2023 Startup Muster
The 2023 Startup Muster measures and publishes the progress, challenges and opportunities within the Australian startup ecosystem. It was based on a survey of over 1,100 people in the ecosystem including 585 founders.
Some of the things I found interesting include:
- Founders seem to have less enjoyment with their startup – possibly indicating the current economic conditions.
- The top 2 events in founding a startup are identifying a compelling opportunity and solving a problem they were experiencing.
- The biggest missing skill set in a startup remain marketing, sales and business development.
- The Research and Development Tax Incentive is the 3rd highest funding source after the founders own money and family and friends.
- 54% of startups surveyed have not received any grant funding and 62% are not planning to apply for grants. Which seems to go against the big pot of money potentially on offer under the National Reconstruction Fund.
- Startups on average have less than 10 months of runway, which is surprising as it often takes more than 10 months to close a founding round. When you add to this that 34% of startups have no financial forecasting, I sense an impending cash crunch in the startup sector.
- Average age of founders in the survey is now 46 with the number of founders aged under 40 decreasing in the last 5 years. But conversely 24% of incubators and accelerators are run by universities.
To read the full 2023 report click here
Wayne Wanders is an experienced Business Advisor skilled in analysing business financial performance and cash flow. Wayne may also be able to assist you in preparing your grant application. Contact Wayne below for a free no obligation session.
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