.
- Use Fishburners’ workspaces to get access to a community you can learn from and reach out to for support.
Once you’ve set yourself up for success with a support network, you need to take advantage of the opportunities you’ve created and strengthen your company’s resilience.
- Look at new markets and test international demand. To do this with minimal investment and zero risk, consider a global Employer of Record during this exploration period.
- Hire the best global talent, anytime, anywhere. In our remote-first business setting, nothing’s stopping you from building a team with the brightest people, even if they’re not Australia-based. To navigate regulatory concerns with hiring abroad, partner with the market leader Globalization Partners and completely automate global expansion. Team up with experts, so you can focus on doing what you do best — growing your company.
Globalization Partners and Fishburners have joined forces to support entrepreneurs around the world, so you can go from budding founder to global leader as fast as your imagination allows.
Get guidance as you grow globally
Are you considering hiring new team members outside of your home market? Get free guidance: Download the eBook “The Complete Guide to Building a Remote Global Team.”