Australia is a country awash with fascinating start-up businesses. A substantial portion of these start-ups uses emerging technologies and societal shifts to find solutions to novel problems. This article is a brief guide to some of the most exciting start-ups in Australia. However, consider this a mere dip in the water – there are thousands of great start-ups operating in the country today. So if you have recently moved to Australia and are looking for inspiration for your next start-up, take a read of this article.
Banking has been due to a shakeup for a long time. The banking system is broken – irresponsible and impersonal lenders and brokers have driven successive recessions in the 20th and 21st Centuries. Consumer trust in traditional banks is extremely low, and many savvy customers want to find alternatives. As a result, a new generation of banks – termed neobanks – are emerging that take advantage of our increasingly networked society to offer better terms to customers. Neobanks is also known as challenger banks due to their position as upstart competitors to the major traditional banks. They make use of the latest fintech and are often entirely based around fintech software. Many graduates of the top MBA school in Australia are entering into the verdant fintech and Neobanking arenas at the moment. It is fertile ground for innovation.
One neobank from Australia that is flourishing in 2021 is Judo Bank. Unlike competing neobanks to give individual consumers more control over their savings and loans, Judo Bank is focused on the business finance market. Offering the same kind of software-based banking so popular with consumers to businesses was a great move. In only five years of operating, Judo Bank has raised a staggering 1.8 billion dollars in funds. All of this was achieved with a skeleton crew of only fourteen staff members.
Secure Code Warrior
Cybersecurity threats are an ever-present and extremely concerning reality. As interpersonal and business relationships continue to move online, the vulnerability of valuable information has become an enormous issue. Secure code warrior is an Australian cybersecurity start-up with a difference. Instead of focusing its efforts on the simple provision of cybersecurity solutions, the company has adopted an educational model. Secure Code Warrior offers cybersecurity education packages to businesses and security professionals that want to level up their game. Offering bespoke packages and lots of support, this company combines e-learning and cybersecurity business models. It has been an enormous success. Raising 51.5 million dollars of funding in just a few short years, the company has cleverly invested money acquiring related firms and onboarding top experts.
Nura is a Melbourne-based audio hardware company specializing in the design, manufacture, and marketing of smart headphones. So, what are smart headphones, you ask? Nura’s patented designs measure the hearing levels of headphone users and tailor the volume levels offered to them accordingly. Nura claims this prevents hearing loss and tinnitus from developing in headphone users by keeping the volume at a healthy level. Although this will not necessarily appeal to many music fans, a whole swathe of health-conscious musos is lapping up this technology like a cat laps milk.
Nura has found nineteen enthusiastic investors – all of whom have made investments over one million dollars. Start-ups like Nura are a fascinating new emergent style of technology companies. They combine consumer goods quality with health preserving technology to fill a massive gap in the market for hardware that purports to be promotional of well-being. Well-being is a concept that many companies harness in their marketing, but only a few can claim that their products protect consumer health.
Technological development and education always have advanced hand in hand. Edtech is an area of innovation that harnesses software in the provision of education. During the COVID-19 pandemic, a huge amount of education has been conducted over the internet. This has bought public and institutional attention to the companies that innovate in the field of remote education. Cluey started as a software and online solution for parents that want their children to receive private tutoring. The service offered by Cluey matches children with suitable tutors in a way that is not dissimilar to a social networking site. The company has seen a great deal of success during the pandemic. Their business model seems to have been exceptionally well suited to the development of current events – despite being launched four years ago.
Bionic Vision Technologies
Business leaders should not play God as a general rule of thumb. Enterprise cannot replace the self-worth people find in spiritual exercise or the seeking of purpose. Some theorists have asserted that the rise of neoliberal consumer culture has directly filled similar cravings for meaning within the population at large as religious belief. The effect of this replacement has been an ontological apathy. One Australian start-up has set out to achieve something previously reserved for figures in myth and faith: healing the blind.
Started by Robert klupacs in 2010, Bionic Vision Technologies has already received significant investment, thanks mainly to their exceptionally advanced research and development portfolio. If successful in using bionics to cure blindness effectively, the company’s products and intellectual properties could soon be in huge demand worldwide.
Advancing on prosthetics used to help restore hearing for deaf people, Bionic Vision Technologies has been developing an ocular prosthetic. On January 13th, 2020, the company announced the results of preliminary trials that it had been conducting. The trials, conducted at the Center for Eye Research Australia, involved four individuals that were almost entirely blind thanks to a hereditary illness known as Retinitis Pigmentosa. After 44 weeks of using the prosthetic implant developed by Bionic Vision Technologies, the patients recorded significant improvements in all six functional vision tests. This is a huge breakthrough and makes Bionic Vision Technologies one of the most exciting start-ups – not just in Australia but also in the entire world.