As part of its efforts to ensure Victoria’s construction sector is not left behind by the technology revolution, LaunchVic will hold the Innovation Mission event in Melbourne from 20-21 November 2023.
The Innovation Mission event will connect 14 emerging start-ups with some of the country’s largest construction companies as they look at ways to bridge the technology gap and use new technology to solve problems, lift productivity and find efficiencies in the construction industry.
A recent survey by Master Builders Victoria has revealed that the construction sector is the third largest employer in the state, generating about 358,900 jobs. Around 309,100 construction jobs are full-time, making the industry the largest full-time employer in the state.
The sector also continues to make a significant economic contribution to the GSP, accounting for about 8.5 per cent of the state’s total goods and services produced in FY 2021/22, or $39.6 billion in gross value added. This makes it the fifth-largest sector in terms of economic output.
At the same time, technology is seen to revolutionise the construction industry by improving efficiency, safety, and sustainability. Integrating digital tools and innovative technologies is becoming increasingly essential for meeting the growing demands of the construction sector.
LaunchVic Chair Leigh Jasper, who sold ConstructionTech Aconex to US software giant Oracle for $1.6 billion in 2017, said a key challenge for the sector’s next growth phase was procurement, especially from the big players contracted to deliver major projects in Victoria.
“Navigating procurement as an early-stage company has been notoriously difficult in Victoria,” Jasper said. “More must be done to raise the profile of the incredible technology being developed in the state and ensure founders have the know-how to find and win tenders that could be the making of their business.”
It is reported that there are 127,370 firms in the Victorian building and construction industry at the end of June 2022. This makes construction the most significant industry by the number of firms. 79,883, or 62.7 per cent of these businesses, are sole traders.
This initiative in November will connect 14 emerging startups with leaders such as John Holland, Arup, Transurbun and Aurecon. Participating start-ups include Matrak, a global construction tracking network; and HammerTech, a company that transforms construction sites into safer and more productive workplaces.
