Australia offers blockchain incubators fertile grounds for growth and development. The cryptocurrency transaction recording system is still in its early stages, which means that it is crucial to provide technology start-ups with the resources needed to support further research and innovation.
With government funding, academic hubs and an advanced stock exchange, Australia provides the perfect environment for blockchain incubators to thrive in. The work of these companies is highly valuable, as they give start-ups access to expertise, training, networking, mentoring and funding opportunities that they may not be able to access elsewhere.
Many start-ups have benefitted from the support of these companies. The start-ups have gone on to raise millions of dollars and have created a range of innovative technological solutions.
Here are 4 reasons why blockchain incubators should consider starting work in Australia:
1. World-class academic support and networking
Australia is fast acquiring a strong reputation for its academic institutions and research facilities committed to cryptocurrency-related technology. RMIT University, for instance, is one of the world’s leading cryptocurrency research institutions and has already provided around $3 million in funding. There are also a range of meetup groups across the nation (especially in Melbourne, Sydney and Tonsley). The vast array of networking and research opportunities on offer makes Australia a great choice for blockchain incubators.
2. Technology and innovation-oriented economy
As of 2019, Australia is the 13th-biggest economy in the world, much of which is thanks to the nation’s rich natural resources and livestock. However, the country is rapidly undergoing an economic transition with a movement towards technology and innovation. Much of this is centred around cryptocurrency and blockchain incubators – the government recently assigned $700,000 to the field and gave a $1 billion research grant to IBM.
The nation provides a rich pool of talent, from those at Australian telecom company Myriota, which has won an award for the best industrial start-up, to those in the flourishing innovation district Tonsley. Tonsley is the Silicon Valley of South Australia, with driverless buses, meetup centres and everything else needed to help facilitate creative thinking, skill development, networking and innovation. The vast number of educated people within the nation provides start-ups with an abundance of high-quality candidates to choose from when selecting employees.
Australia is also home to three of the globe’s most disruptive start-ups, which are said to be capable of radically altering the state of global markets – and potentially even making new ones. Many international companies are already capitalising on the nation’s rich economy, with Microsoft and HP running innovation centres in Australia.
3. Advanced stock exchange
The Australian Securities Exchange (ASX) is far ahead of most nations’ stock exchanges, having listed cryptocurrency on their website since 2014 and making plans to shift their whole infrastructure to blockchain incubators technology by 2020. Switching to this technology will provide traders with a range of new features and opportunities to save money. It will also make the ASX the first major stock exchange in the world to adopt this technology.
4. Outstanding existing blockchain incubators
Emerging start-ups will have plenty of mentors to look up to thanks to the number of successful companies that are established all across Australia. From companies offering software development and consulting to those which provide P2P electricity sharing, the range of different companies that exist provides newcomers with plenty of inspiration.
From generous funding from a government which values technological innovation to the myriad of institutions, groups and districts committed to the field, blockchain incubators would be hard-pressed to find a better country to set their roots in.